Lease Income

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease Income

Lease Income

The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.

The components of lease income from operating leases during the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease payments	$	159,437	$	136,673	$	325,790	$	273,255
Variable lease payments	20,294		18,738		40,744		38,293
Total lease payments (1)	$	179,731	$	155,411	$	366,534	$	311,548
Amortization of acquired above and below-market leases	6,214		(179)		14,453		(285)
Total rental revenue	$	185,945	$	155,232	$	380,987	$	311,263

(1)Amounts include $48.9 million and $97.8 million of sublease income during the three and six months ended June 30, 2023 and $58.0 million and $114.2 million of sublease income during the three and six months ended June 30, 2022, respectively.

The components of lease income from sales-type leases during the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income (1)	$	1,109	$	1,095	$	2,215	$	2,187

(1)These amounts are included in Other income in our consolidated statements of operations.

Lease Income

Lease Income

The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.

The components of lease income from operating leases during the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease payments	$	159,437	$	136,673	$	325,790	$	273,255
Variable lease payments	20,294		18,738		40,744		38,293
Total lease payments (1)	$	179,731	$	155,411	$	366,534	$	311,548
Amortization of acquired above and below-market leases	6,214		(179)		14,453		(285)
Total rental revenue	$	185,945	$	155,232	$	380,987	$	311,263

(1)Amounts include $48.9 million and $97.8 million of sublease income during the three and six months ended June 30, 2023 and $58.0 million and $114.2 million of sublease income during the three and six months ended June 30, 2022, respectively.

The components of lease income from sales-type leases during the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income (1)	$	1,109	$	1,095	$	2,215	$	2,187

(1)These amounts are included in Other income in our consolidated statements of operations.