Lease Income (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessor, operating lease, payments to be received, maturity

Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2023 are as follows (in thousands):

2024	$	496,311
2025	470,673
2026	426,247
2027	371,117
2028	316,789
Thereafter	1,339,758
	$	3,420,895

Operating lease, lease income

The components of lease income from operating leases in effect at December 31, 2023, 2022 and 2021 were as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Fixed lease payments	$	589,469	$	583,107	$	608,793
Variable lease payments	79,641		82,676		73,543
Total lease payments (1)	$	669,110	$	665,783	$	682,336
Amortization of acquired above and below-market leases	14,225		5,717		(4,160)
Total rental revenue	$	683,335	$	671,500	$	678,176

(1)Amounts include $196.5 million and $222.1 million of sublease income for the years ended December 31, 2023 and 2022, respectively.

Schedule of sales type leases

The table below summarizes our investment in sales-type leases as of December 31, 2023:

Property	Year of Current Expiration	Year of Final Expiration (1)
15 Beekman (2)	2089	2089

(1)Reflects exercise of all available renewal options.

(2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures."

Sales-type lease, lease income

The components of lease income from sales-type leases during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Interest income (1)	$	4,444	$	4,389	$	4,422

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

Sales-type and direct financing leases, lease receivable, maturity

Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2023 are as follows (in thousands):

	Sales-type leases
2024	$	3,180
2025	3,228
2026	3,276
2027	3,325
2028	3,375
Thereafter	196,794
Total minimum lease payments	$	213,178
Amount representing interest	(107,544)
Investment in sales-type leases (1)	$	105,634

(1)This amount is included in Other assets in our consolidated balance sheets.