Leases

3 Months Ended

Mar. 31, 2024

14.

Leases

We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years. Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to early terminate, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, and includes (i) fixed payments of cash rents, which represent revenue each tenant pays in accordance with the terms of its respective lease and that is recognized on a straight-line basis over the non-cancellable term of the lease, and includes the effects of rent steps and rent abatements under the leases, (ii) variable payments of tenant reimbursements, which are recoveries of all or a portion of the operating expenses and real estate taxes of the property and are recognized in the same period as the expenses are incurred, (iii) amortization of acquired above and below-market leases, net and (iv) lease termination income.

The following table sets forth the details of our rental revenue.


	For the Three Months Ended March 31,
(Amounts in thousands)	2024		2023
Rental revenue:
Fixed	$	160,824	$	165,863
Variable		18,899		15,850
Total rental revenue	$	179,723	$	181,713

The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of March 31, 2024, for the nine-month period from April 1, 2024 through December 31, 2024, and each of the five succeeding years and thereafter commencing January 1, 2025.


(Amounts in thousands)
2024	$	462,694
2025		580,050
2026		502,994
2027		442,749
2028		440,662
2029		421,583
Thereafter		1,630,911
Total	$	4,481,643