Leases

3 Months Ended

Mar. 31, 2024

Tenant Lessor Arrangements

The majority of lease payments we receive from our residents are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income was comprised of the following amounts for all operating leases (in thousands):


	Three Months Ended March 31,
		2024		2023
Fixed lease income		$	179,359	$	196,336
Variable lease income		12,826		13,288
Total lease income		$	192,185	$	209,624

Generally, our residential leases do not provide extension options and, as of March 31, 2024, have an average remaining term of 7.2 months. In general, our commercial leases have options to extend for a certain period of time at the

tenant’s option. As of March 31, 2024, future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows (in thousands):


2024 (remaining)	$	344,334
2025	148,584
2026	21,498
2027	11,713
2028	9,604
Thereafter	30,872
Total	$	566,605

Apartment Income REIT Corp. 10-Q