Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
as well as reimbursements for real estate taxes, utilities, marketing, and certain other items including negative variable lease income as discussed in Note 3. For the Year Ended December 31, 2024 2023 2022 Fixed lease income ......................................... $ 4,365,734 $ 4,145,288 $ 3,858,592 Variableleaseincome....................................... 1,024,026 1,019,047 1,046,583 Totalleaseincome.......................................... $ 5,389,760 $ 5,164,335 $ 4,905,175 Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $539.6 million and $535.8 million at December 31, 2024 and 2023, respectively. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2024, is as follows: 2025......................................................... $ 3,406,348 2026......................................................... 2,846,739 2027......................................................... 2,310,381 2028......................................................... 1,776,488 2029......................................................... 1,279,011 Thereafter .................................................... 4,151,024 $ 15,769,991
10. Commitments and Contingencies
Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. Lease Commitments As of December 31, 2024, we are subject to ground leases that cover all or a portion of 23 of our consolidated properties with termination dates extending through 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total reported sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2025 to 2034. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease
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