Lease Revenue

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Revenue

Lease Revenue

We lease our multifamily properties and commercial properties under agreements that are classified as operating leases. Our multifamily leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases.

The following table summarizes the components of rental revenue for the years ended December 2020, 2019 and 2018:

	For the Year Ended December 31,
	2020		2019		2018
Fixed component	$	49,974	$	43,749	$	112,203
Variable component	1,935		2,482		1,741
Total rental revenue	$	51,909	$	46,231	$	113,944

The following table summarizes the future rental payments to us from under non-cancelable leases. The table exclude multifamily leases, which typically have a term of one-year or less:

Year	Amount
2021	$	23,419
2022	21,363
2023	16,003
2024	10,889
2025	6,938
Thereafter	25,566
Total	$	104,178