Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Future Lease Payments Due Under Ground Leases

The following table presents the future lease payments due under the Company’s ground leases ($ in thousands):

	Operating Leases			Financing Leases
2019 (remaining)	$	990		$	737
2020		3,879			2,991
2021		3,982			3,081
2022		4,093			3,174
2023		4,134			3,269
2024		4,305			3,367
Thereafter		594,510			330,548
Total undiscounted future lease payments		615,893			347,167
Difference between undiscounted cash flows and discounted cash flows		(536,622	)		(290,653	)
Total lease liability	$	79,271		$	56,514

Summary of Future Lease Payments Due under Ground Leases

The following table presents the future lease payments due under the Company’s ground leases as of December 31, 2018, prior to the adoption of ASU 2016-02 ($ in thousands):

Year	Future Commitments
2019	$	1,470
2020		1,508
2021		1,547
2022		1,586
2023		1,622
Thereafter		460,055
Total	$	467,788

Summary of Fixed and Variable Components of Operating and Financing Leases

The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Fixed ground rent expense	$	390	$	185	$	1,108	$	321
Variable ground rent expense		—		26		21		56
Total cash portion of ground rent expense		390		211		1,129		377
Non-cash ground rent expense		1,091		98		3,275		256
Total operating lease costs	$	1,481	$	309	$	4,404	$	633

 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Interest on lease liabilities	$	737	$	—	$	1,491	$	—
Amortization of right-of-use assets		243		—		504		—
Total financing lease costs	$	980	$	—	$	1,995	$	—

Schedule of Components of Operating Lease Income from Leases

The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Fixed lease payments	$	262,043	$	134,567	$	674,780	$	323,334
Variable lease payments		28,410		18,271		75,542		42,879
Rental revenue	$	290,453	$	152,838	$	750,322	$	366,213

Schedule of Undiscounted Future Minimum Rental Income

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s multifamily and self-storage properties are short term, generally 12 months or less, and are therefore not included.

Year	Future Minimum Rents
2019 (remaining)	$	144,099
2020		555,279
2021		490,102
2022		403,061
2023		309,951
2024		227,048
Thereafter		578,598
Total	$	2,708,138

Schedule of Future Minimum Rental Income

The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties as of December 31, 2018, prior to the adoption of ASU 2016-02 ($ in thousands):

Year	Future Minimum Rents
2019	$	238,043
2020		215,327
2021		185,419
2022		144,186
2023		102,609
Thereafter		285,981
Total	$	1,171,565