Leases (Tables)

3 Months Ended

Mar. 31, 2020

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 as of March 31, 2020 ($ in thousands):

	Operating Leases			Financing Leases
2020 (remaining)	$	2,957		$	2,255
2021		3,977			3,081
2022		4,088			3,174
2023		4,127			3,269
2024		4,180			3,367
2025		4,383			3,468
Thereafter		598,727			327,075
Total undiscounted future lease payments		622,439			345,689
Difference between undiscounted cash flows and discounted cash flows		(539,114	)		(288,679	)
Total lease liability	$	83,325		$	57,010

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 March 31,
	2020		2019
Fixed ground rent expense	$	1,012	$	359
Variable ground rent expense		17		18
Total cash portion of ground rent expense		1,029		377
Non-cash ground rent expense		1,743		1,092
Total operating lease costs	$	2,772	$	1,469

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

	Three Months Ended March 31,
	2020		2019
Interest on lease liabilities	$	737	$	15
Amortization of right-of-use assets		252		—
Total financing lease costs	$	989	$	15

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 March 31,
	2020		2019
Fixed lease payments	$	477,285	$	188,855
Variable lease payments		54,810		23,342
Rental revenue	$	532,095	$	212,197

Schedule of Undiscounted Future Minimum Rental Income

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, retail and office properties as of March 31, 2020 ($ 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
2020 (remaining)	$	679,206
2021		855,569
2022		766,079
2023		665,288
2024		579,580
2025		513,437
Thereafter		8,965,405
Total	$	13,024,564