Leases (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020 ($ in thousands):

	Operating Leases			Financing Leases
2020 (remaining)	$	1,991		$	1,518
2021		3,982			3,081
2022		4,093			3,174
2023		4,132			3,269
2024		4,183			3,367
2025		4,423			3,468
Thereafter		599,932			327,054
Total undiscounted future lease payments		622,736			344,931
Difference between undiscounted cash flows and discounted cash flows		(538,486	)		(287,686	)
Total lease liability	$	84,250		$	57,245

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Fixed ground rent expense	$	1,014	$	359	$	2,026	$	718
Variable ground rent expense		1		3		18		21
Total cash portion of ground rent expense		1,015		362		2,044		739
Non-cash ground rent expense		1,691		1,092		3,434		2,184
Total operating lease costs	$	2,706	$	1,454	$	5,478	$	2,923

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Interest on lease liabilities	$	737	$	739	$	1,474	$	754
Amortization of right-of-use assets		257		261		509		261
Total financing lease costs	$	994	$	1,000	$	1,983	$	1,015

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Fixed lease payments	$	506,046	$	223,882	$	983,331	$	412,737
Variable lease payments		47,671		23,790		102,481		47,132
Rental revenue	$	553,717	$	247,672	$	1,085,812	$	459,869

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 June 30, 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)	$	604,117
2021		846,801
2022		755,552
2023		655,273
2024		574,971
2025		527,166
Thereafter		9,051,241
Total	$	13,015,121