Leases (Tables)

9 Months Ended

Sep. 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 September 30, 2020 ($ in thousands):

	Operating Leases			Financing Leases
2020 (remaining)	$	1,039		$	759
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		621,784			344,172
Difference between undiscounted cash flows and discounted cash flows		(537,130	)		(286,688	)
Total lease liability	$	84,654		$	57,484

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,
	2020		2019		2020		2019
Fixed ground rent expense	$	1,000	$	390	$	3,026	$	1,108
Variable ground rent expense		—		—		18		21
Total cash portion of ground rent expense		1,000		390		3,044		1,129
Non-cash ground rent expense		1,656		1,091		5,090		3,275
Total operating lease costs	$	2,656	$	1,481	$	8,134	$	4,404

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,
	2020		2019		2020		2019
Interest on lease liabilities	$	759	$	737	$	2,233	$	1,491
Amortization of right-of-use assets		239		243		748		504
Total financing lease costs	$	998	$	980	$	2,981	$	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,
	2020		2019		2020		2019
Fixed lease payments	$	509,188	$	262,043	$	1,492,519	$	674,780
Variable lease payments		52,865		28,410		155,346		75,542
Rental revenue	$	562,053	$	290,453	$	1,647,865	$	750,322

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 September 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)	$	233,705
2021		903,539
2022		818,373
2023		714,351
2024		624,682
2025		556,912
Thereafter		9,102,733
Total	$	12,954,295