Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Future Lease Payments Due Under Ground Leases

The following table details the future lease payments due under the Company’s ground leases as of March 31, 2021 ($ in thousands):

	Operating Leases			Financing Leases
2021 (remaining)	$	3,087		$	2,322
2022		4,093			3,174
2023		4,132			3,269
2024		4,183			3,367
2025		4,423			3,468
2026		1,439			3,572
Thereafter		598,489			323,482
Total undiscounted future lease payments		619,846			342,654
Difference between undiscounted cash flows and discounted cash flows		(534,398	)		(284,680	)
Total lease liability	$	85,448		$	57,974

Summary of Fixed and Variable Components of Operating and Financing Leases

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

	Three Months Ended March 31,
	2021		2020
Fixed ground rent expense	$	1,021	$	1,012
Variable ground rent expense		—		17
Total cash portion of ground rent expense		1,021		1,029
Non-cash ground rent expense		1,647		1,743
Total operating lease costs	$	2,668	$	2,772

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

	Three Months Ended March 31,
	2021		2020
Interest on lease liabilities	$	759	$	737
Amortization of right-of-use assets		247		252
Total financing lease costs	$	1,006	$	989

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,
	2021		2020
Fixed lease payments	$	591,040	$	477,285
Variable lease payments		61,876		54,810
Rental revenue	$	652,916	$	532,095

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, 2021 ($ 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
2021 (remaining)	$	740,380
2022		930,313
2023		824,203
2024		726,385
2025		649,807
2026		576,704
Thereafter		8,847,571
Total	$	13,295,363