Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Future Lease Payments

The following table presents the future lease payments due under the Company’s ground leases as of December 31, 2022 ($ in thousands):

Year	Operating Lease
2023	$	686
2024		686
2025		712
2026		714
2027		714
Thereafter		25,782
Total undiscounted future lease payments		29,294
Difference between undiscounted cash flows and discounted cash flows		(16,842	)
Total lease liability	$	12,452

Summary of Fixed and Variable Components of Operating Leases

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

	For the Year Ended December 31,
	2022		2021		2020
Fixed lease payments	$	1,376,577	$	530,093	$	238,897
Variable lease payments		144,078		74,481		34,950
Rental revenue	$	1,520,655	$	604,574	$	273,847

Schedule of Undiscounted Future Minimum Rents Income Receivables

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and other properties as of December 31, 2022 ($ in thousands). Leases at the Company’s multifamily, single-family and self-storage properties are short term, generally 12 months or less, and are therefore not included.

Year	Future Minimum Rents
2023	$	296,046
2024		277,573
2025		247,417
2026		210,843
2027		177,277
Thereafter		541,628
Total	$	1,750,784