Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Future Lease Payments

The following table presents the future lease payments due under the Company’s ground leases as of September 30, 2023 ($ in thousands):

Year	Operating Lease
2023 (remaining)	$	172
2024		686
2025		712
2026		714
2027		714
Thereafter		25,781
Total undiscounted future lease payments		28,779
Difference between undiscounted cash flows and discounted cash flows		(16,366	)
Total lease liability	$	12,413

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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed lease payments	$	380,157	$	376,684	$	1,164,163	$	990,525
Variable lease payments		38,141		39,638		121,407		105,902
Rental revenue	$	418,298	$	416,322	$	1,285,570	$	1,096,427

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 ($ in thousands) as of September 30, 2023. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included.

Year	Future Minimum Rents
2023 (remaining)	$	77,839
2024		291,968
2025		265,781
2026		231,155
2027		198,650
Thereafter		572,743
Total	$	1,638,136