Leases (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 ($ in thousands):

Year	Operating Lease
2024	$	686
2025		712
2026		714
2027		714
2028		714
Thereafter		25,068
Total undiscounted future lease payments		28,608
Difference between undiscounted cash flows and discounted cash flows		(16,206	)
Total lease liability	$	12,402

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,
	2023		2022		2021
Fixed lease payments	$	1,540,130	$	1,376,577	$	530,093
Variable lease payments		155,787		144,078		74,481
Rental revenue	$	1,695,917	$	1,520,655	$	604,574

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, 2023 ($ 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
2024	$	281,065
2025		263,246
2026		232,944
2027		202,711
2028		164,577
Thereafter		482,047
Total	$	1,626,590