Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Future Lease Payments

The following table presents the future lease payments due under the Company’s ground lease as of September 30, 2020 ($ in thousands):

	Operating Leases
2020 (remaining)	$	100
2021		399
2022		399
2023		399
2024		399
Thereafter		16,754
Total undiscounted future lease payments		18,450
Difference between undiscounted cash flows and discounted cash flows		12,054
Total lease liability	$	6,396

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):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed lease payments	$	64,196	$	12,108	$	164,417	$	23,535
Variable lease payments		7,700		1,076		22,271		1,619
Rental revenue	$	71,896	$	13,184	$	186,688	$	25,154

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 medical office properties ($ in thousands) as of September 30, 2020. Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included.

Year	Future Minimum Rents
2020 (remaining)	$	30,389
2021		121,446
2022		112,016
2023		102,210
2024		88,729
Thereafter		391,698
Total	$	846,488