Leases (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 ($ in thousands):

	Operating Lease
2021 (remaining)	$	172
2022		686
2023		686
2024		686
2025		712
Thereafter		27,210
Total undiscounted future lease payments		30,152
Difference between undiscounted cash flows and discounted cash flows		(17,638	)
Total lease liability	$	12,514

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,
	2021		2020		2021		2020
Fixed lease payments	$	136,247	$	64,196	$	325,242	$	164,417
Variable lease payments		15,960		7,700		41,308		22,271
Rental revenue	$	152,207	$	71,896	$	366,550	$	186,688

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, medical office and other properties ($ in thousands) as of September 30, 2021. Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included.

Year	Future Minimum Rents
2021 (remaining)	$	69,631
2022		202,023
2023		189,093
2024		166,671
2025		144,205
Thereafter		522,553
Total	$	1,294,176