Leases (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 ($ in thousands):

Year	Operating Lease
2022	$	686
2023		686
2024		686
2025		712
2026		713
Thereafter		26,497
Total undiscounted future lease payments		29,980
Difference between undiscounted cash flows and discounted cash flows		(17,481	)
Total lease liability	$	12,499

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,
	2021		2020		2019
Fixed lease payments	$	530,093	$	238,897	$	46,908
Variable lease payments		74,481		34,950		4,882
Rental revenue	$	604,574	$	273,847	$	51,790

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 as of December 31, 2021 ($ 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
2022	$	229,976
2023		218,831
2024		195,541
2025		169,574
2026		147,597
Thereafter		525,167
Total	$	1,486,686