Tenant Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Tenant Leases

15. Tenant Leases

Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion and have termination options that may result in additional fees due to the Company.

Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants.

The following table details the components of operating lease income from leases in which the Company is the lessor:

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in thousands	2021		2020		2021		2020
Fixed lease payments	$	2,448	$	—	$	6,451	$	—
Variable lease payments		300		—		864		—
Rental revenue	$	2,748	$	—	$	7,315	$	—

Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows:

$ in thousands
Year	Future Minimum Rents
2021 (remainder)	$	1,144
2022		4,621
2023		4,739
2024		4,861
2025		4,987
2026		5,114
Thereafter		29,594
Total	$	55,060