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Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Company's Lease Income, Excluding Discontinued Operation

The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands):

			Year Ended December 31,
			2020						2019						2018
Fixed income from operating leases			$	943,638					$	853,545					$	829,774
Variable income from operating leases			238,470						215,957						190,574
Interest income from direct financing leases			9,720						16,666						16,349

Schedule of Components of Net Investment in Dfls

Net investment in DFLs consists of the following (dollars in thousands):

			December 31,
			2020						2019
Present value of minimum lease payments receivable			$	9,804					$	19,138
Present value of estimated residual value			44,706						84,604
Less deferred selling profits			(9,804)						(19,138)
Net investment in direct financing leases			$	44,706					$	84,604
Properties subject to direct financing leases			1						2

Schedule of the Company's Internal Ratings for Dfls

The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands):

																		Internal Ratings
Segment						Carrying Amount						Percentage of DFL Portfolio						Performing DFLs						Watch List DFLs						Workout DFLs
Medical office						$	44,706					100						$	44,706					—						—
						$	44,706					100						$	44,706					$	—					$	—

The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of December 31, 2020 (dollars in thousands):

Investment Type						Year of Origination																														Total
						2020						2019						2018						2017						2016
Secured mortgage loans
Risk rating:
Performing loans						$	95,800					$	61,772					$	—					$	—					$	—					$	157,572
Watch list loans						—						—						—						—						—						—
Workout loans						—						—						—						—						—						—
Total secured mortgage loans						$	95,800					$	61,772					$	—					$	—					$	—					$	157,572
Mezzanine and other
Risk rating:
Performing loans						$	23,263					$	12,252					$	—					$	—					$	—					$	35,515
Watch list loans						—						—						—						—						2,288						2,288
Workout loans						—						—						—						—						—						—
Total mezzanine and other						$	23,263					$	12,252					$	—					$	—					$	2,288					$	37,803

Schedule of Future Minimum Lease Payments Contractually Due Under Dfls

The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands):

Year						Amount
2021						$	8,601
2022						1,203
2023						—
2024						—
2025						—
Thereafter						—
Undiscounted minimum lease payments receivable						9,804
Less: imputed interest						—
Present value of minimum lease payments receivable						$	9,804

Schedule of Future Minimum Lease Payments Due Under Operating Leases

The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands):

Year						Amount(1)
2021						$	969,519
2022						929,437
2023						869,628
2024						774,641
2025						669,289
Thereafter						2,431,032
						$	6,643,546

_______________________________________

(1)Excludes future minimum lease payments from assets classified as discontinued operations.

Schedule of Tenant Purchase Options

Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands):

Year						Annualized Base Rent(1)(2)						Number of Properties
2021						$	29,394					12
2022						11,187						3
2023						—						—
2024						3,190						1
2025						9,065						13
Thereafter						5,815						2
						$	58,651					31

_______________________________________

(1)Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues).

(2)Excludes tenant purchase options related to assets classified as discontinued operations.

Schedule of Other Lease Information

The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands):

						Year Ended December 31,
Lease Expense Information:						2020						2019						2018
Total lease expense(1)						$	13,601					$	11,852					$	10,569

_______________________________________

(1)Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations.

						Year Ended December 31,
Supplemental Cash Flow Information:						2020						2019						2018
Cash paid for amounts included in the measurement of lease liability:
Operating cash flows for operating leases						$	9,940					$	8,158					$	7,326
Right-of-use asset obtained in exchange for new lease liability:
Operating leases						$	32,208					$	5,733					$	—

Weighted Average Lease Term and Discount Rate:						December 31, 2020						December 31, 2019
Weighted average remaining lease term (years):
Operating leases						57						51
Weighted average discount rate:
Operating leases						4.26		%				4.36		%

Schedule of Future Minimum Lease Obligations, 842

The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands):

Year						Amount(1)
2021						$	11,106
2022						11,262
2023						11,445
2024						10,246
2025						8,886
Thereafter						469,453
Undiscounted minimum lease payments included in the lease liability						522,398
Less: imputed interest						(342,503)
Present value of lease liability						$	179,895

_______________________________________

(1)Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations.

X

- Definition

Tabular disclosure of the components of the net amount due as of the balance sheet date consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments.

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Tabular disclosure of components of lease income from direct financing lease.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 6A
-URI http://asc.fasb.org/extlink&oid=121640914&loc=SL77927221-108306

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-Name Accounting Standards Codification
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-Section 50
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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

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-SubTopic 20
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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

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Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 50
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