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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Schedule of real estate assets | The Company's real estate assets were comprised of the following ($ in thousands):
| Net Lease(1) |  | Operating Properties |  | Total
As of December 31, 2019 |  |  |  |  |
Land, at cost | $ | 199,710 |  |  | $ | 106,187 |  |  | $ | 305,897 |
Buildings and improvements, at cost | 1,347,321 |  |  | 107,861 |  |  | 1,455,182 |
Less: accumulated depreciation | (219,949 | ) |  | (13,911 | ) |  | (233,860 | )
Real estate, net | 1,327,082 |  |  | 200,137 |  |  | 1,527,219 |
Real estate available and held for sale (2) | — |  |  | 8,650 |  |  | 8,650 |
Total real estate | $ | 1,327,082 |  |  | $ | 208,787 |  |  | $ | 1,535,869 |
As of December 31, 2018 |  |  |  |  |
Land, at cost | $ | 336,740 |  |  | $ | 133,599 |  |  | $ | 470,339 |
Buildings and improvements, at cost | 1,487,270 |  |  | 118,724 |  |  | 1,605,994 |
Less: accumulated depreciation | (287,516 | ) |  | (17,798 | ) |  | (305,314 | )
Real estate, net | 1,536,494 |  |  | 234,525 |  |  | 1,771,019 |
Real estate available and held for sale (2) | 1,055 |  |  | 21,496 |  |  | 22,551 |
Total real estate | $ | 1,537,549 |  |  | $ | 256,021 |  |  | $ | 1,793,570 |
_______________________________________________________________________________
(1) | In May 2019, the Company modified certain of its leases. As a result of these modifications, the Company classified the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale" on its consolidated balance sheet (refer to Note 5).
(2) As of December 31, 2019 and 2018, the Company had $8.6 million and $20.6 million, respectively, of residential condominiums available for sale in its operating properties portfolio.
Schedule of real estate available and held for sale | The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions)(1):
|  | Year Ended December 31,
Property Type |  | 2019 |  | 2018 |  | 2017
Operating Properties |  | $ | 14.5 |  |  | $ | 23.2 |  |  | $ | 20.1 |
Net Lease |  | 185.9 |  |  | 8.1 |  |  | 0.9 |
Total |  | $ | 200.4 |  |  | $ | 31.3 |  |  | $ | 21.0 |
_______________________________________________________________________________ (1) Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. All of these properties were ultimately sold.
Schedule of income (loss) from discontinued operations | The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the year ended December 31, 2017 ($ in thousands)(1):
Revenues |  | $ | 5,922 |
Expenses |  | (1,491 | )
Income from sales of real estate |  | 508 |
Income from discontinued operations |  | $ | 4,939 |
_______________________________________________________________________________
(1) | The transactions closed on April 14, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense.
The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the year ended December 31, 2017 ($ in thousands).
Cash flows provided by operating activities |  | $ | 5,702 |
Cash flows used in investing activities |  | (534 | )
Schedule of proceeds from other dispositions | The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions):
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Operating Properties(1) |  |  |  |  |  |
Proceeds |  | $ | 86.1 |  |  | $ | 327.9 |  |  | $ | 41.3 |
Income from sales of real estate |  | 11.9 |  |  | 81.0 |  |  | 4.5 |
Net Lease(2) |  |  |  |  |  |
Proceeds |  | $ | 469.4 |  |  | $ | 79.7 |  |  | $ | 175.4 |
Income from sales of real estate |  | 224.7 |  |  | 45.0 |  |  | 87.5 |
Total |  |  |  |  |  |
Proceeds |  | $ | 555.5 |  |  | $ | 407.6 |  |  | $ | 216.7 |
Income from sales of real estate |  | 236.6 |  |  | 126.0 |  |  | 92.0 |
_______________________________________________________________________________
(1) | During the year ended December 31, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $73.1 million and recognized $11.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2018, the Company sold 10 commercial operating properties and residential condominium units from other properties and recognized $81.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties.
(2) During the year ended December 31, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized $219.7 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the year ended December 31, 2018, the Company sold five net lease assets and recognized $45.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2017, the Company sold one net lease property and recognized a gain on sale of $62.5 million. Prior to the sale, the Company acquired the noncontrolling interest with a carrying value of $3.5 million for $12.0 million.
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2019, are as follows ($ in thousands):
Year |  | Net Lease Assets |  | Operating Properties
2020 |  | $ | 141,993 |  |  | $ | 16,625 |
2021 |  | 141,763 |  |  | 16,293 |
2022 |  | 140,165 |  |  | 8,112 |
2023 |  | 131,998 |  |  | 7,822 |
2024 |  | 126,453 |  |  | 7,801 |
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands):
| Operating(1)(2) |  | Finance(1)
2020 | $ | 4,167 |  |  | $ | 5,386 |
2021 | 1,803 |  |  | 5,494 |
2022 | 1,098 |  |  | 5,604 |
2023 | 728 |  |  | 5,716 |
2024 | 617 |  |  | 5,830 |
Thereafter | 1,447 |  |  | 1,573,824 |
Total undiscounted cash flows | 9,860 |  |  | 1,601,854 |
Present value discount(1) | (1,057 | ) |  | (1,454,105 | )
Other adjustments(2) | 25,379 |  |  | — |
Lease liabilities | $ | 34,182 |  |  | $ | 147,749 |
_______________________________________________________________________________
(1) | During the year ended December 31, 2019, the Company made payments of $4.1 million related to its operating leases and $3.3 million related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%.
(2) | The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Future minimum lease obligations under operating leases as of December 31, 2018 were as follows ($ in thousands):
| Operating(1)
2019 | $ | 4,340 |
2020 | 4,016 |
2021 | 1,589 |
2022 | 991 |
2023 | 849 |
Thereafter | 2,469 |
_______________________________________________________________________________ (1) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations.

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + Details
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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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