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Real Estate (Tables)
 12 Months Ended
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.