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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 |  |  |  |  |
Land, at cost | $ | 188,418 |  |  | $ | 103,530 |  |  | $ | 291,948 |
Buildings and improvements, at cost | 1,353,683 |  |  | 106,422 |  |  | 1,460,105 |
Less: accumulated depreciation | (250,198) |  |  | (17,574) |  |  | (267,772) |
Real estate, net | 1,291,903 |  |  | 192,378 |  |  | 1,484,281 |
Real estate available and held for sale (2) | — |  |  | 5,212 |  |  | 5,212 |
Total real estate | $ | 1,291,903 |  |  | $ | 197,590 |  |  | $ | 1,489,493 |
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 |
_______________________________________________________________________________ (1)As of December 31, 2020 and 2019, real estate, net included $755.5 million and $768.6 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2)As of December 31, 2020 and 2019, the Company had $5.2 million and $8.7 million, respectively, of residential condominiums available for sale in its operating properties portfolio.
Schedule of real estate available and held for sale | The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions):(1)
|  | Years Ended December 31,
Property Type |  | 2020 |  | 2019 |  | 2018
Operating Properties |  | $ | — |  |  | $ | 14.5 |  |  | $ | 23.2 |
Net Lease |  | 8.9 |  |  | 185.9 |  |  | 8.1 |
Total |  | $ | 8.9 |  |  | $ | 200.4 |  |  | $ | 31.3 |
_______________________________________________________________________________ (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 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,
|  | 2020 |  | 2019 |  | 2018
Operating Properties(1) |  |  |  |  |  |
Proceeds |  | $ | 5.9 |  |  | $ | 86.1 |  |  | $ | 327.9 |
Income from sales of real estate |  | 0.2 |  |  | 11.9 |  |  | 81.0 |
Net Lease(2) |  |  |  |  |  |
Proceeds |  | $ | 42.4 |  |  | $ | 469.4 |  |  | $ | 79.7 |
Income from sales of real estate |  | 6.1 |  |  | 224.7 |  |  | 45.0 |
Total |  |  |  |  |  |
Proceeds |  | $ | 48.3 |  |  | $ | 555.5 |  |  | $ | 407.6 |
Income from sales of real estate |  | 6.3 |  |  | 236.6 |  |  | 126.0 |
_______________________________________________________________________________ (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, 2020, proceeds includes $7.5 million of proceeds from the sale of a net lease asset for which the Company recognized an impairment of $1.7 million in connection with the sale. 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 $45.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations.
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2020, are as follows ($ in thousands):
Year |  | Net Lease Assets |  | Operating Properties
2021 |  | $ | 131,625 |  |  | $ | 15,948 |
2022 |  | 129,891 |  |  | 7,784 |
2023 |  | 121,586 |  |  | 7,469 |
2024 |  | 115,900 |  |  | 7,462 |
2025 |  | 119,357 |  |  | 6,809 |
Thereafter |  | 1,238,073 |  |  | 9,712 |
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):
| Operating(1)(2) |  | Finance(1)
2021 | $ | 3,797 |  |  | $ | 5,494 |
2022 | 6,756 |  |  | 5,604 |
2023 | 6,393 |  |  | 5,716 |
2024 | 6,309 |  |  | 5,830 |
2025 | 6,297 |  |  | 5,946 |
Thereafter | 496 |  |  | 1,567,826 |
Total undiscounted cash flows | 30,048 |  |  | 1,596,416 |
Present value discount(1) | (3,771) |  |  | (1,445,896) |
Other adjustments(2) | 23,795 |  |  | — |
Lease liabilities | $ | 50,072 |  |  | $ | 150,520 |
_______________________________________________________________________________ (1)During the years ended December 31, 2020 and 2019, the Company made payments of $4.3 million and $4.1 million, respectively, related to its operating leases and $5.4 million and $3.3 million, respectively, related to its finance leases (refer to Note 4). As of December 31, 2020, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.0%. As of December 31, 2020, the weighted average lease term for the Company's finance leases was 97 years and the weighted average discount rate was 5.5%. (2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ 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)As of December 31, 2019, 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%. As of December 31, 2019, 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.

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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 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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