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Real Estate (Tables)
 12 Months Ended
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 cost1,353,683 106,422 1,460,105 
Less: accumulated depreciation(250,198)(17,574)(267,772)
Real estate, net1,291,903 192,378 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 cost1,347,321 107,861 1,455,182 
Less: accumulated depreciation(219,949)(13,911)(233,860)
Real estate, net1,327,082 200,137 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 Type202020192018
Operating Properties$— $14.5 $23.2 
Net Lease8.9 185.9 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,
202020192018
Operating Properties(1)
       Proceeds$5.9 $86.1 $327.9 
       Income from sales of real estate0.2 11.9 81.0 
Net Lease(2)
       Proceeds$42.4 $469.4 $79.7 
       Income from sales of real estate6.1 224.7 45.0 
Total
       Proceeds$48.3 $555.5 $407.6 
       Income from sales of real estate6.3 236.6 126.0 
_______________________________________________________________________________
(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):
YearNet Lease
Assets		Operating Properties
2021$131,625 $15,948 
2022129,891 7,784 
2023121,586 7,469 
2024115,900 7,462 
2025119,357 6,809 
Thereafter1,238,073 9,712 
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):
Operating(1)(2)
Finance(1)
2021$3,797 $5,494 
20226,756 5,604 
20236,393 5,716 
20246,309 5,830 
20256,297 5,946 
Thereafter496 1,567,826 
Total undiscounted cash flows30,048 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 
20211,803 5,494 
20221,098 5,604 
2023728 5,716 
2024617 5,830 
Thereafter1,447 1,573,824 
Total undiscounted cash flows9,860 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.