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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021 |  |  |  |  |
Land, at cost | $ | 188,418 |  |  | $ | 103,530 |  |  | $ | 291,948 |
Buildings and improvements, at cost | 1,354,952 |  |  | 106,478 |  |  | 1,461,430 |
Less: accumulated depreciation | (260,288) |  |  | (18,697) |  |  | (278,985) |
Real estate, net(1) | 1,283,082 |  |  | 191,311 |  |  | 1,474,393 |
Real estate available and held for sale(2) | — |  |  | 2,600 |  |  | 2,600 |
Total real estate | $ | 1,283,082 |  |  | $ | 193,911 |  |  | $ | 1,476,993 |
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) | 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 |
_______________________________________________________________________________ (1)As of March 31, 2021 and December 31, 2020, real estate, net included $751.4 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2)As of March 31, 2021 and December 31, 2020, the Company had $2.6 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio.
Schedule of future minimum lease obligations operating leases | Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding customer reimbursements of expenses, in effect as of March 31, 2021, are as follows by year ($ in thousands):
Year |  | Net Lease |  | Operating Properties
2021 (remaining nine months) |  | $ | 95,970 |  |  | $ | 10,877 |
2022 |  | 130,077 |  |  | 6,677 |
2023 |  | 121,718 |  |  | 6,421 |
2024 |  | 116,027 |  |  | 6,383 |
2025 |  | 119,483 |  |  | 5,720 |
Thereafter |  | 1,254,867 |  |  | 8,247 |
Future minimum lease obligations under operating and finance leases as of March 31, 2021 are as follows ($ in thousands):
| Operating(1)(2) |  | Finance(1)
2021 (remaining nine months) | $ | 2,975 |  |  | $ | 4,133 |
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 | 29,226 |  |  | 1,595,055 |
Present value discount(1) | (3,448) |  |  | (1,443,833) |
Other adjustments(2) | 23,368 |  |  | — |
Lease liabilities | $ | 49,146 |  |  | $ | 151,222 |
_______________________________________________________________________________ (1)During the three months ended March 31, 2021 and 2020, the Company made payments of $0.8 million and $1.1 million, respectively, related to its operating leases and $1.4 million and $1.3 million, respectively, related to its finance leases with SAFE. The weighted average remaining lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.3 years and the weighted average discount rate was 5.0%. The weighted average remaining lease term for the Company's finance leases was 96.7 years and the weighted average discount rate was 5.5%. (2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ 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)The weighted average remaining 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%. The weighted average remaining 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.

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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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