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Real Estate (Tables)
 3 Months Ended
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 cost1,354,952 106,478 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 cost1,353,683 106,422 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):
YearNet
Lease 		Operating Properties
2021 (remaining nine months)$95,970 $10,877 
2022130,077 6,677 
2023121,718 6,421 
2024116,027 6,383 
2025119,483 5,720 
Thereafter1,254,867 8,247 
Future minimum lease obligations under operating and finance leases as of March 31, 2021 are as follows ($ in thousands):
Operating(1)(2)
Finance(1)
2021 (remaining nine months)$2,975 $4,133 
20226,756 5,604 
20236,393 5,716 
20246,309 5,830 
20256,297 5,946 
Thereafter496 1,567,826 
Total undiscounted cash flows29,226 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 
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)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.