v3.25.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Depreciation Expense and Impairment on Real Estate Investments The Company recorded the following amounts of depreciation expense on its real estate investments during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Depreciation on real estate investments$37,144 $28,002 $70,686 $54,868 
Schedule of Details of Impairment of Long-Lived Assets
The Company recorded the following provisions for impairment of long lived assets during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Provision for impairment of real estate$612 $2,812 $6,495 $6,564 
Schedule of Adjustments to Rental Revenue and Contingent Rent
The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Contingent rent$236 $96 $442 $334 
The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Adjustment to (decrease) increase rental revenue for tenant credit$(194)$437 $(1,759)$436 
The fixed and variable components of lease revenues for the three and six months ended June 30, 2025 and 2024 were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Fixed lease revenues$128,413 $103,521 $250,318 $201,527 
Variable lease revenues (1)
1,189 709 2,925 1,495 
Total lease revenues (2)
$129,602 $104,230 $253,243 $203,022 
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(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.
(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Schedule of Mortgage Loan-Related VIEs The following table presents information about the Company’s mortgage loan-related VIEs as of the dates presented:
(dollars in thousands)June 30, 2025December 31, 2024
Number of VIEs5149
Aggregate carrying value
$347,476 $327,423