Leases - The Company as a Lessor (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases [Abstract] |
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| Schedule of Historical Cost, and Accumulated Depreciation on Leased Property |
The historical cost of, and accumulated depreciation on, leased property under operating leases as of June 30, 2025, and December 31, 2024, were as follows (in thousands): | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Leased property - real estate | | $ | 1,664,085 | | | $ | 1,638,098 | | | Less: accumulated depreciation | | (270,848) | | | (255,483) | | | Property under operating leases - net | | $ | 1,393,237 | | | $ | 1,382,615 | |
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| Schedule of Investment in Sales-type Leases |
The components of the Company's investments in sales-type leases, net as of June 30, 2025 was as follows (in thousands): | | | | | | | | | | | June 30, 2025 | | Present value of lease payments | | $ | 9,425 | | | Unguaranteed residual assets | | 14 | | | Investment in sales-type leases | | 9,439 | | | Less: CECL sales-type leases | | (18) | | | Investments in sales-type leases, net | | $ | 9,421 | |
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| Schedule of Total Rental Income Under Operating Leases |
Rental income (i.e., revenue) under operating leases and sales-type leases during the three and six months ended June 30, 2025 and 2024, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Operating leases: | | | | | | | | | | Lease payments | | $ | 34,105 | | | $ | 33,565 | | | $ | 68,503 | | | $ | 67,177 | | | Variable lease payments | | 16,593 | | | 16,102 | | | 33,599 | | | 31,751 | | | Revenues deemed uncollectible, net | | (108) | | | (385) | | | (449) | | | (597) | | | Total rental income from operating leases | | $ | 50,590 | | | $ | 49,282 | | | $ | 101,653 | | | $ | 98,331 | | | | | | | | | | | | Sales-type leases: | | | | | | | | | | Interest income | | $ | 205 | | | $ | — | | | $ | 272 | | | $ | — | | | Provision for credit losses on sales-type leases | | (1) | | | — | | | (18) | | | — | | | Total rental income from sales-type leases | | $ | 204 | | | $ | — | | | $ | 254 | | | $ | — | |
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| Schedule of Total Rental Income Under Sales-type Leases |
Rental income (i.e., revenue) under operating leases and sales-type leases during the three and six months ended June 30, 2025 and 2024, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Operating leases: | | | | | | | | | | Lease payments | | $ | 34,105 | | | $ | 33,565 | | | $ | 68,503 | | | $ | 67,177 | | | Variable lease payments | | 16,593 | | | 16,102 | | | 33,599 | | | 31,751 | | | Revenues deemed uncollectible, net | | (108) | | | (385) | | | (449) | | | (597) | | | Total rental income from operating leases | | $ | 50,590 | | | $ | 49,282 | | | $ | 101,653 | | | $ | 98,331 | | | | | | | | | | | | Sales-type leases: | | | | | | | | | | Interest income | | $ | 205 | | | $ | — | | | $ | 272 | | | $ | — | | | Provision for credit losses on sales-type leases | | (1) | | | — | | | (18) | | | — | | | Total rental income from sales-type leases | | $ | 204 | | | $ | — | | | $ | 254 | | | $ | — | |
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| Schedule of Future Minimum Rentals on Non-cancelable Operating Leases |
Contractual future lease payments to be received on non-cancelable operating leases as of June 30, 2025, were as follows (in thousands): | | | | | | | | | | | Operating | | 2025 | | $ | 70,100 | | | 2026 | | 131,339 | | | 2027 | | 121,530 | | | 2028 | | 103,473 | | | 2029 | | 85,375 | | | 2030 | | 71,286 | | | Thereafter | | 535,254 | | | Total future lease payments to be received | | $ | 1,118,357 | |
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| Schedule of Future Minimum Rentals on Non-cancelable Sales-type Leases |
Minimum undiscounted lease payments to be received under our sales-type leases as of June 30, 2025, were as follows (in thousands): | | | | | | | | | | | Sales-Type | | 2025 | | $ | — | | | 2026 | | — | | | 2027 | | 417 | | | 2028 | | 725 | | | 2029 | | 743 | | | 2030 | | 762 | | | Thereafter | | 141,291 | | | Total future undiscounted lease payments to be received | | $ | 143,938 | | | Less: imputed interest | | (134,513) | | | Total present value of lease payments | | $ | 9,425 | | | Unguaranteed residual assets | | 14 | | | Total investment in sales-type leases | | $ | 9,439 | |
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