Investment in Rental Property and Lease Arrangements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases [Abstract] |
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| Schedule of Depreciation Expense on Investment in Rental Property |
Depreciation expense on investment in rental property was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | (in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Depreciation | $ | 31,660 | | | $ | 29,480 | | | $ | 63,119 | | | $ | 59,474 | |
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| Schedule of Estimated Lease Payments Under Non-Cancelable Operating Leases with Tenants |
Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2025 are as follows: | | | | | | | (in thousands) | | | Remainder of 2025 | $ | 202,079 | | | 2026 | 418,448 | | | 2027 | 416,252 | | | 2028 | 401,670 | | | 2029 | 390,967 | | | Thereafter | 3,052,913 | | | $ | 4,882,329 | |
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| Schedule of Net Investment in Direct Financing Leases |
The Company’s net investment in direct financing leases was comprised of the following: | | | | | | | | | | | | | (in thousands) | June 30,
2025 | | December 31,
2024 | | Undiscounted estimated lease payments to be received | $ | 30,346 | | | $ | 31,983 | | | Estimated unguaranteed residual values | 14,547 | | | 14,547 | | | Unearned revenue | (18,962) | | | (20,277) | | | Reserve for credit losses | (86) | | | (99) | | | Net investment in direct financing leases | $ | 25,845 | | | $ | 26,154 | |
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| Schedule of Estimated Lease Payments Under Non-Cancelable Direct Financing Leases with Tenants |
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2025 are as follows: | | | | | | | (in thousands) | | | Remainder of 2025 | $ | 1,647 | | | 2026 | 3,357 | | | 2027 | 3,426 | | | 2028 | 3,496 | | | 2029 | 3,561 | | | Thereafter | 14,859 | | | $ | 30,346 | |
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| Schedule of Lease Revenues |
The following table summarizes amounts reported as Lease revenues, net in the Condensed Consolidated Statements of Income and Comprehensive Income: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Contractual rental amounts billed for operating leases | $ | 101,014 | | | $ | 95,736 | | | $ | 200,328 | | | $ | 193,285 | | Adjustment to recognize contractual operating lease billings on a straight-line basis | 5,753 | | | 5,177 | | | 11,818 | | | 10,281 | | | Net write-offs of accrued rental income | — | | | — | | | (2,228) | | | (2,556) | | | Variable rental amounts earned | 718 | | | 659 | | | 1,398 | | | 1,257 | | | Earned income from direct financing leases | 679 | | | 689 | | | 1,361 | | | 1,371 | | | Interest income from sales-type leases | 14 | | | 15 | | | 29 | | | 29 | | | Operating expenses billed to tenants | 4,795 | | | 4,651 | | | 9,739 | | | 9,756 | | | Other income from real estate transactions | 63 | | | 12 | | | 139 | | | 79 | | Adjustment to revenue recognized for uncollectible rental amounts billed, net | (50) | | | (1,032) | | | (907) | | | (2,228) | | | Total lease revenues, net | $ | 112,986 | | | $ | 105,907 | | | $ | 221,677 | | | $ | 211,274 | |
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