v3.25.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 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:
Year ended December 31,
(in thousands)202520242023
Depreciation on real estate investments$147,647 $115,371 $95,527 
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:
Year ended December 31,
(in thousands)202520242023
Provision for impairment of real estate$11,997 $14,845 $3,548 
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:
Year ended December 31,
(in thousands)202520242023
Contingent rent$775 $863 $743 
The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:
Year ended December 31,
(in thousands)202520242023
Adjustment to decrease rental revenue for tenant credit$(3,454)$(635)$(640)
The fixed and variable components of lease revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year ended December 31,
(in thousands)202520242023
Fixed lease revenues $527,509 $424,313 $338,720 
Variable lease revenues (1)
5,329 4,051 3,610 
Total lease revenues (2)
$532,838 $428,364 $342,330 
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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:
December 31,
(Dollars in thousands)20252024
Number of VIEs5749
Aggregate carrying value$374,671 $327,423