v3.25.4
Finance Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Net Investments in Finance Leases and Loans Receivable
Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):
Maturity DateDecember 31,
20252024
Sale-leaseback transactions accounted for as loans receivable (a)
2038 – 2057$857,931 $451,813 
Net investments in direct financing leases (b)
2026 – 2036267,530 277,698 
Secured loans receivable (c)
202635,783 31,857 
Net investments in sales-type leases (c)
205710,642 36,891 
$1,171,886 $798,259 
__________
(a)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $35.3 million and $14.3 million as of December 31, 2025 and 2024, respectively.
(b)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.
(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2025 or 2024.
Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):
December 31,
20252024
Lease payments receivable$146,467 $178,639 
Unguaranteed residual value244,928 273,502 
391,395 452,141 
Less: unearned income(120,120)(150,383)
Less: allowance for credit losses (a)
(3,745)(24,060)
$267,530 $277,698 
__________
(a)During the years ended December 31, 2025, 2024, and 2023, we recorded a net allowance for credit losses of $2.3 million, $16.2 million, and $28.2 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2025, we reduced the allowance for credit losses balance by $22.7 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.
Schedule of Income from Finance Leases and Loans Receivable
Income from finance leases and loans receivable is summarized as follows (in thousands):
Years Ended December 31,
202520242023
Sale-leaseback transactions accounted for as loans receivable$56,419 $22,754 $14,715 
Net investments in direct financing leases30,447 34,375 49,950 
Secured loans receivable2,580 2,853 4,399 
Net investments in sales-type leases1,502 13,280 38,109 
$90,948 $73,262 $107,173 
Schedule of Loans Receivable
During the year ended December 31, 2025, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Investment
Blytheville, Arkansas (a)
13/27/2025Industrial$91,910 
McDonald, Tennessee16/27/2025Industrial166,060 
Various, United Kingdom (3 properties), Czech Republic (2 properties), and Slovakia (1 property) (b)
67/3/2025Industrial103,380 
Delphos, Ohio (c)
110/24/2025Industrial8,693 
9$370,043 
__________
(a)In connection with this acquisition, we capitalized (i) land lease right-of-use assets totaling $1.5 million, which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $1.5 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets.
(b)Amount reflects the applicable exchange rate on the date of transaction.
(c)In connection with this acquisition, we committed to fund (i) an expansion at this facility for $2.0 million and (ii) a build-to-suit project for a new industrial facility for $36.0 million, both of which are expected to be completed in the fourth quarter of 2026.
Schedule Of Construction Loans
At December 31, 2025, the following construction loans are accounted for as secured loan receivables for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables (in thousands):
Location/DescriptionFunded Year to Date
Loan Maturity Date (a)
Total Funded as of December 31,
20252024
Las Vegas, Nevada (retail)$1,556 Dec. 2026$18,367 $16,811 
Las Vegas, Nevada (mixed use)2,371 Nov. 202617,417 15,046 
$3,927 $35,784 $31,857 
__________
(a)The borrowers for these construction loans retain certain loan maturity extension options.
Schedule of Net Investments in Sales-type Leases
Net investments in sales-type leases is summarized as follows (in thousands):
December 31,
20252024
Lease payments receivable$38,306 $36,938 
Unguaranteed residual value10,500 — 
48,806 36,938 
Less: unearned income(38,164)(47)
$10,642 $36,891 
Scheduled Future Lease Payments to be Received
Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases and sales-type leases at December 31, 2025 are as follows (in thousands):
Years Ending December 31, Total
2026$32,658 
202731,443 
202823,800 
202921,284 
203019,552 
Thereafter56,036 
Total$184,773 

See Note 5 for scheduled future lease payments to be received under non-cancelable operating leases.
Schedule of Financing Receivable Credit Quality Indicators Superscript Information
A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):
Number of Tenants / Obligors at December 31,Carrying Value at December 31,
Internal Credit Quality Indicator2025202420252024
1 – 31718$762,969 $575,361 
497448,007 254,864 
5—1— 6,411 
$1,210,976 $836,636