v3.26.1
Finance Receivables (Tables)
 6 Months Ended
Jun. 30, 2026
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 DateJune 30, 2026December 31, 2025
Sale-leaseback transactions accounted for as loans receivable (a)
2038 – 2057$912,431 $857,931 
Net investments in direct financing leases (b)
2026 – 2036212,162 267,530 
Secured loans receivable (c)
202638,922 35,783 
Net investments in sales-type leases (c)
205710,759 10,642 
$1,174,274 $1,171,886 
__________
(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 $26.4 million and $35.3 million as of June 30, 2026 and December 31, 2025, 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 June 30, 2026 or December 31, 2025.
Net Investments in Direct Financing Leases
 
Net investments in direct financing leases is summarized as follows (in thousands):
June 30, 2026December 31, 2025
Lease payments receivable$122,007 $146,467 
Unguaranteed residual value190,868 244,928 
312,875 391,395 
Less: unearned income(99,107)(120,120)
Less: allowance for credit losses (a)
(1,606)(3,745)
$212,162 $267,530 
__________
(a)During the six months ended June 30, 2026 and 2025, we recorded a net allowance for credit losses of $14.7 million and $3.7 million, respectively, on our net investments in direct financing leases, which was included within Other gains and (losses) in our consolidated statements of income, due to changes in expected economic conditions. In addition, during the six months ended June 30, 2026, we reduced the allowance for credit losses balance by $16.8 million, in connection with the reclassification of a property 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):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Sale-leaseback transactions accounted for as loans receivable$19,747 $11,430 $38,947 $20,297 
Net investments in direct financing leases6,443 7,674 14,012 15,351 
Secured loans receivable726 641 1,404 1,248 
Net investments in sales-type leases246 531 485 838 
$27,162 $20,276 $54,848 $37,734 
Schedule of Loans Receivable
During the six months ended June 30, 2026, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Investment
Peebles, Ohio (2 properties) and Hope, Arkansas (1 property)
32/6/2026Industrial $22,345 
3$22,345 
Schedule of Construction Loans
At June 30, 2026, 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
June 30, 2026December 31, 2025
Las Vegas, Nevada (retail)$2,359 Dec. 2026$20,726 $18,367 
Las Vegas, Nevada (mixed use)779 Nov. 202618,196 17,417 
$3,138 $38,922 $35,784 
__________
(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):
June 30, 2026December 31, 2025
Lease payments receivable$37,939 $38,306 
Unguaranteed residual value10,500 10,500 
48,439 48,806 
Less: unearned income(37,680)(38,164)
$10,759 $10,642 
Schedule of Finance Receivables Credit Quality Indicators
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 atCarrying Value at
Internal Credit Quality IndicatorJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
1 – 31617$757,963 $762,969 
499444,275 448,007 
5——— — 
$1,202,238 $1,210,976