Investment in Rental Property and Lease Arrangements (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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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
September 30, | | For the Nine Months Ended
September 30, | | (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Depreciation | $ | 42,682 | | | $ | 31,933 | | | $ | 115,988 | | | $ | 95,052 | |
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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 September 30, 2026 are as follows: | | | | | | | (in thousands) | | | Remainder of 2026 | $ | 116,720 | | | 2027 | 441,965 | | | 2028 | 440,778 | | | 2029 | 431,626 | | | 2030 | 407,001 | | | Thereafter | 3,128,079 | | | $ | 4,966,169 | |
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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) | September 30,
2026 | | December 31,
2025 | | Undiscounted estimated lease payments to be received | $ | 26,182 | | | $ | 28,699 | | | Estimated unguaranteed residual values | 14,547 | | | 14,547 | | | Unearned revenue | (15,746) | | | (17,663) | | | Reserve for credit losses | (72) | | | (86) | | | Net investment in direct financing leases | $ | 24,911 | | | $ | 25,497 | |
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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 September 30, 2026 are as follows: | | | | | | | (in thousands) | | | Remainder of 2026 | $ | 840 | | | 2027 | 3,426 | | | 2028 | 3,496 | | | 2029 | 3,561 | | | 2030 | 3,682 | | | Thereafter | 11,177 | | | $ | 26,182 | |
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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 September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Contractual rental amounts billed for operating leases | $ | 110,191 | | | $ | 102,270 | | | $ | 327,183 | | | $ | 302,598 | | Adjustment to recognize contractual operating lease billings on a straight-line basis | 5,672 | | | 5,134 | | | 17,322 | | | 16,952 | | | Net write-offs of accrued rental income | (2,881) | | | (755) | | | (2,881) | | | (2,983) | | | Variable rental amounts earned | 716 | | | 732 | | | 2,290 | | | 2,130 | | | Earned income from direct financing leases | 657 | | | 675 | | | 1,986 | | | 2,036 | | | Interest income from sales-type leases | 473 | | | 326 | | | 1,420 | | | 354 | | | Operating expenses billed to tenants | 6,435 | | | 5,752 | | | 17,146 | | | 15,491 | | | Other income from real estate transactions | 722 | | | 43 | | | 759 | | | 183 | | Adjustment to revenue recognized for uncollectible rental amounts billed, net | (118) | | | (10) | | | 352 | | | (917) | | | Total lease revenues, net | $ | 121,867 | | | $ | 114,167 | | | $ | 365,577 | | | $ | 335,844 | |
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