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Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Schedule of Capital Leases Net Investment in Direct Financing Leases
Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):
Maturity DateSeptember 30, 2023December 31, 2022
Net investments in direct financing leases (a)
2024 – 2036$476,410 $498,313 
Net investments in sales-type leases (b)
2024451,421 — 
Sale-leaseback transactions accounted for as loans receivable (b) (c)
2038 – 2052233,590 234,198 
Secured loans receivable (d)
202311,250 39,250 
$1,172,671 $771,761 
__________
(a)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.
(b)These investments are assessed for credit loss allowances but no such allowances were recorded as of September 30, 2023 or December 31, 2022.
(c)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.
(d)Amounts are net of allowance for credit losses of $2.1 million as of both September 30, 2023 and December 31, 2022.

Net Investments in Direct Financing Leases
 
Net investments in direct financing leases is summarized as follows (in thousands):
September 30, 2023December 31, 2022
Lease payments receivable$293,617 $332,618 
Unguaranteed residual value444,892 470,839 
738,509 803,457 
Less: unearned income(259,479)(296,411)
Less: allowance for credit losses (a)
(2,620)(8,733)
$476,410 $498,313 
__________
(a)During the nine months ended September 30, 2023 and 2022, we recorded a net release of allowance for credit losses of $6.1 million and $6.7 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions and improved credit quality for certain tenants, which was included within Other gains and (losses) in our consolidated statements of income.
Schedule of Capital Leases Net Investment in Sale-Type Lease
Net investments in sales-type leases is summarized as follows (in thousands):
September 30, 2023December 31, 2022
Lease payments receivable (a)
$470,836 $— 
470,836 — 
Less: unearned income(19,415)— 
$451,421 $— 
__________
(a)Includes estimated purchase price and total rents owed.
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 IndicatorSeptember 30, 2023December 31, 2022September 30, 2023December 31, 2022
1 – 31919$1,098,791 $664,761 
46878,600 117,833 
5——— — 
$1,177,391 $782,594