Leases (Tables)

9 Months Ended

Sep. 30, 2021

Lessor

Operating Lease - Schedule of Future Minimum Lease Receivable

Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2021, are outlined in the table below (in thousands):

Year	Amount
2021	$	361,351
2022	1,508,991
2023	1,542,593
2024	1,481,732
2025	1,383,973
Thereafter	8,987,517
Total	$	15,266,157

Net investment in direct financing and sales-type leases

The components of our aggregate net investment in our direct financing and sales-type leases as of September 30, 2021, and December 31, 2020, are summarized in the table below (in thousands):

	September 30, 2021		December 31, 2020
Gross investment in direct financing and sales-type leases	$	404,143	$	258,751
Add: estimated unguaranteed residual value of the underlying assets	31,839		—
Less: unearned income on direct financing lease	(216,190)		(218,072)
Less: effect of discounting on sales-type leases	(146,557)		—
Less: allowance for credit losses	(2,839)		(2,839)
Net investment in direct financing and sales-type leases	$	70,396	$	37,840

Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable

Future lease payments to be received under the terms of our direct financing and sales-type leases as of September 30, 2021, are outlined in the table below, in aggregate (in thousands):

Year	Total
2021	$	755
2022	3,066
2023	3,120
2024	3,176
2025	3,371
Thereafter	390,655
Total	$	404,143

Income from rentals

Our total income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases	$	538,880	$	539,001	$	1,515,396	$	1,398,084
Direct financing and sales-type leases	1,012		619		2,473		1,847
Revenues subject to the lease accounting standard	539,892		539,620		1,517,869		1,399,931
Revenues subject to the revenue recognition accounting standard	6,635		3,792		15,724		16,942
Income from rentals	$	546,527	$	543,412	$	1,533,593	$	1,416,873

Lessee

Operating Lease - Schedule of Future Minimum Lease Payable

The reconciliation of future lease payments, under noncancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our unaudited consolidated balance sheet as of September 30, 2021, is presented in the table below (in thousands):

Year	Total
2021	$	5,471
2022	21,115
2023	21,288
2024	21,533
2025	20,663
Thereafter	782,688
Total future payments under our operating leases in which we are the lessee	872,758
Effect of discounting	(501,220)
Operating lease liability	$	371,538

Lessee Operating Costs

For the three and nine months ended September 30, 2021 and 2020, our costs for operating leases in which we are the lessee were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Gross operating lease costs	$	7,055	$	5,623	$	20,580	$	17,060
Capitalized lease costs	(827)		(894)		(2,273)		(2,614)
Expenses for operating leases in which we are the lessee	$	6,228	$	4,729	$	18,307	$	14,446