Investment in Rental Property and Lease Arrangements (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Rental Property Subject to Non-cancelable Operating Leases

Depreciation expense on investment in rental property was as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Depreciation	$	27,730	$	24,144	$	54,388	$	47,887

Estimated Lease Payments to be Received under Non-cancelable Operating Leases

Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2022 are as follows:

(in thousands)
Remainder of 2022	$	178,218
2023		359,960
2024		357,102
2025		350,807
2026		341,436
Thereafter		2,695,940
	$	4,283,463

Net Investment in Direct Financing Leases

The Company's net investment in direct financing leases was comprised of the following:

(in thousands)	June 30, 2022			December 31, 2021
Undiscounted estimated lease payments to be received	$	40,983		$	42,602
Estimated unguaranteed residual values		15,203			15,203
Unearned revenue		(27,473	)		(28,893	)
Reserve for credit losses		(129	)		(130	)
Net investment in direct financing leases	$	28,584		$	28,782

Direct Financing Leases, Lease Receivable Maturity

Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2022 are as follows:

(in thousands)
Remainder of 2022	$	1,622
2023		3,304
2024		3,361
2025		3,475
2026		3,547
Thereafter		25,674
	$	40,983

Summary of Amounts Reported as Lease Revenues, Net on the Consolidated Statements of Income and Comprehensive Income

The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Contractual rental amounts billed for operating leases	$	87,505		$	75,011		$	171,901		$	148,256
Adjustment to recognize contractual operating lease billings on a    straight-line basis		5,090			4,724			10,111			9,533
Net write-offs of accrued rental income		—			—			(1,326	)		(442	)
Variable rental amounts earned		291			114			477			205
Earned income from direct financing leases		721			728			1,444			1,458
Interest income from sales-type leases		15			15			29			29
Operating expenses billed to tenants		4,263			4,196			8,998			8,584
Other income from real estate transactions		134			28			176			33
Adjustment to revenue recognized for uncollectible rental    amounts billed, net		(6	)		(57	)		44			(199	)
Total lease revenues, net	$	98,013		$	84,759		$	191,854		$	167,457