Leases - The Company as a Lessor (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Historical Cost, and Accumulated Depreciation on Leased Property

The historical cost of, and accumulated depreciation on, leased property under operating leases as of March 31, 2025, and December 31, 2024, were as follows (in thousands):

	March 31, 2025		December 31, 2024
Leased property - real estate	$	1,643,135	$	1,638,098
Less: accumulated depreciation	(263,125)		(255,483)
Property under operating leases - net	$	1,380,010	$	1,382,615

Schedule of Investment in Sales-type Leases

The components of the Company's investments in sales-type leases, net as of March 31, 2025 was as follows (in thousands):

	March 31, 2025
Present value of lease payments	$	9,219
Unguaranteed residual assets	14
Investment in sales-type leases	9,233
Less: CECL sales-type leases	(17)
Investments in sales-type leases, net	$	9,216

Schedule of Total Rental Income Under Operating Leases

Rental income (i.e., revenue) under operating leases and sales-type leases during the three months ended March 31, 2025 and 2024, were as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Operating leases:
Lease payments	$	34,398	$	33,612
Variable lease payments	17,006		15,649
Revenues deemed uncollectible, net	(341)		(216)
Total rental income from operating leases	$	51,063	$	49,045
Sales-type leases:
Interest income	$	67	$	—
Provision for credit losses on sales-type leases	(17)		—
Total rental income from sales-type leases	$	50	$	—

Schedule of Total Rental Income Under Sales-type Leases

Rental income (i.e., revenue) under operating leases and sales-type leases during the three months ended March 31, 2025 and 2024, were as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Operating leases:
Lease payments	$	34,398	$	33,612
Variable lease payments	17,006		15,649
Revenues deemed uncollectible, net	(341)		(216)
Total rental income from operating leases	$	51,063	$	49,045
Sales-type leases:
Interest income	$	67	$	—
Provision for credit losses on sales-type leases	(17)		—
Total rental income from sales-type leases	$	50	$	—

Schedule of Future Minimum Rentals on Non-cancelable Operating Leases

Contractual future lease payments to be received on non-cancelable operating leases as of March 31, 2025, were as follows (in thousands):

	Operating
2025	$	103,902
2026	128,240
2027	114,900
2028	96,698
2029	78,324
2030	64,836
Thereafter	506,255
Total future lease payments to be received	$	1,093,155

Schedule of Future Minimum Rentals on Non-cancelable Sales-type Leases

Minimum undiscounted lease payments to be received under our sales-type leases as of March 31, 2025, were as follows (in thousands):

	Sales-Type
2025	$	—
2026	—
2027	417
2028	725
2029	743
2030	762
Thereafter	141,291
Total future undiscounted lease payments to be received	$	143,938
Less: imputed interest	(134,719)
Total present value of lease payments	$	9,219
Unguaranteed residual assets	14
Total investment in sales-type leases	$	9,233