Leases - The Company as a Lessor (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025, and December 31, 2024, were as follows (in thousands):

	September 30, 2025		December 31, 2024
Leased property - real estate	$	1,654,302	$	1,638,098
Less: accumulated depreciation	(276,885)		(255,483)
Property under operating leases - net	$	1,377,417	$	1,382,615

Schedule of Investment in Sales-type Leases

The components of the Company's investments in sales-type leases, net as of September 30, 2025 was as follows (in thousands):

	September 30, 2025
Present value of lease payments	$	9,967
Unguaranteed residual assets	13,771
Investment in sales-type leases	23,738
Less: CECL sales-type leases	(44)
Investments in sales-type leases, net of allowances (credit losses)	$	23,694

Schedule of Total Rental Income Under Operating Leases

Rental income (i.e., revenue) under operating leases and sales-type leases during the three and nine months ended September 30, 2025 and 2024, were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating leases:
Lease payments	$	34,675	$	33,941	$	103,178	$	101,118
Variable lease payments	16,106		15,875		49,705		47,626
Revenues deemed uncollectible, net	(744)		(363)		(1,193)		(960)
Total rental income from operating leases	$	50,037	$	49,453	$	151,690	$	147,784
Sales-type leases:
Interest income	$	266	$	—	$	538	$	—
Provision for credit losses on sales-type leases	(26)		—		(44)		—
Total rental income from sales-type leases	$	240	$	—	$	494	$	—

Schedule of Total Rental Income Under Sales-type Leases

Rental income (i.e., revenue) under operating leases and sales-type leases during the three and nine months ended September 30, 2025 and 2024, were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating leases:
Lease payments	$	34,675	$	33,941	$	103,178	$	101,118
Variable lease payments	16,106		15,875		49,705		47,626
Revenues deemed uncollectible, net	(744)		(363)		(1,193)		(960)
Total rental income from operating leases	$	50,037	$	49,453	$	151,690	$	147,784
Sales-type leases:
Interest income	$	266	$	—	$	538	$	—
Provision for credit losses on sales-type leases	(26)		—		(44)		—
Total rental income from sales-type leases	$	240	$	—	$	494	$	—

Schedule of Future Minimum Rentals on Non-cancelable Operating Leases

Contractual future lease payments to be received on non-cancelable operating leases as of September 30, 2025, were as follows (in thousands):

	Operating
2025	$	35,132
2026	132,402
2027	123,557
2028	106,436
2029	88,535
2030	73,885
Thereafter	544,031
Total future lease payments to be received	$	1,103,978

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 September 30, 2025, were as follows (in thousands):

	Sales-Type
2025	$	168
2026	112
2027	417
2028	725
2029	743
2030	762
Thereafter	141,291
Total future undiscounted lease payments to be received	$	144,218
Less: imputed interest	(134,251)
Total present value of lease payments	$	9,967
Unguaranteed residual assets	13,771
Total investment in sales-type leases	$	23,738