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Leases (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Operating Lease, Lease Income
The following table details the components of operating lease income from leases in which the Company is the lessor.
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Base rent(1)
$37,901 $72,799 
Straight-line rental revenue, net(2)
4,356 8,518 
Variable lease payments(3)
2,663 9,609 
Amortization of below market lease intangibles
34 69 
Rental revenue$44,954 $90,995 
__________________
(1)Base rent consists of fixed lease payments.
(2)Represents lease income related to the excess (deficit) of straight-line rental revenue over fixed lease payments.
(3)Consists of reimbursement of common area maintenance (“CAM”) and real estate taxes.
Lessor, Operating Lease, Payment To Be Received, Maturity
The following table presents the undiscounted future minimum rents the Company expects to receive for its net lease properties classified as operating leases as of June 30, 2023.
YearFuture Minimum Rents
2023 (remaining)$75,973 
2024153,707 
2025155,889 
2026158,476 
2027160,770 
2028163,167 
Thereafter1,737,126 
Total$2,605,108 
Future Minimum Payments of Sales-Type Lease Receivables As of June 30, 2023, the future minimum payments of sales-type lease receivables were as follows:
YearFuture Minimum Payments
2023 (remaining)$24,218 
202449,135 
202549,986 
202650,866 
202751,911 
202854,398 
Thereafter7,680,116 
Total lease payment receivable7,960,630 
Less deferred interest income7,393,867 
Less allowance for credit losses$7,973 
Total Investment in leases - Financing receivables$558,790 
Allowance For Credit Losses On Our Real Estate Portfolio
The following table reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the six months ended June 30, 2023:
Six Months Ended June 30, 2023
Balance as of December 31, 2022$— 
Initial allowance upon adoption7,157 
Current period change in credit allowance816 
Ending Balance as of June 30, 2023$7,973 
Sales-type Lease, Net Investment in Lease, Credit Quality Indicator
The following tables detail the amortized cost basis of our investments by the credit quality indicator as of June 30, 2023, and January 1, 2023:    
June 30, 2023
Ba1
Ba2
Ba3B2Total
Investment in leases - Financing Receivable$202,866 $51,597 $201,643 $110,657 $566,763 
January 1, 2023
Ba1
Ba2
Ba3B2Total
Investment in leases - Financing Receivable$201,265 $50,973 $159,217 $109,578 $521,033