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Leases (Tables)
 9 Months Ended
Sep. 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 September 30, 2023Nine Months Ended September 30, 2023From Inception through September 30, 2022
Base rent(1)
$37,608 $110,407 $4,588 
Straight-line rental revenue, net(2)
5,021 13,539 527 
Variable lease payments(3)
5,385 14,994 495 
Amortization of below market lease intangibles
57 126 3 
Rental revenue$48,071 $139,066 $5,613 
__________________
(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, and amortization of tenant inducements.
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 September 30, 2023.
YearFuture Minimum Rents
2023 (remaining)$38,638 
2024163,940 
2025166,305 
2026169,078 
2027171,560 
2028174,142 
Thereafter1,993,107 
Total$2,876,770 
Future Minimum Payments of Sales-Type Lease Receivables As of September 30, 2023, the future minimum payments of sales-type lease receivables were as follows:
YearFuture Minimum Payments
2023 (remaining)$12,298 
202449,723 
202550,588 
202651,483 
202752,544 
202855,046 
Thereafter7,747,526 
Total lease payment receivable8,019,208 
Less deferred interest income7,442,529 
Less allowance for credit losses18,949 
Total Investment in leases - Financing receivables$557,730 
Allowance for Credit Losses on Our Real Estate Portfolio The following table reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the nine months ended September 30, 2023:
Nine Months Ended September 30, 2023
Balance as of December 31, 2022$— 
Initial allowance upon adoption7,157 
Current period change in credit allowance11,792 
Ending Balance as of September 30, 2023
$18,949 
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 September 30, 2023 and January 1, 2023:
September 30, 2023
B1
Ba1
Ba2
Baa2Ba3B2
Caa2
Total
Investment in leases - Financing Receivable$203,696 $— $— $51,922 $— $111,220 $209,841 $576,679 
January 1, 2023
B1
Ba1
Ba2
Baa2Ba3B2Caa2Total
Investment in leases - Financing Receivable$— $201,265 $50,973 $— $159,217 $109,578 $— $521,033 
Undiscounted Future Minimum Rent Payment Obligation of the Wholly-Owned Subsidiary The following table presents the undiscounted future minimum rent payment obligation of the wholly-owned subsidiary:
YearFuture Minimum Payments
2023 (remaining)$1,120 
20244,478 
20254,478 
20264,478 
20274,478 
20284,637 
Thereafter78,196 
Total
$101,865