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Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of Components of Operating Lease Income from Leases
The following table details the components of operating lease income from leases in which the Company is the lessor.
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Base rent(1)
$39,108 $37,901 $79,773 $72,799 
Straight-line rental revenue, net(2)
4,006 4,356 9,118 8,518 
Variable lease payments(3)
5,541 2,663 10,657 9,609 
Amortization of above/below market lease intangibles62 34 123 69 
Total Rental revenue$48,717 $44,954 $99,671 $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, and amortization of tenant inducements.
Summary of Undiscounted Future Minimum Rents
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, 2024.
YearFuture Minimum Rents
2024 (remaining)$80,022 
2025161,762 
2026164,513 
2027166,926 
2028169,431 
2029169,888 
Thereafter1,433,226 
Total$2,345,768 
Summary of Future Minimum Payments of Sales-Type Lease Receivables As of June 30, 2024, the future minimum payments of sales-type lease receivables were as follows:
YearFuture Minimum Payments
2024 (remaining)$25,602 
202551,969 
202652,954 
202754,081 
202856,401 
202957,465 
Thereafter7,132,524 
Total lease payment receivable7,430,996 
Less deferred interest income6,801,041 
Less allowance for credit losses17,380 
Total Investment in leases - Financing receivables$612,575 
Summary of Allowance for Credit Losses on Our Real Estate Portfolio
The following table reflects the change to the allowance for credit losses on our real estate portfolio for the six months ended June 30, 2024 and 2023:
Six Months Ended
June 30, 2024June 30, 2023
Balance, beginning of period$16,638 $— 
Initial allowance upon adoption— 7,157 
Current period change in credit allowance742 816 
Balance, end of period$17,380 $7,973 
Summary of Amortized Cost Basis Of Our Investments By The Credit Quality Indicator
The following tables detail the amortized cost basis of our investments by the credit quality indicator as of June 30, 2024 and December 31, 2023:
June 30, 2024
Ba1
Baa2B2
Caa2
Total
Investment in leases - Financing Receivables
$— $58,047 $358,768 $213,140 $629,955 
December 31, 2023
Ba1
Baa2B2Caa2Total
Investment in leases - Financing Receivables
$204,364 $52,247 $111,803 $210,914 $579,328 
Summary of 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
2024 (remaining)$2,239 
20254,478 
20264,478 
20274,478 
20284,636 
20294,885 
Thereafter73,313 
Total$98,507