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Leases (Tables)
 9 Months Ended
Sep. 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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Base rent(1)
$41,977 $37,608 $121,750 $110,407 
Straight-line rental revenue, net (2)
4,899 5,021 14,017 13,539 
Variable lease payments (3)
5,693 5,385 16,350 14,994 
Amortization of above/below market lease intangibles115 57 238 126 
Total Rental revenue$52,684 $48,071 $152,355 $139,066 
__________________
(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 September 30, 2024.
YearFuture Minimum Rents
2024 (remaining)$47,471 
2025177,753 
2026180,751 
2027183,418 
2028186,234 
2029187,489 
Thereafter1,852,306 
Total$2,815,422 
Summary of Future Minimum Payments of Sales-Type Lease Receivables As of September 30, 2024, the future minimum
payments of sales-type lease receivables were as follows:
YearFuture Minimum Payments
2024 (remaining)$12,031 
202548,764 
202649,965 
202751,195 
202852,457 
202953,751 
Thereafter3,691,447 
Total lease payment receivable$3,959,610 
Less deferred interest income3,425,954 
Less allowance for credit losses19,694 
Total Investment in leases - Financing receivables$513,962 
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 nine months ended September 30, 2024 and 2023:
Nine Months Ended
September 30, 2024September 30, 2023
Balance, beginning of period$16,638 $— 
Initial allowance upon adoption— 7,157 
Current period change in credit allowance3,056 11,792 
Balance, end of period$19,694 $18,949 
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 September 30, 2024 and December 31, 2023:
September 30, 2024
Ba1
Baa2B2
Caa2
Total
Investment in leases - Financing Receivables
$— $58,802 $260,586 $214,268 $533,656 
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)$1,120 
20254,478 
20264,478 
20274,478 
20284,636 
20294,885 
Thereafter73,312 
Total$97,387