Investments in Loans and Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Loans Receivable and Financing Receivables

A.	Accounts receivable, net, consist of the following at:	December 31, 2024		December 31, 2023
	Straight-line rent receivables, net	$	694,844	$	516,692
	Client receivables, net	182,824		193,844
		$	877,668	$	710,536

The following table presents information about our loans as of December 31, 2024 and December 31, 2023 (dollars in millions):

		December 31, 2024
	Maturity	Amortized Cost		Allowance		Carrying Amount (1)
Senior Secured Notes Receivable	October 2029 - November 2030	$	797.2	$	(11.4)	$	785.8
Mortgage Loan	September 2038	33.5		—		33.5
Unsecured Loan	December 2026	10.2		(0.9)		9.3
Total		$	840.9	$	(12.3)	$	828.6
		December 31, 2023
	Maturity	Amortized Cost		Allowance		Carrying Amount (1)
Senior Secured Note Receivable	October 2029	$	174.3	$	(2.5)	$	171.8
Mortgage Loan	September 2038	33.5		—		33.5
Total		$	207.8	$	(2.5)	$	205.3

(1) The total carrying amount of the investment in loans excludes accrued interest of $13.8 million and $3.4 million as of December 31, 2024 and 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets.

The following table presents information about our investments in sale-leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases as of December 31, 2024 and December 31, 2023 (dollars in millions):

		Carrying Value as of
	Maturity	December 31, 2024		December 31, 2023
Financing receivables, net	2028 - 2048	$	1,609.0	$	1,570.9
Total		$	1,609.0	$	1,570.9

Schedule of Allowance for Credit Losses Related to Loans and Financing Receivable

The following table summarizes the activity within the allowance for credit losses related to loans and financing receivable for the year ended December 31, 2024 (in millions):

	Loans Receivable		Financing Receivable		Total
Allowance for credit losses at December 31, 2023	$	2.5	$	2.4	$	4.9
Provision for credit losses (1)	10.0		96.8		106.8
Initial allowance for PCD assets (2)	1.8		—		1.8
Write-offs (3)	(1.8)		—		(1.8)
Foreign currency remeasurement	(0.2)		—		(0.2)
Allowance for credit losses at December 31, 2024	$	12.3	$	99.2	$	111.5

(1) During the year ended December 31, 2024, provisions for credit losses on loans receivable were primarily attributable to loans acquired during 2024. The increase for credit losses on financing receivables is primarily due to a client in the convenience store industry that defaulted on its lease payments and was fully reserved for, in addition to a partial reserve for a significant decline in the credit worthiness of a client in the automotive services industry.

(2) Includes the recognition of an initial expected credit loss of $1.8 million for a purchased credit deteriorated ("PCD") loan we acquired in conjunction with the Merger.

(3) Includes a reduction due to the sale of a PCD loan in September 2024.