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Investments in Loans and Financing Receivables (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Loans Receivable and Financing Receivables
A.Accounts receivable, net, consist of the following at:September 30, 2025December 31, 2024
Straight-line rent receivables, net$828,754 $694,844 
Client receivables, net177,962 182,824 
$1,006,716 $877,668 
The following table presents information about our loans as of September 30, 2025 and December 31, 2024 (dollars in millions):
September 30, 2025
Maturity
Interest
Rates (1)
PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes Receivable (3)(4)
October 2029 - July 2031
8.00% - SONIA+5.75%
$1,249.2 $1,239.5 $(22.6)$1,216.9 
Mortgage Loans (5)(6)
June 2028 - September 2038
7.50% - 8.37%
251.1 251.2 (0.1)251.1 
Unsecured and Other Loans (7)
December 2026 - December 2028
10.25% - 11.00%
214.7 214.9 (3.2)211.7 
Total$1,715.0 $1,705.6 $(25.9)$1,679.7 
December 31, 2024
MaturityInterest
Rates		PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes ReceivableOctober 2029 - November 2030
8.125% - SONIA+5.75%
$803.7 $797.2 $(11.4)$785.8 
Mortgage LoanSeptember 2038
8.37%
33.5 33.5 — 33.5 
Unsecured LoanDecember 2026
11.00%
11.0 10.1 (0.9)9.2 
Total$848.2 $840.8 $(12.3)$828.5 
(1) As of September 30, 2025, we held three notes that bear variable interests, indexed to Sterling Overnight Indexed Average (“SONIA”).
(2) As of September 30, 2025 and December 31, 2024, the total carrying amount of the investment in loans excluded accrued interest of $39.3 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets.
(3) In July 2025, we acquired EUR-denominated senior secured notes at par value with a principal amount of €100.0 million, equivalent to $117.4 million as of September 30, 2025. The interest-only notes mature in July 2031 and bear interest at a fixed rate of 8.00%.
(4) In July 2025, we acquired GBP-denominated senior secured notes with a principal amount of £200.0 million, equivalent to $268.8 million as of September 30, 2025. The interest-only notes mature in November 2030 and bear interest at SONIA plus a margin ranging from 4.50% to 5.25%, based on the borrower's leverage ratio, and a credit adjustment spread of 0.11%. As of September 30, 2025, the all-in margin was determined to be 5.36%. We paid £197.0 million for the notes and will amortize the discount over the term of the notes.
(5) In June 2025, we invested £121.5 million, equivalent to $163.3 million as of September 30, 2025, in a mortgage loan secured by an office property in London. The interest-only loan bears a fixed interest rate of 7.50% and matures in June 2030. As of September 30, 2025, the remaining additional funding commitments were £20.5 million.
(6) In June 2025, we invested £40.3 million, equivalent to $54.3 million as of September 30, 2025, in a mortgage loan secured by a logistics property in the U.K. The interest-only loan bears a fixed interest rate of 7.50% and matures in June 2028, with one 12-month extension option available. As of September 30, 2025, the remaining additional funding commitments were £8.4 million.
(7) In February 2025, we invested in a $200.0 million loan, maturing in December 2028 with two 12-month extension options. This interest-only loan bears interest at either a cash rate of 10.25% or a payment-in-kind rate of 10.75%. We paid $199.8 million for this loan and incurred $1.1 million in origination costs. The discount and deferred costs are being amortized over the loan term.
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 September 30, 2025 and December 31, 2024 (dollars in millions):
Carrying Value as of
MaturitySeptember 30, 2025December 31, 2024
Financing receivables, net
2026 - 2050
$1,573.7 $1,609.0 
Total$1,573.7$1,609.0
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 three and nine months ended September 30, 2025 (in millions):
Loans ReceivableFinancing Receivable Total
Three months ended September 30, 2025
Allowance for credit losses as of June 30, 2025
$14.8$87.0$101.8
Provisions for credit losses (1)
11.30.311.6
Foreign currency remeasurement(0.2)—(0.2)
Allowance for credit losses as of September 30, 2025
$25.9$87.3$113.2
Nine months ended September 30, 2025
Allowance for credit losses as of December 31, 2024
$12.3$99.2$111.5
Provisions for credit losses (1)
12.819.131.9
Write-offs (2)
—(31.1)(31.1)
Foreign currency remeasurement0.80.10.9
Allowance for credit losses as of September 30, 2025
$25.9$87.3$113.2
(1) For the three and nine months ended September 30, 2025, the provisions for credit losses on loans receivable were primarily due to initial expected credit losses on loans acquired during the three months ended September 30, 2025. For the nine months ended September 30, 2025, the increase in credit losses on financing receivables was largely attributable to deterioration in the creditworthiness of certain clients.
(2) For the nine months ended September 30, 2025, write-offs were related to lease amendments made to facilitate a client's reorganization plan.