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Investments in Loans and Financing Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans Receivable and Financing Receivables
A.Accounts receivable, net, consist of the following at:December 31, 2025December 31, 2024
Straight-line rent receivables, net$880,341 $694,844 
Client receivables, net173,146 182,824 
$1,053,487 $877,668 
The following table presents information about our loans as of December 31, 2025 and 2024 (dollars in millions):
December 31, 2025
Loan TypeMaturityInterest
Rates		PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes Receivable
October 2029 - July 2031
8.00% - SONIA(1) +6.03%
$1,250.4 $1,241.3 $(27.2)$1,214.1 
Mortgage Loans
June 2028 - September 2038
7.50% - 8.50%
256.2 256.4 (0.2)256.2 
Unsecured and Other Loans
December 2026 - December 2028
10.25% - 11.00%
214.7 214.9 (3.1)211.8 
Total$1,721.3 $1,712.6 $(30.5)$1,682.1 
December 31, 2024
Loan TypeMaturityInterest
Rates 		PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes Receivable October 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 Loan December 2026
11.00%
11.0 10.1 (0.9)9.2 
Total$848.2 $840.8 $(12.3)$828.5 
(1) Sterling Overnight Indexed Average (“SONIA”)
(2) As of December 31, 2025 and 2024, the total carrying amount of the investment in loans excluded accrued interest of $27.8 million and $13.8 million, respectively, which is presented in '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, 2025 and 2024 (dollars in millions):
Carrying Value as of
MaturityDecember 31, 2025December 31, 2024
Financing receivables, net
2026 - 2050
$1,574.6 $1,609.0 
Total$1,574.6$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 through December 31, 2025 (in millions):
Loans ReceivableFinancing Receivable Total
Allowance for credit losses as of December 31, 2023
$2.5$2.4$4.9 
Provisions for credit losses (1)
10.096.8106.8
Initial allowance for PCD assets (2)
1.8—1.8 
Write-offs (2)
(1.8)—(1.8)
Foreign currency remeasurement(0.2)—(0.2)
Allowance for credit losses as of December 31, 2024
$12.3$99.2$111.5 
Provisions for credit losses (1)
17.319.536.8
Write-offs (3)
—(40.4)(40.4)
Foreign currency remeasurement0.90.11.0
Allowance for credit losses as of December 31, 2025
$30.5$78.4$108.9
(1) Provisions for credit losses on loans receivable during the year ended December 31, 2024 and 2025 were primarily attributable to initial expected credit losses on loans acquired during the respective years. The increase in credit losses on financing receivables during those years were primarily attributable to deterioration in the creditworthiness of certain clients.
(2) Relates to an initial expected credit loss of $1.8 million for a purchased credit deteriorated loan we acquired in conjunction with the Merger and subsequently sold in September 2024.
(3) Write-offs during the year ended December 31, 2025 were related to lease amendments made to facilitate two clients' reorganization plans.