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Investments in Loans and Financing Receivables (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Schedule of Loans Receivable and Financing Receivables |
A. | Accounts receivable, net, consist of the following at: | March 31, 2025 |  | December 31, 2024
| Straight-line rent receivables, net | $ | 746,757 |  |  | $ | 694,844 |
| Client receivables, net | 205,653 |  |  | 182,824 |
|  | $ | 952,410 |  |  | $ | 877,668 |
The following table presents information about our loans as of March 31, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  | March 31, 2025
|  | Maturity |  | Interest Rates (1) |  | Principal |  | Amortized Cost |  | Allowance |  | Carrying Amount (2)
Senior Secured Notes Receivable |  | October 2029 - November 2030 |  | 8.125% - SONIA+5.75% |  | $ | 830.5 |  |  | $ | 824.2 |  |  | $ | (11.8) |  |  | $ | 812.4 |
Mortgage Loan |  | September 2038 |  | 8.37% |  | 33.5 |  |  | 33.5 |  |  | — |  |  | 33.5 |
Unsecured and Other Loans (3) |  | December 2026 - December 2028 |  | 10.25% - 11.00% |  | 211.0 |  |  | 211.1 |  |  | (2.3) |  |  | 208.8 |
Total |  |  |  |  |  | $ | 1,075.0 |  |  | $ | 1,068.8 |  |  | $ | (14.1) |  |  | $ | 1,054.7 |
|  |  |  |  |  | December 31, 2024
|  | Maturity |  | Interest Rates (1) |  | Principal |  | Amortized Cost |  | Allowance |  | 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 Loan |  | September 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) As of March 31, 2025 and December 31, 2024, we held two interest-only notes bearing interest at Sterling Overnight Indexed Average (“SONIA”) plus a margin. (2) As of March 31, 2025 and December 31, 2024, the total carrying amount of the investment in loans excludes accrued interest of $29.4 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets. (3) In February 2025, we invested $200.0 million in a 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 March 31, 2025 and December 31, 2024 (dollars in millions):
|  |  | Carrying Value as of
| Maturity |  | March 31, 2025 |  | December 31, 2024
Financing receivables, net | 2028 - 2048 |  | $ | 1,582.8 |  |  | $ | 1,609.0 |
Total |  |  | $ | 1,582.8 |  | $ | 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 months ended March 31, 2025 (in millions):
| Loans Receivable |  | Financing Receivable |  | Total
Allowance for credit losses at December 31, 2024 | $ | 12.3 |  | $ | 99.2 |  | $ | 111.5
Provisions for credit losses (1) | 1.5 |  | 17.7 |  | 19.2
Foreign currency remeasurement | 0.3 |  | — |  |  | 0.3
Allowance for credit losses at March 31, 2025 | $ | 14.1 |  | $ | 116.9 |  | $ | 131.0
(1) For the three months ended March 31, 2025, the provisions for credit losses on loans receivable were primarily due to initial expected credit losses on a loan acquired in February 2025. The increase in credit losses on financing receivables was largely attributable to deterioration in the creditworthiness on certain clients.

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