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Investments in Loans and Financing Receivables (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Schedule of Loans Receivable and Financing Receivables |
A. | Accounts receivable, net, consist of the following at: | June 30, 2025 |  | December 31, 2024
| Straight-line rent receivables, net | $ | 784,286 |  |  | $ | 694,844 |
| Client receivables, net | 177,766 |  |  | 182,824 |
|  | $ | 962,052 |  |  | $ | 877,668 |
The following table presents information about our loans as of June 30, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  | June 30, 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% |  | $ | 880.4 |  |  | $ | 874.2 |  |  | $ | (11.7) |  |  | $ | 862.5 |
Mortgage Loans (3)(4) |  | June 2028 - September 2038 |  | 7.50% - 8.37% |  | 255.4 |  |  | 255.6 |  |  | (0.1) |  |  | 255.5 |
Unsecured and Other Loans (5) |  | December 2026 - December 2028 |  | 10.25% - 11.00% |  | 214.7 |  |  | 214.8 |  |  | (3.0) |  |  | 211.8 |
Total |  |  |  |  |  | $ | 1,350.5 |  |  | $ | 1,344.6 |  |  | $ | (14.8) |  |  | $ | 1,329.8 |
|  |  |  |  |  | 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 June 30, 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 June 30, 2025 and December 31, 2024, the total carrying amount of the investment in loans excludes accrued interest of $17.4 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets. (3) In June 2025, we invested £121.5 million, equivalent to $166.6 million as of June 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. The loan includes additional funding commitments of £20.5 million over the next two years. (4) In June 2025, we invested £40.3 million, equivalent to $55.3 million as of June 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. The loan includes additional funding commitments of £8.5 million over the next three years. (5) 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 June 30, 2025 and December 31, 2024 (dollars in millions):
|  |  | Carrying Value as of
| Maturity |  | June 30, 2025 |  | December 31, 2024
Financing receivables, net | 2026 - 2048 |  | $ | 1,588.7 |  |  | $ | 1,609.0 |
Total |  |  | $ | 1,588.7 |  | $ | 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 six months ended June 30, 2025 (in millions):
| Loans Receivable |  | Financing Receivable |  | Total
Three months ended June 30, 2025 |  |  |  |  |
Allowance for credit losses at March 31, 2025 | $ | 14.1 |  | $ | 116.9 |  | $ | 131.0
Provisions for credit losses | (0.1) |  | 1.2 |  | 1.1
Write-offs (1) | — |  | (31.1) |  | (31.1)
Foreign currency remeasurement | 0.8 |  | — |  | 0.8
Allowance for credit losses at June 30, 2025 | $ | 14.8 |  | $ | 87.0 |  | $ | 101.8
Six months ended June 30, 2025 |  |  |  |  |
Allowance for credit losses at December 31, 2024 | $ | 12.3 |  | $ | 99.2 |  | $ | 111.5
Provisions for credit losses (2) | 1.4 |  | 18.9 |  | 20.3
Write-offs (1) | — |  | (31.1) |  |  | (31.1)
Foreign currency remeasurement | 1.1 |  | — |  |  | 1.1
Allowance for credit losses at June 30, 2025 | $ | 14.8 |  | $ | 87.0 |  | $ | 101.8
(1) For the three and six months ended June 30, 2025, write-offs were related to lease amendments made to facilitate a client's reorganization plan. (2) For the six months ended June 30, 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 of certain clients.

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