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Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Net Investment in Lease, Allowance for Credit Loss

The following tables detail the allowance for credit losses included as a component in our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans as of March 31, 2021 and December 31, 2020:

			March 31, 2021
(In thousands)			Amortized Cost						Allowance						Net Investment						Allowance as a % of Amortized Cost
Investments in leases - sales-type			$	13,505,376					$	(451,241)					$	13,054,135					3.34		%
Investments in leases - financing receivables			2,719,868						(91,446)						2,628,422						3.36		%
Investments in loans			515,371						(120)						515,251						0.02		%
Other assets - sales-type sub-leases			284,190						(6,692)						277,498						2.35		%
Totals			$	17,024,805					$	(549,499)					$	16,475,306					3.23		%

			December 31, 2020
(In thousands)			Amortized Cost						Allowance						Net Investment						Allowance as a % of Amortized Cost
Investments in leases - sales-type			$	13,481,845					$	(454,201)					$	13,027,644					3.37		%
Investments in leases - financing receivables			2,709,520						(90,958)						2,618,562						3.36		%
Investments in loans			538,547						(1,826)						536,721						0.34		%
Other assets - sales-type sub-leases			284,376						(6,894)						277,482						2.42		%
Totals			$	17,014,288					$	(553,879)					$	16,460,409					3.26		%

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2021 and 2020:

						Three Months Ended March 31,
(In thousands)						2021						2020
Beginning Balance December 31,						$	553,879					$	—
Initial allowance upon adoption						—						309,362
Initial allowance from current period investments						—						22,158
Current period change in credit allowance						(4,380)						127,350
Charge-offs						—						—
Recoveries						—						—
Ending Balance March 31,						$	549,499					$	458,870

Financing Receivable Credit Quality Indicators

The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2021 and 2020:

			March 31, 2021
(In thousands)			Ba2						Ba3						B1						B2						B3						N/A(1)						Total
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets			$	—					$	—					$	15,761,205					$	917,138					$	281,450					$	65,012					$	17,024,805

			March 31, 2020
(In thousands)			Ba2						Ba3						B1						B2						B3						N/A(1)						Total
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets			$	561,349					$	—					$	9,889,284					$	901,005					$	280,485					$	—					$	11,632,123

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(1)We estimate the CECL allowance for the Chelsea Piers Mortgage Loan using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.

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- References

No definition available.

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- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524

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- Definition

Tabular disclosure of allowance for credit loss on net investment in sales-type and direct financing leases.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447

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