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Leases (Tables)

6 Months Ended

Jun. 30, 2024

Future lease payments to be received under the terms of our operating

lease agreements, excluding expense reimbursements, in effect as of June 30, 2024 are outlined in the table below (in thousands):

The components of our aggregate net investment in our direct financing lease as of June 30, 2024 and December 31, 2023

are summarized in the table below (in thousands):


	June 30, 2024	December 31, 2023
Gross investment in direct financing lease	$252,368	$253,324
Less: unearned income on direct financing lease	(209,067)	(210,388)
Less: allowance for credit losses	(2,839)	(2,839)
Net investment in direct financing lease	$40,462	$40,097

Future lease payments to be received under the terms of our direct financing lease as of June 30, 2024 are outlined in the

table below (in thousands):

Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes

revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases	$745,626	$695,019	$1,491,687	$1,372,441
Direct financing leases	662	650	1,321	1,298
Revenues subject to the lease accounting standard	746,288	695,669	1,493,008	1,373,739
Revenues subject to the revenue recognition accounting standard	8,874	8,670	17,705	18,549
Income from rentals	$755,162	$704,339	$1,510,713	$1,392,288

The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating

lease liability reflected in our unaudited consolidated balance sheet as of June 30, 2024 is presented in the table below (in thousands):


Year		Total
2024		$10,819
2025		22,671
2026		22,865
2027		21,946
2028		21,614
Thereafter		737,191
Total future payments under our operating leases in which we are the lessee		837,106
Effect of discounting		(457,883)
Operating lease liability		$379,223

For the three and six months ended June 30, 2024

and 2023, our costs for operating leases in which we are the lessee were as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Gross operating lease costs	$9,930	$11,815	$19,141	$21,272
Capitalized lease costs	(518)	(3,297)	(1,046)	(4,218)
Expenses for operating leases in which we are the lessee	$9,412	$8,518	$18,095	$17,054