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Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Lessor  
Operating Lease - Schedule of Future Minimum Lease Receivable Future lease payments to be received under
the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2024 are outlined in the
table below (in thousands):
Year
Amount
2024
$485,925
2025
1,888,408
2026
1,842,590
2027
1,764,075
2028
1,621,117
Thereafter
11,131,473
Total
$18,733,588
Net investment in direct financing and sales-type leases The components of our aggregate net investment in our direct financing lease as of September 30, 2024 and December 31,
2023 are summarized in the table below (in thousands):
September 30, 2024
December 31, 2023
Gross investment in direct financing lease
$251,886
$253,324
Less: unearned income on direct financing lease
(208,402)
(210,388)
Less: allowance for credit losses
(2,839)
(2,839)
Net investment in direct financing lease
$40,645
$40,097
Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable Future lease payments to be received under the terms of our direct financing lease as of September 30, 2024 are outlined in
the table below (in thousands):
Year
Total
2024
$481
2025
1,976
2026
2,036
2027
2,097
2028
2,160
Thereafter
243,136
Total
$251,886
Income from rentals 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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases
$763,947
$696,601
$2,255,634
$2,069,042
Direct financing leases
665
653
1,986
1,951
Revenues subject to the lease accounting standard
764,612
697,254
2,257,620
2,070,993
Revenues subject to the revenue recognition
accounting standard
11,132
10,277
28,837
28,826
Income from rentals
$775,744
$707,531
$2,286,457
$2,099,819
Lessee  
Operating Lease - Schedule of Future Minimum Lease Payable 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 September 30, 2024 is in the table below (in thousands):
Year
Total
2024
$140,553
2025
158,233
2026
23,427
2027
22,508
2028
22,176
Thereafter
757,389
Total future payments under our operating leases in which we are the lessee
1,124,286
Effect of discounting
(475,948)
Operating lease liability
$648,338
Lessee Operating Costs For the three and nine months ended September 30, 2024
and 2023, our costs for operating leases in which we are the lessee were as follows (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Gross operating lease costs
$10,701
$9,005
$29,842
$30,277
Capitalized lease costs
(521)
(688)
(1,567)
(4,906)
Expenses for operating leases in which we are the lessee
$10,180
$8,317
$28,275
$25,371