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Leases (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025 are outlined in the table below (in thousands):
Year |  | Amount
2025 |  | $452,603
2026 |  | 1,702,409
2027 |  | 1,564,917
2028 |  | 1,429,284
2029 |  | 1,329,387
Thereafter |  | 8,457,826
Total |  | $14,936,426
Net investment in direct financing and sales-type leases | The components of our aggregate net investment in our direct financing and sales-type leases as of September 30, 2025 and December 31, 2024 are summarized in the table below (in thousands):
| September 30, 2025 |  | December 31, 2024
Gross investment in direct financing and sales-type leases | $265,903 |  | $251,405
Less: unearned income on direct financing lease | (205,715) |  | (207,734)
Less: provision for expected credit losses | (2,217) |  | (2,168)
Net investment in leases | $57,971 |  | $41,503
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 and our sales-type lease as of September 30, 2025 are outlined in the table below (in thousands):
Year |  | Total
2025 |  | $495
2026 |  | 18,015
2027 |  | 2,097
2028 |  | 2,160
2029 |  | 2,224
Thereafter |  | 240,912
Total |  | $265,903
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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Income from rentals: |  |  |  |  |  |  |  |
Revenues subject to the lease accounting standard: |  |  |  |  |  |  |  |
Operating leases |  | $722,643 |  | $763,947 |  | $2,176,999 |  | $2,255,634
Direct financing and sales-type leases |  | 1,409 |  | 665 |  | 3,308 |  | 1,986
Revenues subject to the lease accounting standard |  | 724,052 |  | 764,612 |  | 2,180,307 |  | 2,257,620
Revenues subject to the revenue recognition accounting standard |  | 11,797 |  | 11,132 |  | 35,996 |  | 28,837
Income from rentals |  | $735,849 |  | $775,744 |  | $2,216,303 |  | $2,286,457
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, 2025 is in the table below (in thousands):
Year |  | Total
2025 |  | $5,389
2026 |  | 22,768
2027 |  | 21,849
2028 |  | 21,517
2029 |  | 21,025
Thereafter |  | 686,239
Total future payments under our operating leases in which we are the lessee |  | 778,787
Effect of discounting |  | (416,801)
Operating lease liability |  | $361,986
Lessee Operating Costs | For the three and nine months ended September 30, 2025 and 2024, our costs of operating leases in which we are the lessee were as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross operating lease costs |  | $11,525 |  | $10,701 |  | $36,743 |  | $29,842
Capitalized lease costs |  | (880) |  | (521) |  | (2,293) |  | (1,567)
Expenses for operating leases in which we are the lessee |  | $10,645 |  | $10,180 |  | $34,450 |  | $28,275

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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