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Leases (Tables)
 9 Months Ended
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