v3.21.2

Investment in Rental Property and Lease Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Rental Property Subject to Non-cancelable Operating Leases | Investment in Rental Property – Accounted for Using the Operating Method Rental property subject to non-cancelable operating leases with tenants was as follows:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Land |  | $ | 616,917 |  |  | $ | 555,748 |
Land improvements |  |  | 291,045 |  |  |  | 279,360 |
Buildings and improvements |  |  | 3,161,728 |  |  |  | 2,857,510 |
Equipment |  |  | 11,870 |  |  |  | 11,870 |
|  |  | 4,081,560 |  |  |  | 3,704,488 |
Less accumulated depreciation |  |  | (407,354 | ) |  |  | (349,977 | )
|  | $ | 3,674,206 |  |  | $ | 3,354,511 |
Depreciation expense on investment in rental property was as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Depreciation |  | $ | 25,232 |  |  | $ | 23,317 |  |  | $ | 73,119 |  |  | $ | 70,392 |
Estimated Lease Payments to be Received under Non-cancelable Operating Leases | Estimated lease payments to be received under non-cancelable operating leases with tenants at September 30, 2021 are as follows:
(in thousands) |  |  |
Remainder of 2021 |  | $ | 80,375 |
2022 |  |  | 323,733 |
2023 |  |  | 327,663 |
2024 |  |  | 324,289 |
2025 |  |  | 317,470 |
Thereafter |  |  | 2,467,607 |
|  | $ | 3,841,137 |
Net Investment in Direct Financing Leases | The Company’s net investment in direct financing leases was comprised of the following:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Undiscounted estimated lease payments to be received |  | $ | 43,397 |  |  | $ | 45,782 |
Estimated unguaranteed residual values |  |  | 15,203 |  |  |  | 15,203 |
Unearned revenue |  |  | (29,605 | ) |  |  | (31,753 | )
Reserve for credit losses |  |  | (165 | ) |  |  | (166 | )
Net investment in direct financing leases |  | $ | 28,830 |  |  | $ | 29,066 |
Direct Financing Leases, Lease Receivable Maturity | Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2021 are as follows:
(in thousands) |  |  |
Remainder of 2021 |  | $ | 795 |
2022 |  |  | 3,241 |
2023 |  |  | 3,304 |
2024 |  |  | 3,361 |
2025 |  |  | 3,475 |
Thereafter |  |  | 29,221 |
|  | $ | 43,397 |
Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) | The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Contractual rental amounts billed for operating leases |  | $ | 78,886 |  |  | $ | 69,270 |  |  | $ | 227,142 |  |  | $ | 209,440 |
Adjustment to recognize contractual operating lease billings on a straight-line basis |  |  | 4,942 |  |  |  | 6,768 |  |  |  | 14,033 |  |  |  | 16,709 |
Variable rental amounts earned |  |  | 130 |  |  |  | 234 |  |  |  | 335 |  |  |  | 308 |
Earned income from direct financing leases |  |  | 726 |  |  |  | 757 |  |  |  | 2,184 |  |  |  | 2,599 |
Interest income from sales-type leases |  |  | 14 |  |  |  | — |  |  |  | 43 |  |  |  | — |
Operating expenses billed to tenants |  |  | 4,414 |  |  |  | 3,389 |  |  |  | 12,998 |  |  |  | 11,456 |
Other income from real estate transactions (a) |  |  | 33,515 |  |  |  | 64 |  |  |  | 33,548 |  |  |  | 795 |
Adjustment to revenue recognized for uncollectible rental amounts billed, net |  |  | 150 |  |  |  | 262 |  |  |  | (49 | ) |  |  | (1,961 | )
Total Lease revenues, net |  | $ | 122,777 |  |  | $ | 80,744 |  |  | $ | 290,234 |  |  | $ | 239,346 |
(a) Refer to the Company's policy footnote on Long-lived Asset Impairment in Note 2 for further discussion of lease termination income recognized through Other income from real estate transactions during the three and nine months ended September 30, 2021.

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- Definition Tabular disclosure of lessor's underlying asset for which right to use has been conveyed to lessee under operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123405975&loc=d3e41551-112718 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919398-209981 + Details
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