v3.22.2.2

Investment in Rental Property and Lease Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Rental Property Subject to Non-cancelable Operating Leases | 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) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Depreciation |  | $ | 29,142 |  |  | $ | 25,232 |  |  | $ | 83,530 |  |  | $ | 73,119 |
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, 2022 are as follows:
(in thousands) |  |  |
Remainder of 2022 |  | $ | 91,352 |
2023 |  |  | 369,961 |
2024 |  |  | 369,585 |
2025 |  |  | 363,947 |
2026 |  |  | 354,818 |
Thereafter |  |  | 2,941,041 |
|  | $ | 4,490,704 |
Net Investment in Direct Financing Leases | The Company's net investment in direct financing leases was comprised of the following:
(in thousands) |  | September 30, 2022 |  |  | December 31, 2021 |
Undiscounted estimated lease payments to be received |  | $ | 39,032 |  |  | $ | 42,602 |
Estimated unguaranteed residual values |  |  | 14,547 |  |  |  | 15,203 |
Unearned revenue |  |  | (26,326 | ) |  |  | (28,893 | )
Reserve for credit losses |  |  | (125 | ) |  |  | (130 | )
Net investment in direct financing leases |  | $ | 27,128 |  |  | $ | 28,782 |
Direct Financing Leases, Lease Receivable Maturity | Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2022 are as follows:
(in thousands) |  |  |
Remainder of 2022 |  | $ | 763 |
2023 |  |  | 3,114 |
2024 |  |  | 3,171 |
2025 |  |  | 3,285 |
2026 |  |  | 3,357 |
Thereafter |  |  | 25,342 |
|  | $ | 39,032 |
Summary of Amounts Reported as Lease Revenues, Net on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Contractual rental amounts billed for operating leases |  | $ | 91,208 |  |  | $ | 78,886 |  |  | $ | 263,109 |  |  | $ | 227,142 |
Adjustment to recognize contractual operating lease billings on a straight-line basis |  |  | 5,344 |  |  |  | 4,942 |  |  |  | 15,455 |  |  |  | 14,475 |
Net write-offs of accrued rental income |  |  | — |  |  |  | — |  |  |  | (1,326 | ) |  |  | (442 | )
Variable rental amounts earned |  |  | 309 |  |  |  | 130 |  |  |  | 786 |  |  |  | 335 |
Earned income from direct financing leases |  |  | 719 |  |  |  | 726 |  |  |  | 2,163 |  |  |  | 2,184 |
Interest income from sales-type leases |  |  | 14 |  |  |  | 14 |  |  |  | 43 |  |  |  | 43 |
Operating expenses billed to tenants |  |  | 5,061 |  |  |  | 4,414 |  |  |  | 14,059 |  |  |  | 12,998 |
Other income from real estate transactions (a) |  |  | 874 |  |  |  | 33,515 |  |  |  | 1,050 |  |  |  | 33,548 |
Adjustment to revenue recognized for uncollectible rental amounts billed, net |  |  | (5 | ) |  |  | 150 |  |  |  | 39 |  |  |  | (49 | )
Total lease revenues, net |  | $ | 103,524 |  |  | $ | 122,777 |  |  | $ | 295,378 |  |  | $ | 290,234 |

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