v3.24.3

Investment in Rental Property and Lease Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2024
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) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation |  | $ | 30,006 |  |  | $ | 30,630 |  |  | $ | 89,480 |  |  | $ | 92,776 |
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, 2024 are as follows:
(in thousands) |  |  |
Remainder of 2024 |  | $ | 99,220 |
2025 |  |  | 401,191 |
2026 |  |  | 400,767 |
2027 |  |  | 387,320 |
2028 |  |  | 370,705 |
Thereafter |  |  | 3,040,111 |
|  | $ | 4,699,314 |
Net Investment in Direct Financing Leases | The Company’s net investment in direct financing leases was comprised of the following:
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Undiscounted estimated lease payments to be received |  | $ | 32,776 |  |  | $ | 35,155 |
Estimated unguaranteed residual values |  |  | 14,547 |  |  |  | 14,547 |
Unearned revenue |  |  | (20,940 | ) |  |  | (22,944 | )
Reserve for credit losses |  |  | (98 | ) |  |  | (115 | )
Net investment in direct financing leases |  | $ | 26,285 |  |  | $ | 26,643 |
Direct Financing Leases, Lease Receivable Maturity | Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2024 are as follows:
(in thousands) |  |  |
Remainder of 2024 |  | $ | 793 |
2025 |  |  | 3,285 |
2026 |  |  | 3,357 |
2027 |  |  | 3,426 |
2028 |  |  | 3,496 |
Thereafter |  |  | 18,419 |
|  | $ | 32,776 |
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 in 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) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |
Contractual rental amounts billed for operating leases |  | $ | 96,596 |  |  | $ | 96,333 |  |  | $ | 289,881 |  |  | $ | 290,891 |  |
Adjustment to recognize contractual operating lease billings on a straight-line basis |  |  | 5,438 |  |  |  | 6,891 |  |  |  | 15,720 |  |  |  | 21,641 |  |
Net write-offs of accrued rental income |  |  | — |  |  |  | — |  |  |  | (2,556 | ) |  |  | (105 | ) |
Variable rental amounts earned |  |  | 644 |  |  |  | 513 |  |  |  | 1,901 |  |  |  | 1,306 |  |
Earned income from direct financing leases |  |  | 691 |  |  |  | 687 |  |  |  | 2,063 |  |  |  | 2,067 |  |
Interest income from sales-type leases |  |  | 14 |  |  |  | 14 |  |  |  | 43 |  |  |  | 43 |  |
Operating expenses billed to tenants |  |  | 5,537 |  |  |  | 5,181 |  |  |  | 15,292 |  |  |  | 14,850 |  |
Other income from real estate transactions |  |  | 907 |  |  |  | 19 |  |  |  | 985 |  |  |  | 7,414 |  | (a)
Adjustment to revenue recognized for uncollectible rental amounts billed, net |  |  | (1,430 | ) |  |  | (95 | ) |  |  | (3,659 | ) |  |  | (220 | ) |
Total lease revenues, net |  | $ | 108,397 |  |  | $ | 109,543 |  |  | $ | 319,670 |  |  | $ | 337,887 |  |
(a) The nine months ended September 30, 2023, includes $7.5 million of lease termination fee income recognized in connection with the simultaneous lease termination and sale of an underlying office property for an additional $32.0 million in proceeds.

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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