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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Operating And Sales-Type Lease, Lease Income | Lease income included in the condensed consolidated statements of income and comprehensive income were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2024 |
Operating leases: |  |  |  |
Lease revenue | $ | 49,176 |  |  | $ | 212,202 |  |
Sales-type leases: |  |  |  |
Interest income (Sales-type rental revenue-fixed minimum) | 23,442 |  |  | 23,442 |  |
Lease revenue (Revenue from variable lease payments) | 4,349 |  |  | 4,349 |  |
Sales-type lease income | $ | 27,791 |  |  | $ | 27,791 |  |
Schedule of Lease Payments to be Received | The following is a schedule of annual undiscounted minimum future lease cash receipts on the non-cancellable operating leases as of September 30, 2024 (in thousands):
2024 | $ | 28,034 |
2025 | 112,136 |
2026 | 109,718 |
2027 | 97,627 |
2028 | 67,067 |
2029 and thereafter | 82,853 |
Total minimum future lease revenue | $ | 497,435 |
Sales-Type and Direct Financing Leases, Payment to be Received, Maturity | Annual future minimum undiscounted lease receipts under our sales-type leases were as follows as of September 30, 2024 (in thousands):
2024 | $ | 28,971 |
2025 | 100,937 |
2026 | 80,541 |
2027 | 75,474 |
2028 | 75,474 |
2029 and thereafter | 333,162 |
Total minimum future lease revenue | 694,559 |
Less: Imputed interest | 494,094 |
Lease receivable (1) | $ | 200,465 |
Current lease receivables (2) | $ | 23,852 |
Long-term lease receivables (3) | $ | 176,613 |
Unguaranteed residual assets (3) | $ | 9,748 |
(1) This amount does not include the unguaranteed residual assets. (2) Presented in Lease receivable - affiliate, in the condensed consolidated balance sheets. (3) Presented in Net lease investment - affiliate in the condensed consolidated balance sheets.
Property, Plant, and Equipment, Lessor Asset under Operating Lease | The following table summarized our investment in assets held under operating lease by major classes (in thousands):
| September 30,
| 2024 |  | 2023
Land | $ | 10,727 |  |  | $ | 12,306 |
Building and building improvements | 1,755 |  |  | 3,582 |
Pipelines, tanks and terminals | 431,488 |  |  | 623,961 |
Other equipment | 2,145 |  |  | 3,768 |
Property, plant and equipment | 446,115 |  |  | 643,617 |
Less: accumulated depreciation | 144,162 |  |  | 241,486 |
Property, plant and equipment, net | $ | 301,953 |  |  | $ | 402,131 |
Sales-type Lease, Lease Income | The following presents the condensed consolidated financial statement impact of sales-type leases on commencement or modification date. These transactions are non-cash transactions. The amount recognized on commencement date was recorded in contributions in the condensed consolidated statements of partners' equity, given the underlying agreements are between entities under common control. There were no amounts to report for the three and nine months ended September 30, 2023.
| Three And Nine Months Ended September 30, |
(in thousands) | 2024 |  |  |  |
Lease receivables | $ | 206,633 |  |  |  |  |
Unguaranteed residual assets | 9,111 |  |  |  |  |
Property, plant and equipment, net | (102,088) |  |  |  |  |
Amount recognized on commencement date | $ | 113,656 |  |  |  |  |

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