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Leases (Tables)
 9 Months Ended
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)20242024
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 
2025112,136 
2026109,718 
202797,627 
202867,067 
2029 and thereafter82,853 
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 
2025100,937 
202680,541 
202775,474 
202875,474 
2029 and thereafter333,162 
Total minimum future lease revenue694,559 
Less: Imputed interest494,094 
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,
20242023
Land$10,727 $12,306 
Building and building improvements1,755 3,582 
Pipelines, tanks and terminals431,488 623,961 
Other equipment2,145 3,768 
Property, plant and equipment446,115 643,617 
Less: accumulated depreciation144,162 241,486 
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 assets9,111 
Property, plant and equipment, net(102,088)
Amount recognized on commencement date$113,656