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Real Estate | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
Real Estate | 5. Real Estate The following table summarizes the Company's real estate held for investment by subsidiaries in the Operating segment.
(In thousands) |  | June 30, 2023 |  | December 31, 2022
Land |  | $ | 266,148 |  |  | $ | 257,588 |
Buildings and improvements |  | 1,892,008 |  |  | 1,573,605 |
Data center infrastructure |  | 4,556,328 |  |  | 4,427,150 |
Construction in progress |  | 377,103 |  |  | 395,393 |
|  | 7,091,587 |  |  | 6,653,736 |
Less: Accumulated depreciation |  | (913,120) |  |  | (732,438) |
Real estate assets, net |  | $ | 6,178,467 |  |  | $ | 5,921,298 |
Real Estate Depreciation Depreciation of real estate held for investment was $94.3 million and $87.3 million for the three months ended June 30, 2023 and 2022, respectively, and $186.7 million and $166.4 million for the six months ended June 30, 2023 and 2022. Property Operating Income Components of property operating income are as follows.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Lease income: |  |  |  |  |  |  |  |  |  |
Fixed lease income |  | $ | 178,536 |  |  | $ | 181,188 |  |  | $ | 355,956 |  |  | $ | 341,512 |  |  |
Variable lease income |  | 34,708 |  |  | 33,368 |  |  | 67,690 |  |  | 57,215 |  |  |
|  | 213,244 |  |  | 214,556 |  |  | 423,646 |  |  | 398,727 |  |  |
Data center service revenue |  | 20,193 |  |  | 19,642 |  |  | 39,998 |  |  | 37,978 |  |  |
Other property operating income |  | 1,316 |  |  | 53 |  |  | 2,036 |  |  | 57 |  |  |
|  | $ | 234,753 |  |  | $ | 234,251 |  |  | $ | 465,680 |  |  | $ | 436,762 |  |  |
For the six months ended June 30, 2023 and 2022, property operating income from a single customer accounted for approximately 16% and 15%, respectively, of the Company's total revenues from continuing operations, or approximately 6% and 7%, respectively, of the Company's share of total revenues from continuing operations, net of amounts attributable to noncontrolling interests in investment entities. Commitment for Tenant Allowance In connection with DataBank’s acquisition of a data center portfolio in March 2022 (Note 3), DataBank and the seller concurrently entered into a master lease agreement which provides that the seller leases from DataBank land acquired in the transaction. If the seller does not exercise its rights to early terminate the lease, the seller is obligated to develop a data center facility on a portion of the acquired land and DataBank is committed to provide the seller a tenant allowance of up to $37.5 million to finance the construction. In December 2022, the seller waived its right to terminate the lease with respect to the portion of the land subject to development. The seller will be responsible for undertaking the construction and any resulting overages. Title to the to-be constructed building, improvements and fixtures will be vested in the seller for the duration of the lease and transfers to DataBank thereafter. The timing of funding of DataBank’s commitment to the seller will be based on agreed upon milestones, with construction to be completed no later than January 1, 2026. DataBank expects to fund its commitment through future debt drawdowns. To-date, DataBank has funded $9.4 million.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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