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Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Components of Investment in Direct Financing Leases, Net

The components of investment in direct financing leases, net as of June 30, 2024 and December 31, 2023 are as follows (in thousands):

		June 30, 2024				December 31, 2023
Lease payments receivable		$	65,227			$	71,834
Unguaranteed residual value			13,928				13,928
Unearned Income			(21,668	)			(24,995	)
Allowance for credit losses			(803	)			(803	)
Total		$	56,684			$	59,964

Future Contractual Annual Rentals Receivable

As of June 30, 2024, future contractual annual rentals receivable from our tenants, which have terms in excess of one year are as follows (in thousands):

		Operating  Leases				Direct Financing Leases
2024		$	86,292			$	6,660
2025			174,327				13,293
2026			168,321				10,262
2027			161,187				10,188
2028			143,611				9,902
Thereafter			1,112,983				14,922
Total		$	1,846,721			$	65,227

Schedule of Lease-related Assets and Liabilities

The following presents the lease-related assets and liabilities (in thousands):

		June 30, 2024
Assets
Right-of-use assets - operating		$	13,426
Right-of-use assets - finance			131
Total lease assets		$	13,557
Liabilities
Lease liability - operating		$	14,791
Lease liability - finance			472
Total lease liabilities		$	15,263

Summary of Weighted-average Remaining Lease Terms and Discount Rates

The following presents the weighted average lease terms and discount rates of our leases:

Weighted-average remaining lease term (years)
Operating leases		7.4
Finance leases		3.8
Weighted-average discount rate
Operating leases (a)			4.70	%
Finance leases			14.70	%

(a)Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

Schedule of Information Related to Lease Costs for Finance and Operating Leases

The following presents our total lease costs (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Operating lease cost		$	757			$	725			$	1,518			$	1,583
Finance lease cost
Amortization of leased assets			64				85				123				164
Interest on lease liabilities			22				69				48				143
Short-term lease cost			—				—				—				—
Total lease cost		$	843			$	879			$	1,689			$	1,890

Schedule of Supplemental Cash Flow Information Related to Leases

The following presents supplemental cash flow information related to our leases (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	816			$	857			$	1,634			$	1,772
Operating cash flows for finance leases			22				69				48				143
Financing cash flows for finance leases			64				85				123				164

Schedule of Reconciles the Undiscounted Cash Flows for Direct Financing Lease Liabilities and Operating Lease Liabilities

As of June 30, 2024, scheduled lease liabilities mature as follows (in thousands):

		Operating  Leases				Direct Financing Leases
2024		$	1,572			$	277
2025			2,810				146
2026			2,661				111
2027			2,241				-
2028			2,024				-
Thereafter			6,428				-
Total lease payments			17,736				534
Less: amount representing interest			(2,945	)			(62	)
Present value of lease payments		$	14,791			$	472

Schedule of Significant Tenants by Revenue

As of June 30, 2024 and 2023, we had three significant tenants by revenue for the six months ended:

		June 30, 2024								June 30, 2023
		Number of Properties				% of Total Revenues				Number of Properties				% of Total Revenues
Global Partners LP (NYSE: GLP)			151				14.0	%			150				14.0	%
ARKO Corp. (NASDAQ: ARKO)			149				14.0	%			150				16.0	%
APRO, LLC (d/b/a United Oil)			77				9.0	%			77				10.0	%

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- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Subparagraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
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