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Leases (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023 are as follows (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Lease payments receivable |  | $ | 56,284 |  |  | $ | 71,834 |
Unguaranteed residual value |  |  | 7,568 |  |  |  | 13,928 |
Unearned Income |  |  | (18,821 | ) |  |  | (24,995 | )
Allowance for credit losses |  |  | (597 | ) |  |  | (803 | )
Total |  | $ | 44,434 |  |  | $ | 59,964 |
Future Base Rent Contractually Due Under Leases | As of September 30, 2024, future base rent contractually due from our tenants under leases with terms in excess of one year are as follows (in thousands):
|  | Operating Leases |  |  | Direct Financing Leases |
2024 |  | $ | 45,245 |  |  | $ | 2,388 |
2025 |  |  | 182,577 |  |  |  | 9,654 |
2026 |  |  | 184,133 |  |  |  | 9,868 |
2027 |  |  | 178,372 |  |  |  | 10,089 |
2028 |  |  | 169,530 |  |  |  | 9,799 |
Thereafter |  |  | 1,331,334 |  |  |  | 14,486 |
Total |  | $ | 2,091,191 |  |  | $ | 56,284 |
Schedule of Lease-related Assets and Liabilities | The following presents the lease-related assets and liabilities (in thousands):
|  | September 30, 2024 |
Assets |  |  |
Right-of-use assets - operating |  | $ | 12,832 |
Right-of-use assets - finance |  |  | 119 |
Total lease assets |  | $ | 12,951 |
Liabilities |  |  |
Lease liability - operating |  | $ | 14,170 |
Lease liability - finance |  |  | 403 |
Total lease liabilities |  | $ | 14,573 |
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 |  | 7.2 |
Finance leases |  | 3.5 |
Weighted-average discount rate |  |  |
Operating leases (a) |  |  | 4.70 | %
Finance leases |  |  | 14.40 | %
(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 September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 736 |  |  | $ | 800 |  |  | $ | 2,254 |  |  | $ | 2,383 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 68 |  |  |  | 79 |  |  |  | 191 |  |  |  | 243 |
Interest on lease liabilities |  |  | 17 |  |  |  | 33 |  |  |  | 65 |  |  |  | 176 |
Short-term lease cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total lease cost |  | $ | 821 |  |  | $ | 912 |  |  | $ | 2,510 |  |  | $ | 2,802 |
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 September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 796 |  |  | $ | 847 |  |  | $ | 2,430 |  |  | $ | 2,619 |
Operating cash flows for finance leases |  |  | 17 |  |  |  | 33 |  |  |  | 65 |  |  |  | 176 |
Financing cash flows for finance leases |  |  | 68 |  |  |  | 79 |  |  |  | 191 |  |  |  | 243 |
Schedule of Reconciles the Undiscounted Cash Flows for Finance Leases Liabilities and Operating Lease Liabilities | As of September 30, 2024, scheduled lease liabilities mature as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2024 |  | $ | 781 |  |  | $ | 228 |
2025 |  |  | 2,810 |  |  |  | 146 |
2026 |  |  | 2,661 |  |  |  | 74 |
2027 |  |  | 2,241 |  |  |  | - |
2028 |  |  | 2,024 |  |  |  | - |
Thereafter |  |  | 6,428 |  |  |  | - |
Total lease payments |  |  | 16,945 |  |  |  | 448 |
Less: amount representing interest |  |  | (2,775 | ) |  |  | (45 | )
Present value of lease payments |  | $ | 14,170 |  |  | $ | 403 |
Schedule of Significant Tenants by Revenue | As of September 30, 2024 and 2023, we had three significant tenants by revenue for the nine months ended:
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | Number of Properties |  |  | % of Total Revenues |  |  | Number of Properties |  |  | % of Total Revenues |
ARKO Corp. (NASDAQ: ARKO) |  |  | 148 |  |  |  | 14.0 | % |  |  | 150 |  |  |  | 15.0 | %
Global Partners LP (NYSE: GLP) |  |  | 128 |  |  |  | 12.0 | % |  |  | 150 |  |  |  | 15.0 | %
APRO, LLC (d/b/a United Oil) |  |  | 77 |  |  |  | 9.0 | % |  |  | 77 |  |  |  | 10.0 | %

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