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Leases (Tables)

9 Months Ended

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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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
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

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