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Net Investment in Sales-type Leases and Ground Lease Receivables (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Net Investment in Sales Type Leases | The Company’s net investment in sales-type leases were comprised of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024 |  | December 31, 2023
Total undiscounted cash flows(1) | ​ | $ | 32,934,705 | ​ | $ | 30,586,189
Unguaranteed estimated residual value(1) | ​ |  | 3,039,649 | ​ |  | 2,946,928
Present value discount | ​ |  | (32,512,580) | ​ |  | (30,277,457)
Allowance for credit losses | ​ | ​ | (6,821) | ​ | ​ | (465)
Net investment in sales-type leases | ​ | $ | 3,454,953 | ​ | $ | 3,255,195
(1) | As of December 31, 2024, total discounted cash flows were approximately $3,430 million and the discounted unguaranteed estimated residual value was $32.0 million. As of December 31, 2023, total discounted cash flows were approximately $3,225 million and the discounted unguaranteed estimated residual value was $30.4 million.
Schedule of rollforward of net investment in sales-type leases and Ground Lease receivables | The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the year ended December 31, 2024 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Net Investment in |  | Ground Lease |  | ​ | ​
​ | ​ | Sales-type Leases | ​ | Receivables | ​ | Total
Beginning balance | ​ | $ | 3,255,195 | ​ | $ | 1,622,298 | ​ | $ | 4,877,493
Origination/acquisition/fundings(1) | ​ |  | 145,024 | ​ |  | 183,630 | ​ |  | 328,654
Accretion | ​ |  | 61,090 | ​ |  | 30,765 | ​ |  | 91,855
Provision for credit losses | ​ | ​ | (6,356) | ​ | ​ | (3,295) | ​ | ​ | (9,651)
Ending balance(2) | ​ | $ | 3,454,953 | ​ | $ | 1,833,398 | ​ | $ | 5,288,351
(1) | The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. For newly originated or acquired Ground Leases, the Company’s estimate of residual value equals the fair value of the land at lease commencement.
(2) | As of December 31, 2024 and 2023, all of the Company’s net investment in sales-type leases and Ground Lease receivables were current in their payment status. As of December 31, 2024, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.3% and 5.6%, respectively. As of December 31, 2024, the weighted average remaining life of the Company’s 41 Ground Lease receivables was 97.2 years.
Schedule of changes in allowance for credit losses on net investment in sales-type leases and Ground Lease receivables | Allowance for Credit Losses—Changes in the Company’s allowance for credit losses on net investment in sales-type leases and Ground Lease receivables for the years ended December 31, 2024 and 2023 were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Net investment in sales-type leases
​ | ​ | Stabilized | ​ | Development | ​ | Unfunded | ​ | ​
Year Ended December 31, 2024 | ​ | Properties | ​ | Properties | ​ | Commitments | ​ | Total
Allowance for credit losses at beginning of period | ​ | $ | 387 | ​ | $ | 78 | ​ | $ | — | ​ | $ | 465
Provision for (recovery of) credit losses(1) | ​ | ​ | 5,998 | ​ |  | 358 | ​ |  | — | ​ |  | 6,356
Allowance for credit losses at end of period(2) | ​ | $ | 6,385 | ​ | $ | 436 | ​ | $ | — | ​ | $ | 6,821
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses at beginning of period | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Impact from adoption of new accounting standard (refer to Note 3)(3) | ​ | ​ | 280 | ​ | ​ | 71 | ​ | ​ | 6 | ​ | ​ | 357
Provision for (recovery of) credit losses(1) | ​ | ​ | 107 | ​ |  | 7 | ​ |  | (6) | ​ |  | 108
Allowance for credit losses at end of period(2) | ​ | $ | 387 | ​ | $ | 78 | ​ | $ | — | ​ | $ | 465
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Ground Lease receivables
​ | ​ | Stabilized | ​ | Development | ​ | Unfunded | ​ | ​
Year Ended December 31, 2024 | ​ | Properties | ​ | Properties | ​ | Commitments | ​ | Total
Allowance for credit losses at beginning of period | ​ | $ | 123 | ​ | $ | 246 | ​ | $ | 37 | ​ | $ | 406
Provision for (recovery of) credit losses(1) | ​ | ​ | 2,529 | ​ |  | 766 | ​ |  | — | ​ |  | 3,295
Allowance for credit losses at end of period(2) | ​ | $ | 2,652 | ​ | $ | 1,012 | ​ | $ | 37 | ​ | $ | 3,701
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses at beginning of period | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Impact from adoption of new accounting standard (refer to Note 3)(3) | ​ | ​ | 102 | ​ | ​ | 97 | ​ | ​ | 84 | ​ | ​ | 283
Provision for (recovery of) credit losses(1) | ​ | ​ | 21 | ​ |  | 149 | ​ |  | (47) | ​ |  | 123
Allowance for credit losses at end of period(2) | ​ | $ | 123 | ​ | $ | 246 | ​ | $ | 37 | ​ | $ | 406
(1) | The provision for credit losses for the year ended December 31, 2024 was due primarily to enhancements to the Company’s general provision for credit loss methodology (refer to Note 3), current market conditions and growth in the portfolio during the period. During the year ended December 31, 2023, the Company recorded a provision for credit losses on net investment in sales-type leases and Ground Lease receivables of $0.1 million and $0.2 million, respectively. The provision for credit losses was due primarily to a declining macroeconomic forecast since December 31, 2022.
(2) | Allowance for credit losses on unfunded commitments is recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets.
(3) | On January 1, 2023, the Company recorded an allowance for credit losses on net investment in sales-type leases of $0.4 million and an allowance for credit losses on Ground Lease receivables of $0.2 million upon the adoption of ASU 2016-13. The Company also recorded an allowance for credit losses of $0.1 million related to expected credit losses for unfunded commitments and was recorded in "Accounts payable, accrued expenses and other liabilities."
Amortized Cost Basis in Ground Lease Receivables | ​ The Company’s amortized cost basis in net investment in sales-type leases and Ground Lease receivables, presented by year of origination and by stabilized or development status, was as follows as of December 31, 2024 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Total
Net investment in sales-type leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stabilized properties | ​ | $ | 35,730 | ​ | $ | 50,191 | ​ | $ | 653,702 | ​ | $ | 1,096,444 | ​ | $ | 214,396 | ​ | $ | 1,089,992 | ​ | $ | 3,140,455
Development properties | ​ |  | 111,329 | ​ |  | 22,062 | ​ |  | 38,488 | ​ |  | 121,412 | ​ |  | — | ​ |  | 28,028 | ​ |  | 321,319
Total | ​ | $ | 147,059 | ​ | $ | 72,253 | ​ | $ | 692,190 | ​ | $ | 1,217,856 | ​ | $ | 214,396 | ​ | $ | 1,118,020 | ​ | $ | 3,461,774
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Total
Ground Lease receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stabilized properties | ​ | $ | — | ​ | $ | 19,524 | ​ | $ | 155,921 | ​ | $ | 200,819 | ​ | $ | 184,071 | ​ | $ | 458,982 | ​ | $ | 1,019,317
Development properties | ​ |  | 87,601 | ​ |  | 23,487 | ​ |  | 628,029 | ​ |  | 78,628 | ​ |  | — | ​ |  | — | ​ |  | 817,745
Total | ​ | $ | 87,601 | ​ | $ | 43,011 | ​ | $ | 783,950 | ​ | $ | 279,447 | ​ | $ | 184,071 | ​ | $ | 458,982 | ​ | $ | 1,837,062
​ The Company’s amortized cost basis in net investment in sales-type leases and Ground Lease receivables, presented by year of origination and by stabilized or development status, was as follows as of December 31, 2023 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Total
Net investment in sales-type leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stabilized properties | ​ | $ | 49,266 | ​ | $ | 642,340 | ​ | $ | 1,077,813 | ​ | $ | 210,481 | ​ | $ | 1,069,583 | ​ | $ | — | ​ | $ | 3,049,483
Development properties | ​ |  | 21,634 | ​ |  | 37,793 | ​ |  | 119,191 | ​ |  | — | ​ |  | 27,559 | ​ |  | — | ​ |  | 206,177
Total | ​ | $ | 70,900 | ​ | $ | 680,133 | ​ | $ | 1,197,004 | ​ | $ | 210,481 | ​ | $ | 1,097,142 | ​ | $ | — | ​ | $ | 3,255,660
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Total
Ground Lease receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stabilized properties | ​ | $ | 19,106 | ​ | $ | 152,966 | ​ | $ | 171,664 | ​ | $ | 180,739 | ​ | $ | 450,123 | ​ | $ | — | ​ | $ | 974,598
Development properties | ​ |  | 139 | ​ |  | 545,509 | ​ |  | 102,421 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 648,069
Total | ​ | $ | 19,245 | ​ | $ | 698,475 | ​ | $ | 274,085 | ​ | $ | 180,739 | ​ | $ | 450,123 | ​ | $ | — | ​ | $ | 1,622,667
Future Minimum Lease Payments Under Sales-type Leases | Future Minimum Lease Payments under Sales-type Leases—Future minimum lease payments to be collected under sales-type leases accounted for under ASC 842 - Leases, excluding lease payments that are not fixed and determinable, in effect as of December 31, 2024, are as follows by year ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | ​ | ​ |  | Fixed Bumps |  | ​ | ​
​ | ​ | Fixed Bumps | ​ | ​ | ​ | ​ | with | ​ | ​ | ​
​ | ​ | with Inflation | ​ | Fixed | ​ | Percentage | ​ | ​ | ​
​ |  | Adjustments |  | Bumps |  | Rent |  | Total
2025 | ​ | $ | 116,361 | ​ | $ | 5,192 | ​ | $ | 586 | ​ | $ | 122,139
2026 | ​ |  | 111,903 | ​ |  | 5,696 | ​ |  | 586 | ​ |  | 118,185
2027 | ​ |  | 113,937 | ​ |  | 6,378 | ​ |  | 586 | ​ |  | 120,901
2028 | ​ |  | 115,973 | ​ |  | 6,595 | ​ |  | 637 | ​ |  | 123,205
2029 | ​ | ​ | 118,569 | ​ | ​ | 6,724 | ​ | ​ | 644 | ​ | ​ | 125,937
Thereafter | ​ |  | 30,113,911 | ​ |  | 2,112,039 | ​ |  | 98,388 | ​ |  | 32,324,338
Total undiscounted cash flows | ​ | $ | 30,690,654 | ​ | $ | 2,142,624 | ​ | $ | 101,427 | ​ | $ | 32,934,705
Recognized Interest Income from Sales type Leases | During the years ended December 31, 2024, 2023 and 2022, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Investment |  | Ground |  | ​ | ​
​ | ​ | in Sales-type | ​ | Lease | ​ | ​ | ​
Year Ended December 31, 2024 |  | Leases |  | Receivables |  | Total
Cash | ​ | $ | 111,909 | ​ | $ | 60,486 | ​ | $ | 172,395
Non-cash | ​ |  | 61,090 | ​ |  | 30,765 | ​ |  | 91,855
Total interest income from sales-type leases | ​ | $ | 172,999 | ​ | $ | 91,251 | ​ | $ | 264,250
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |
Cash | ​ | $ | 101,306 | ​ | $ | 50,417 | ​ | $ | 151,723
Non-cash | ​ |  | 57,913 | ​ |  | 25,867 | ​ |  | 83,780
Total interest income from sales-type leases | ​ | $ | 159,219 | ​ | $ | 76,284 | ​ | $ | 235,503
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |
Cash | ​ | $ | 90,487 | ​ | $ | 37,780 | ​ | $ | 128,267
Non-cash | ​ |  | 53,104 | ​ |  | 20,887 | ​ |  | 73,991
Total interest income from sales-type leases | ​ | $ | 143,591 | ​ | $ | 58,667 | ​ | $ | 202,258
​

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