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v3.25.1

Net Investment in Sales-type Leases and Ground Lease Receivables - Schedule of Net Investment in Leases (Details) $ in Thousands | 3 Months Ended
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Mar. 31, 2025 USD ($) lease | Mar. 31, 2024 USD ($)
Net Investment in Sales-type Leases |  |  |
Net Investment in Sales-type Leases, Beginning Balance | $ 3,454,953 | [1] | $ 3,255,195
Net Investment in Sales-type Leases, Origination/acquisition/fundings | 2,060 |  | 71,978
Net Investment in Sales-type Leases, Accretion | 15,815 |  | 14,927
Net Investment in Sales-type Leases, Provision for credit losses | (875) |  | (442)
Net Investment in Sales-type Leases, Ending Balance | 3,471,953 | [1] | 3,341,658
Ground Lease Receivables |  |  |
Ground Lease Receivables, Beginning balance | 1,833,398 | [1] | 1,622,298
Ground Lease Receivables, Origination/acquisition/fundings | 13,972 |  | 32,158
Ground Lease Receivables, Accretion | 8,574 |  | 6,930
Ground Lease Receivable, Provision for credit losses | (1,549) |  | (323)
Ground Lease Receivables, Ending balance | 1,854,395 | [1] | 1,661,063
Total |  |  |
Beginning balance | 5,288,351 |  | 4,877,493
Origination/acquisition/fundings | 16,032 |  | 104,136
Accretion | 24,389 |  | 21,857
Provision for credit losses | (2,424) |  | (765)
Ending balance | $ 5,326,348 |  | $ 5,002,721
Weighted average accrual rate for net investment in sales-type leases | 5.30% |  |
Weighted average accrual rate for net investment in ground lease receivables | 5.60% |  |
Ground lease receivables | lease | 41 |  |
Weighted Average |  |  |
Total |  |  |
Ground leases term | 97 years |  |
[1] | Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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