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Net Investment in Sales-type Leases and Ground Lease Receivables (Tables) | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Net Investment in Sales Type Leases | The Company’s net investment in sales-type leases were comprised of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | December 31, 2024
Total undiscounted cash flows(1) | ​ | $ | 32,956,740 | ​ | $ | 32,934,705
Unguaranteed estimated residual value(1) | ​ |  | 3,039,649 | ​ |  | 3,039,649
Present value discount | ​ |  | (32,516,739) | ​ |  | (32,512,580)
Allowance for credit losses | ​ | ​ | (7,697) | ​ | ​ | (6,821)
Net investment in sales-type leases | ​ | $ | 3,471,953 | ​ | $ | 3,454,953
(1) | As of March 31, 2025, total discounted cash flows were approximately $3,447 million and the discounted unguaranteed estimated residual value was $32.3 million. As of December 31, 2024, total discounted cash flows were approximately $3,430 million and the discounted unguaranteed estimated residual value was $32.0 million.
Schedule of rollforward of net investment in sales-type leases and Ground Lease receivables | The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the three months ended March 31, 2025 and 2024 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Investment in | ​ | Ground Lease | ​ | ​ | ​
​ |  | Sales-type Leases |  | Receivables |  | Total
Three Months Ended March 31, 2025 |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 3,454,953 | ​ | $ | 1,833,398 | ​ | $ | 5,288,351
Origination/acquisition/fundings(1) | ​ |  | 2,060 | ​ |  | 13,972 | ​ |  | 16,032
Accretion | ​ |  | 15,815 | ​ |  | 8,574 | ​ |  | 24,389
(Provision for) recovery of credit losses | ​ | ​ | (875) | ​ | ​ | (1,549) | ​ | ​ | (2,424)
Ending balance(2) | ​ | $ | 3,471,953 | ​ | $ | 1,854,395 | ​ | $ | 5,326,348
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Investment in | ​ | Ground Lease | ​ | ​ | ​
​ |  | Sales-type Leases |  | Receivables |  | Total
Three Months Ended March 31, 2024 |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 3,255,195 | ​ | $ | 1,622,298 | ​ | $ | 4,877,493
Origination/acquisition/fundings(1) | ​ |  | 71,978 | ​ |  | 32,158 | ​ |  | 104,136
Accretion | ​ | ​ | 14,927 | ​ | ​ | 6,930 | ​ | ​ | 21,857
(Provision for) recovery of credit losses | ​ |  | (442) | ​ |  | (323) | ​ |  | (765)
Ending balance(2) | ​ | $ | 3,341,658 | ​ | $ | 1,661,063 | ​ | $ | 5,002,721
(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 March 31, 2025 and December 31, 2024, all of the Company’s net investment in sales-type leases and Ground Lease receivables were current in their payment status. As of March 31, 2025, 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 March 31, 2025, the weighted average remaining life of the Company’s 41 Ground Lease receivables was 97.0 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 for the three months ended March 31, 2025 and 2024 were as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Net investment in sales-type leases
​ | ​ | Stabilized | ​ | Development | ​ | Unfunded | ​ | ​
Three Months Ended March 31, 2025 | ​ | Properties | ​ | Properties | ​ | Commitments | ​ | Total
Allowance for credit losses at beginning of period | ​ | $ | 6,385 | ​ | $ | 436 | ​ | $ | — | ​ | $ | 6,821
Provision for (recovery of) credit losses(1) | ​ | ​ | 843 | ​ |  | 33 | ​ |  | — | ​ |  | 876
Allowance for credit losses at end of period(2) | ​ | $ | 7,228 | ​ | $ | 469 | ​ | $ | — | ​ | $ | 7,697
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses at beginning of period | ​ | $ | 387 | ​ | $ | 78 | ​ | $ | — | ​ | $ | 465
Provision for (recovery of) credit losses(1) | ​ | ​ | 325 | ​ |  | 117 | ​ |  | 11 | ​ |  | 453
Allowance for credit losses at end of period(2) | ​ | $ | 712 | ​ | $ | 195 | ​ | $ | 11 | ​ | $ | 918
(1) | During the three months ended March 31, 2025, the Company recorded a provision for credit losses on net investment in sales-type leases of $0.9 million. The provision for credit losses for the three months ended March 31, 2025 was due primarily to current market conditions, including an increase in the Ground Lease cost to value ratio on the Company’s portfolio of Ground Leases since December 31, 2024, and growth in the carrying value of the portfolio during the period. During the three months ended March 31, 2024, the Company recorded a provision for credit losses on net investment in sales-type leases of $0.5 million. The provision for credit losses was due primarily to current market conditions, including an increase in the Ground Lease cost to value ratio on the Company’s portfolio of Ground Leases since December 31, 2023.
(2) | Allowance for credit losses on unfunded commitments is recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets.
​ Changes in the Company’s allowance for credit losses on Ground Lease receivables for the three months ended March 31, 2025 and 2024 were as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Ground Lease receivables
​ | ​ | Stabilized | ​ | Development | ​ | Unfunded | ​ | ​
Three Months Ended March 31, 2025 | ​ | Properties | ​ | Properties | ​ | Commitments | ​ | Total
Allowance for credit losses at beginning of period | ​ | $ | 2,652 | ​ | $ | 1,012 | ​ | $ | 37 | ​ | $ | 3,701
Provision for (recovery of) credit losses(1) | ​ | ​ | 1,464 | ​ |  | 85 | ​ |  | (11) | ​ |  | 1,538
Allowance for credit losses at end of period(2) | ​ | $ | 4,116 | ​ | $ | 1,097 | ​ | $ | 26 | ​ | $ | 5,239
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses at beginning of period | ​ | $ | 123 | ​ | $ | 246 | ​ | $ | 37 | ​ | $ | 406
Provision for (recovery of) credit losses(1) | ​ | ​ | 111 | ​ |  | 212 | ​ |  | 1 | ​ |  | 324
Allowance for credit losses at end of period(2) | ​ | $ | 234 | ​ | $ | 458 | ​ | $ | 38 | ​ | $ | 730
(1) | During the three months ended March 31, 2025, the Company recorded a provision for credit losses on Ground Lease receivables of $1.5 million. The provision for credit losses for the three months ended March 31, 2025 was due primarily to current market conditions, including an increase in the Ground Lease cost to value ratio on the Company’s portfolio of Ground Leases since December 31, 2024, and growth in the carrying value of the portfolio during the period. During the three months ended March 31, 2024, the Company recorded a provision for credit losses on Ground Lease receivables of $0.3 million. The provision for credit losses was due primarily to current market conditions, including an increase in the Ground Lease cost to value ratio on the Company’s portfolio of Ground Leases since December 31, 2023.
(2) | Allowance for credit losses on unfunded commitments is recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets.
Amortized Cost Basis in Ground Lease Receivables | The Company’s amortized cost basis in net investment in sales-type leases and Ground Lease receivables, presented by year of origination and by stabilized or development status, was as follows as of March 31, 2025 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Total
Net investment in sales-type leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stabilized properties | ​ | $ | — | ​ | $ | 35,917 | ​ | $ | 50,453 | ​ | $ | 656,569 | ​ | $ | 1,103,117 | ​ | $ | 1,310,588 | ​ | $ | 3,156,644
Development properties | ​ |  | — | ​ |  | 112,050 | ​ |  | 22,168 | ​ |  | 38,663 | ​ |  | 121,977 | ​ |  | 28,148 | ​ |  | 323,006
Total | ​ | $ | — | ​ | $ | 147,967 | ​ | $ | 72,621 | ​ | $ | 695,232 | ​ | $ | 1,225,094 | ​ | $ | 1,338,736 | ​ | $ | 3,479,650
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Total
Ground Lease receivables | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stabilized properties | ​ | $ | — | ​ | $ | — | ​ | $ | 19,629 | ​ | $ | 156,672 | ​ | $ | 201,735 | ​ | $ | 646,113 | ​ | $ | 1,024,149
Development properties | ​ |  | — | ​ |  | 101,132 | ​ |  | 24,533 | ​ |  | 630,802 | ​ |  | 78,992 | ​ |  | — | ​ |  | 835,459
Total | ​ | $ | — | ​ | $ | 101,132 | ​ | $ | 44,162 | ​ | $ | 787,474 | ​ | $ | 280,727 | ​ | $ | 646,113 | ​ | $ | 1,859,608
​ 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
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 March 31, 2025, are as follows by year ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | ​ | ​ |  | Fixed Bumps |  | ​ | ​
​ | ​ | Fixed Bumps | ​ | ​ | ​ | ​ | with | ​ | ​ | ​
​ | ​ | with Inflation | ​ | Fixed | ​ | Percentage | ​ | ​ | ​
​ |  | Adjustments |  | Bumps |  | Rent |  | Total
2025 (remaining nine months) | ​ | $ | 89,535 | ​ | $ | 3,899 | ​ | $ | 439 | ​ | $ | 93,873
2026 | ​ |  | 112,523 | ​ |  | 5,696 | ​ |  | 586 | ​ |  | 118,805
2027 | ​ |  | 114,558 | ​ |  | 6,378 | ​ |  | 586 | ​ |  | 121,522
2028 | ​ |  | 116,594 | ​ |  | 6,595 | ​ |  | 637 | ​ |  | 123,826
2029 | ​ | ​ | 119,189 | ​ | ​ | 6,724 | ​ | ​ | 644 | ​ | ​ | 126,557
Thereafter | ​ |  | 30,161,729 | ​ |  | 2,112,039 | ​ |  | 98,389 | ​ |  | 32,372,157
Total undiscounted cash flows | ​ | $ | 30,714,128 | ​ | $ | 2,141,331 | ​ | $ | 101,281 | ​ | $ | 32,956,740
Recognized Interest Income from Sales type Leases | During the three months ended March 31, 2025 and 2024, 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 | ​ | ​ | ​
Three Months Ended March 31, 2025 |  | Leases |  | Receivables |  | Total
Cash | ​ | $ | 28,903 | ​ | $ | 16,372 | ​ | $ | 45,275
Non-cash | ​ |  | 15,815 | ​ |  | 8,574 | ​ |  | 24,389
Total interest income from sales-type leases | ​ | $ | 44,718 | ​ | $ | 24,946 | ​ | $ | 69,664
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Net Investment |  | Ground |  | ​ | ​
​ | ​ | in Sales-type | ​ | Lease | ​ | ​ | ​
Three Months Ended March 31, 2024 | ​ | Leases | ​ | Receivables | ​ | Total
Cash | ​ | $ | 27,270 | ​ | $ | 14,091 | ​ | $ | 41,361
Non-cash | ​ |  | 14,927 | ​ |  | 6,930 | ​ |  | 21,857
Total interest income from sales-type leases | ​ | $ | 42,197 | ​ | $ | 21,021 | ​ | $ | 63,218
​

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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