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v3.25.1

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | --- | --- | ---
Assets |  |  |  |  |  |  |
Net investment in sales-type leases |  | $ 3,471,953 | [1] | $ 3,454,953 | [1] | $ 3,341,658 | $ 3,255,195
Ground Lease receivables |  | 1,854,395 | [1] | 1,833,398 | [1] | 1,661,063 | $ 1,622,298
Loan receivable, net | [1] | 112,520 |  | 112,359 |  |  |
Cash and cash equivalents |  | 17,296 | [1] | 8,346 | [1] | 11,284 |
Restricted cash |  | 8,687 | [1] | 8,772 | [1] | $ 27,891 |
Liabilities |  |  |  |  |  |  |
Debt obligations, net | [1] | 4,341,484 |  | 4,317,439 |  |  |
Carrying Value |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Net investment in sales-type leases |  | 3,472,000 |  | 3,455,000 |  |  |
Ground Lease receivables |  | 1,854,000 |  | 1,833,000 |  |  |
Loan receivable, net |  | 113,000 |  | 112,000 |  |  |
Cash and cash equivalents |  | 17,000 |  | 8,000 |  |  |
Restricted cash |  | 9,000 |  | 9,000 |  |  |
Liabilities |  |  |  |  |  |  |
Debt obligations, net |  | 4,341,000 |  | 4,317,000 |  |  |
Carrying Value | Fair Value, Inputs, Level 1 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Debt obligations, net |  | 1,427,000 |  | 1,426,000 |  |  |
Carrying Value | Fair Value, Inputs, Level 3 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Debt obligations, net |  | 2,914,000 |  | 2,891,000 |  |  |
Fair Value |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Debt obligations, net |  | 3,739,000 |  | 3,686,000 |  |  |
Fair Value | Fair Value, Inputs, Level 1 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash and cash equivalents |  | 17,000 |  | 8,000 |  |  |
Restricted cash |  | 9,000 |  | 9,000 |  |  |
Liabilities |  |  |  |  |  |  |
Debt obligations, net |  | 1,360,000 |  | 1,335,000 |  |  |
Fair Value | Fair Value, Inputs, Level 3 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Net investment in sales-type leases |  | 3,525,000 |  | 3,680,000 |  |  |
Ground Lease receivables |  | 1,964,000 |  | 2,043,000 |  |  |
Loan receivable, net |  | 114,000 |  | 115,000 |  |  |
Liabilities |  |  |  |  |  |  |
Debt obligations, net |  | $ 2,379,000 |  | $ 2,351,000 |  |  |
[1] | Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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