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v3.25.2

Net Investment in Sales-type Leases and Ground Lease Receivables - Schedule of Net Investment in Leases (Details) $ in Thousands | 6 Months Ended
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Jun. 30, 2025 USD ($) lease | Jun. 30, 2024 USD ($)
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 | 25,770 |  | 95,916
Net Investment in Sales-type Leases, Accretion | 32,043 |  | 29,953
Net Investment in Sales-type Leases, Provision for credit losses | (1,509) |  | (1,057)
Net Investment in Sales-type Leases, Ending Balance | 3,511,257 | [1] | 3,380,007
Ground Lease Receivables |  |  |
Ground Lease Receivables, Beginning balance | 1,833,398 | [1] | 1,622,298
Ground Lease Receivables, Origination/acquisition/fundings | 54,948 |  | 110,206
Ground Lease Receivables, Accretion | 17,463 |  | 14,467
Ground Lease Receivable, Provision for credit losses | (1,926) |  | (404)
Ground Lease Receivables, Ending balance | 1,903,883 | [1] | 1,746,567
Total |  |  |
Beginning balance | 5,288,351 |  | 4,877,493
Origination/acquisition/fundings | 80,718 |  | 206,122
Accretion | 49,506 |  | 44,420
Provision for credit losses | (3,435) |  | (1,461)
Ending balance | $ 5,415,140 |  | $ 5,126,574
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 | 43 |  |
Weighted Average |  |  |
Total |  |  |
Ground leases term | 96 years 9 months 18 days |  |
[1] | Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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