XML 23 R15.htm IDEA: XBRL DOCUMENT

Operating Leases as Lessor

6 Months Ended

Jun. 30, 2024

Note 9. OPERATING LEASES AS LESSOR

During the first half of 2024, we terminated a significant number of operating leases as lessor through our Applegreen Acquisition. See Note 2 for additional information regarding this transaction and the related write-off of deferred rent income.

Motor fuel stations are leased to tenants under operating leases with various expiration dates ranging through 2037. Most lease agreements include provisions for renewals. We generally do not include renewal options in our lease term. Future minimum rental payments under non-cancelable operating leases with third parties as of June 30, 2024 were as follows (in thousands):


2024	$	19,746
2025		32,804
2026		23,118
2027		12,712
2028		7,838
Thereafter		21,273
Total future minimum lease payments	$	117,491

The future minimum rental payments presented above do not include contingent rent based on future inflation, future revenues or volumes of the lessee, or non-lease components for amounts that may be received as tenant reimbursements for certain operating costs.

Deferred rent income from straight-line rent relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the lease agreement and totaled $3.1 million and $5.0 million at June 30, 2024 and December 31, 2023, respectively.