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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lessee, Balance Sheet and Income Statement Effect | The following table summarizes the impact of the Company's leases in its financial statements (in thousands):
Balance Sheet |  | Financial statement caption |  |  |  | December 31, 2024 |  | December 31, 2023
Right-of-use asset - operating |  | Other assets |  | $ | 10,645 |  |  | $ | 10,093 |
Lease liability - operating |  | Accounts payable and other accrued expenses |  | $ | 14,331 |  |  | $ | 13,510 |
|  |  |  | Year Ended December 31,
Income Statement |  | Financial statement caption |  | 2024 |  | 2023 |  | 2022
Operating lease cost(1) |  | Administrative expenses |  | $ | 2,968 |  |  | $ | 2,869 |  |  | $ | 3,205 |
(1) Includes short-term leases that are immaterial.
Lessee, Operating Lease, Liability, Maturity | The following represents the Company's future undiscounted cash flows related to lease liabilities for each of the next five years and thereafter as of December 31, 2024 (in thousands):
Years ending December 31, |
2025 | $ | 2,936 |
2026 | 2,413 |
2027 | 1,975 |
2028 | 1,713 |
2029 | 1,581 |
2030 and thereafter | 7,595 |
Total undiscounted future cash flows related to lease payments | $ | 18,213 |
Less: imputed interest | (3,882) |
Total present value of lease liability | $ | 14,331 |
Schedule of Weighted-Average Operating Lease | The following table includes supplemental information related to the Company's operating leases:
| December 31, 2024 |  | December 31, 2023
Weighted-Average Remaining Lease Term | 8.5 years |  | 9.5 years
Weighted-Average Discount Rate | 5.67 | % |  | 5.67 | %
Operating Lease, Lease Income | Operating Leases The following is the minimum future rental income as of December 31, 2024 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands):
Years ending December 31, |
2025 | $ | 949,398 |
2026 | 777,437 |
2027 | 639,232 |
2028 | 542,814 |
2029 | 397,239 |
2030 and thereafter | 950,413 |
Total | $ | 4,256,533 |
Schedule of deferred revenue | As of December 31, 2024, the Company has deferred revenue balances related to operating leases with uneven payment terms. These amounts will be amortized into revenue as follows (in thousands):
Years ending December 31, |
2025 | $ | 65,984 |
2026 | 43,225 |
2027 | 16,725 |
2028 | 15,568 |
2029 | 13,877 |
2030 and thereafter | 29,381 |
Total | $ | 184,760 |
Schedule of components of the net investment in finance leases | The following table summarizes the components of the net investment in finance leases (in thousands):
| December 31, 2024 |  | December 31, 2023
Future minimum lease payment receivable(1) | $ | 1,989,859 |  |  | $ | 1,928,167 |
Estimated residual receivable(2) | 269,090 |  |  | 218,199 |
Gross finance lease receivables(3) | 2,258,949 |  |  | 2,146,366 |
Unearned income(4) | (673,137) |  |  | (636,486) |
Finance lease reserve(5) | — |  |  | (2,588) |
Net investment in finance leases(6) | $ | 1,585,812 |  |  | $ | 1,507,292 |
(1) There were no executory costs included in gross finance lease receivables as of December 31, 2024 and December 31, 2023. (2) The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets. (3) The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers. (4) There were no unamortized initial direct costs as of December 31, 2024 and December 31, 2023. (5) The Company reversed the finance lease reserve during the second quarter of 2024. (6) One major customer represented 93% of the Company's finance lease portfolio as of December 31, 2024 and 2023. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
Schedule of contractual maturities of the Company’s gross finance lease receivables | Maturities of the Company's gross finance lease receivables subsequent to December 31, 2024 are as follows (in thousands):
Years ending December 31, |
2025 | $ | 231,432 |
2026 | 220,064 |
2027 | 194,218 |
2028 | 187,853 |
2029 | 185,641 |
2030 and thereafter | 1,239,741 |
Total | $ | 2,258,949 |

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