Leases (Tables)

9 Months Ended

Sep. 30, 2022

Lessor

Operating Lease - Schedule of Future Minimum Lease Receivable

Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2022 are outlined in the table below (in thousands):

Year	Amount
2022	$	413,509
2023	1,743,452
2024	1,831,621
2025	1,816,651
2026	1,771,008
Thereafter	13,261,005
Total	$	20,837,246

Net investment in direct financing and sales-type leases

The components of our aggregate net investment in our direct financing and sales-type leases as of September 30, 2022 and December 31, 2021 are summarized in the table below (in thousands):

	September 30, 2022		December 31, 2021
Gross investment in direct financing and sales-type leases	$	255,641	$	403,388
Add: estimated unguaranteed residual value of the underlying assets	—		31,839
Less: unearned income on direct financing lease	(213,640)		(215,557)
Less: effect of discounting on sales-type leases	—		(146,175)
Less: allowance for credit losses	(2,839)		(2,839)
Net investment in direct financing and sales-type leases	$	39,162	$	70,656

Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable

Future lease payments to be received under the terms of our direct financing lease as of September 30, 2022 are outlined in the table below (in thousands):

Year	Total
2022	$	454
2023	1,863
2024	1,919
2025	1,976
2026	2,036
Thereafter	247,393
Total	$	255,641

Income from rentals

Our total income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases	$	646,662	$	538,880	$	1,879,534	$	1,515,396
Direct financing and sales-type leases	642		1,012		2,449		2,473
Revenues subject to the lease accounting standard	647,304		539,892		1,881,983		1,517,869
Revenues subject to the revenue recognition accounting standard	9,549		6,635		28,383		15,724
Income from rentals	$	656,853	$	546,527	$	1,910,366	$	1,533,593

Lessee

Operating Lease - Schedule of Future Minimum Lease Payable

The reconciliation of future lease payments, under noncancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our unaudited consolidated balance sheet as of September 30, 2022 is presented in the table below (in thousands):

Year	Total
2022	$	6,586
2023	24,073
2024	24,389
2025	24,475
2026	24,543
Thereafter	806,749
Total future payments under our operating leases in which we are the lessee	910,815
Effect of discounting	(501,785)
Operating lease liability	$	409,030

Lessee Operating Costs

For the three and nine months ended September 30, 2022 and 2021, our costs for operating leases in which we are the lessee were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Gross operating lease costs	$	9,349	$	7,055	$	26,843	$	20,580
Capitalized lease costs	(847)		(827)		(2,699)		(2,273)
Expenses for operating leases in which we are the lessee	$	8,502	$	6,228	$	24,144	$	18,307