Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Components of Investment in Direct Financing Leases, Net

The components of investment in direct financing leases, net as of March 31, 2024 and December 31, 2023 are as follows (in thousands):

	March 31, 2024			December 31, 2023
Lease payments receivable	$	68,542		$	71,834
Unguaranteed residual value		13,928			13,928
Unearned Income		(23,309	)		(24,995	)
Allowance for credit losses		(803	)		(803	)
Total	$	58,358		$	59,964

Future Contractual Annual Rentals Receivable

As of March 31, 2024, future contractual annual rentals receivable from our tenants, which have terms in excess of one year are as follows (in thousands):

	Operating  Leases		Direct Financing Leases
2024	$	125,308	$	9,976
2025		168,817		13,293
2026		162,725		10,262
2027		155,543		10,188
2028		138,018		9,902
Thereafter		1,028,465		14,921
Total	$	1,778,876	$	68,542

Schedule of Lease-related Assets and Liabilities

The following presents the lease-related assets and liabilities (in thousands):

	March 31, 2024
Assets
Right-of-use assets - operating	$	14,000
Right-of-use assets - finance		149
Total lease assets	$	14,149
Liabilities
Lease liability - operating	$	15,424
Lease liability - finance		536
Total lease liabilities	$	15,960

Summary of Weighted-average Remaining Lease Terms and Discount Rates

The following presents the weighted average lease terms and discount rates of our leases:

Weighted-average remaining lease term (years)
Operating leases	7.5
Finance leases	4.1
Weighted-average discount rate
Operating leases (a)		4.70	%
Finance leases		14.85	%

(a)Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

Schedule of Information Related to Lease Costs for Finance and Operating Leases

The following presents our total lease costs (in thousands):

	For the Three Months Ended March 31,
	2024		2023
Operating lease cost	$	761	$	858
Finance lease cost
Amortization of leased assets		59		79
Interest on lease liabilities		26		74
Short-term lease cost		—		—
Total lease cost	$	846	$	1,011

Schedule of Supplemental Cash Flow Information Related to Leases

The following presents supplemental cash flow information related to our leases (in thousands):

	For the Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	818	$	915
Operating cash flows for finance leases		26		74
Financing cash flows for finance leases		59		79

Schedule of Reconciles the Undiscounted Cash Flows for Direct Financing Lease Liabilities and Operating Lease Liabilities

As of March 31, 2024, scheduled lease liabilities mature as follows (in thousands):

	Operating  Leases			Direct Financing Leases
2024	$	2,382		$	326
2025		2,810			146
2026		2,661			148
2027		2,241			-
2028		2,024			-
Thereafter		6,428			-
Total lease payments		18,546			620
Less: amount representing interest		(3,122	)		(84	)
Present value of lease payments	$	15,424		$	536

Schedule of Significant Tenants by Revenue

As of March 31, 2024 and 2023, we had three significant tenants by revenue:

	March 31, 2024					March 31, 2023
	Number of Properties		% of Total Revenues			Number of Properties		% of Total Revenues
Global Partners LP (NYSE: GLP)		150		15.0	%		150		15.0	%
ARKO Corp. (NASDAQ: ARKO)		150		14.0	%		150		16.0	%
APRO, LLC (d/b/a United Oil)		77		9.3	%		77		10.0	%