Property and equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The balance of property and equipment, net is as follows ($ in thousands):

	As of March 31,		As of December 31,
	2024		2023
Property and equipment, gross
Land, buildings and improvements	$	1,648,338	$	1,646,452
Fixtures and machinery (1)	87,539		86,717
Furniture and other fixed assets	205,476		203,639
Construction in progress	25,402		22,077
Total property and equipment, gross	1,966,755		1,958,885
Accumulated depreciation	(559,507)		(543,313)
Total property and equipment, net	$	1,407,248	$	1,415,572

________

(1) Includes the gross balance of our finance lease right-of-use assets, which was $6.3 million as of March 31, 2024 and December 31, 2023.

Schedule of Rental Income

The following table presents our rental income for the three months ended March 31, 2024 and 2023 ($ in thousands):

	Three Months Ended March 31,
Leases	2024		2023
Operating lease income (1)	$	1,186	$	950

________

(1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant’s net sales.