SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents financial information for the real estate operations segment.

	Three Months Ended March 31,
(In thousands)	2025			2024
Revenues:
Real estate operations revenue	$	63,461		$	58,171
Segment revenue		63,461			58,171
Operating expenses:
Interest expense		11,949			11,643
Other segment items, net (1)		7,829			7,473
AFFO	$	43,683		$	39,055
Reconciliation to Segment net income:
Depreciation and amortization		(14,222	)		(13,279	)
Stock-based compensation		(2,760	)		(1,640	)
Straight-line rent		726			1,174
Non-cash amortization of deferred financing costs		(782	)		(638	)
Other non-cash revenue adjustments		(486	)		(555	)
Segment Net Income	$	26,159		$	24,117

(1)Other segment items, net includes: compensation and related expenses, external services, other operating costs, property expenses, other income, net, and income tax expense

The following table presents financial information for the restaurant operations segment.

	Three Months Ended March 31,
(In thousands)	2025			2024
Revenues:
Restaurant operations revenue	$	7,994		$	7,894
Segment revenue		7,994			7,894
Operating expenses:
Cost of goods sold		6,237			6,297
Other segment items, net (1)		1,537			1,484
EBITDA	$	220		$	113
Reconciliation to Segment net income (loss):
Depreciation and amortization		(207	)		(188	)
Income tax benefit		14			32
Segment Net Income (Loss)	$	27		$	(43	)

(1)Other segment items, net includes: franchise fees, rent and property tax expense, and administrative expense

The following table presents supplemental information by segment.

Supplemental Segment Information at March 31, 2025

(In thousands)	Real Estate Operations			Restaurant Operations			Total
Total real estate investments	$	3,232,450		$	22,230		$	3,254,680
Accumulated depreciation		(777,601	)		(7,342	)		(784,943	)
Total real estate investments, net	$	2,454,849		$	14,888		$	2,469,737
Cash and cash equivalents	$	20,983		$	1,280		$	22,263
Total assets	$	2,689,185		$	21,967		$	2,711,152
Total debt, net of deferred financing costs	$	1,201,959		$	—		$	1,201,959

Supplemental Segment Information at December 31, 2024

(In thousands)	Real Estate Operations			Restaurant Operations			Total
Total real estate investments	$	3,175,813		$	22,831		$	3,198,644
Accumulated depreciation		(767,716	)		(7,789	)		(775,505	)
Total real estate investments, net	$	2,408,097		$	15,042		$	2,423,139
Cash and cash equivalents	$	2,985		$	1,096		$	4,081
Total assets	$	2,631,171		$	21,855		$	2,653,026
Total debt, net of deferred financing costs	$	1,137,889		$	—		$	1,137,889

Reconciliation of Segment Revenues and Segment Net Incomes to Total Revenues and Net Income

The following table reconciles the segment revenues to our total revenues.

	Three Months Ended March 31,
(In thousands)	2025		2024
Revenues:
Real estate operations revenue	$	63,461	$	58,171
Restaurant operations revenue		7,994		7,894
Other		21		402
Total Revenues	$	71,476	$	66,467

The following table reconciles the segment revenues to our net income.

	Three Months Ended March 31,
(In thousands)	2025		2024
Segment net income:
Real estate operations	$	26,159	$	24,117
Restaurant operations		27		(43	)
Net Income	$	26,186	$	24,074