Segments

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segments

SEGMENTS

During the three months ended March 31, 2016, we operated in two segments: real estate operations and restaurant operations. Prior to the Spin-Off on November 9, 2015, we operated in one segment, restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies.

The following tables present financial information by segment for the three months ended March 31, 2016.

(In thousands)	Real Estate Operations		Restaurant Operations			Intercompany			Total
Revenues:
Rental income	$	26,252	$	—		$	—		$	26,252
Intercompany rental income	97		—			(97		)	—
Restaurant revenues	—		4,859			—			4,859
Total revenues	26,349		4,859			(97		)	31,111
Operating expenses:
General and administrative	3,317		—			—			3,317
Depreciation and amortization	5,023		164			—			5,187
Restaurant expenses	—		4,795			(97		)	4,698
Interest expense	4,182		—			—			4,182
Total operating expenses	12,522		4,959			(97		)	17,384
Income before provision for income taxes	13,827		(100		)	—			13,727
Benefit from income taxes	80,409		147			—			80,556
Net Income	$	94,236	$	47		$	—		$	94,283

The following table presents supplemental information by segment at March 31, 2016.

(In thousands)	Real Estate Operations			Restaurant Operations			Total
Total real estate investments	$	1,380,667		$	16,568		$	1,397,235
Accumulated depreciation	(568,291		)	(5,435		)	(573,726		)
Total real estate investments, net	$	812,376		$	11,133		$	823,509
Cash and cash equivalents	$	34,645		$	1,443		$	36,088
Total assets	$	851,717		$	12,956		$	864,673
Notes payable, net of deferred financing costs	$	392,700		$	—		$	392,700
Deferred tax liability	$	—		$	225		$	225