Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segments

SEGMENTS

During the three months ended March 31, 2022 and 2021, we operated in two segments: real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. Expenses incurred at our corporate office are allocated to real estate operations. 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, 2022 and 2021.

Three Months Ended March 31, 2022

(In thousands)	Real Estate Operations		Restaurant Operations		Intercompany		Total
Revenues:
Rental revenue	$	46,903	$	—	$	—	$	46,903
Intercompany rental revenue	211		—		(211)		—
Restaurant revenue	—		7,494		—		7,494
Total revenues	47,114		7,494		(211)		54,397
Operating expenses:
General and administrative	5,269		—		—		5,269
Depreciation and amortization	9,524		180		—		9,704
Property expenses	1,849		—		—		1,849
Restaurant expenses	—		7,094		(211)		6,883
Total operating expenses	16,642		7,274		(211)		23,705
Interest expense	(8,375)		—		—		(8,375)
Other income	57		—		—		57
Income tax expense	(48)		(40)		—		(88)
Net Income	$	22,106	$	180	$	—	$	22,286

Three Months Ended March 31, 2021

(In thousands)	Real Estate Operations		Restaurant Operations		Intercompany		Total
Revenues:
Rental revenue	$	41,515	$	—	$	—	$	41,515
Intercompany rental revenue	139		—		(139)		—
Restaurant revenue	—		5,231		—		5,231
Total revenues	41,654		5,231		(139)		46,746
Operating expenses:
General and administrative	4,763		—		—		4,763
Depreciation and amortization	7,994		242		—		8,236
Property expenses	1,002		—		—		1,002
Restaurant expenses	—		4,998		(139)		4,859
Total operating expenses	13,759		5,240		(139)		18,860
Interest expense	(7,633)		—		—		(7,633)
Other income	1		—		—		1
Realized gain on sale, net	431		—		—		431
Income tax expense	(39)		(24)		—		(63)
Net Income (Loss)	$	20,655	$	(33)	$	—	$	20,622

The following tables present supplemental information by segment at March 31, 2022 and December 31, 2021.

Supplemental Segment Information at March 31, 2022

(In thousands)	Real Estate Operations		Restaurant Operations		Total
Total real estate investments	$	2,421,503	$	22,232	$	2,443,735
Accumulated depreciation	(682,802)		(6,396)		(689,198)
Total real estate investments, net	1,738,701		15,836		1,754,537
Cash and cash equivalents	57,146		963		58,109
Total assets	1,976,333		21,976		1,998,309
Long-term debt, net of deferred financing costs	966,024		—		966,024

Supplemental Segment Information at December 31, 2021

(In thousands)	Real Estate Operations		Restaurant Operations		Total
Total real estate investments	$	2,382,169	$	22,236	$	2,404,405
Accumulated depreciation	(676,183)		(6,247)		(682,430)
Total real estate investments, net	1,705,986		15,989		1,721,975
Cash and cash equivalents	4,830		1,470		6,300
Total assets	1,880,192		22,788		1,902,980
Long-term debt, net of deferred financing costs	877,591		—		877,591