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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information 
We evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our clients into 60 activity segments. All of the properties are incorporated into one of the applicable segments. Unless otherwise specified, all segments listed below are located within the U.S. Because almost all of our leases require our clients to pay or reimburse us for operating expenses, rental revenue is the only component of segment profit and loss we measure. Our investments in industries outside of the U.S. are managed as separate operating segments.
The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective clients (in thousands):
 
Assets, as of December 31:20212020
Segment net real estate:  
Automotive service$852,151 $328,340 
Beverages362,570 347,366 
Child care347,680 216,718 
Convenience stores - U.S.2,844,800 2,101,005 
Dollar stores2,303,906 1,420,210 
Drug stores2,182,432 1,555,106 
Financial services576,065 374,508 
General merchandise - U.S.1,289,735 730,806 
Grocery stores - U.S. (1)
1,517,237 907,634 
Grocery stores - U.K. (1)
1,963,057 1,131,760 
Health and fitness1,325,932 1,050,791 
Health care - U.S.670,864 289,244 
Home furnishings - U.S.583,564 109,631 
Home improvement - U.S.946,870 608,222 
Home improvement - U.K.780,308 187,289 
Restaurants - casual dining2,016,017 515,226 
Restaurants - quick service - U.S.2,689,806 1,062,918 
Theaters - U.S.750,877 767,117 
Transportation services1,039,220 729,640 
Wholesale club865,658 407,584 
Other non-reportable segments6,080,123 2,644,041 
Total net real estate$31,988,872 $17,485,156 
Intangible assets:
Automotive service125,543 55,018 
Beverages17,452 9,401 
Child care33,449 19,848 
Convenience stores - U.S.275,548 121,151 
Dollar stores366,319 77,176 
Drug stores355,779 167,975 
Financial services92,986 14,611 
General merchandise - U.S.254,343 108,646 
Grocery stores - U.S. (1)
378,181 181,764 
Grocery stores - U.K. (1)
426,714 282,211 
Health and fitness125,586 67,537 
Health care - U.S.103,143 21,032 
Home furnishings - U.S.210,654 9,336 
Home improvement - U.S.207,637 97,228 
Home improvement - U.K.158,667 57,369 
Restaurants - casual dining416,653 20,553 
Restaurants - quick service - U.S.270,092 47,517 
Theaters - U.S.33,527 28,292 
Transportation services125,971 53,902 
Wholesale club155,032 36,165 
Other non-reportable segments1,142,849 233,923 
Goodwill (2)
3,676,705 14,180 
Other corporate assets2,195,800 1,530,294 
Total assets$43,137,502 $20,740,285 
(1) During 2021, we invested in 43 properties in Spain. As of December 31, 2021, grocery stores - Spain was not a reportable segment.
(2) Goodwill has not yet been allocated to our individual operating segments; the allocation is pending the finalization of our purchase accounting.
Revenue for the years ended December 31,202120202019
Segment rental revenue:   
Automotive service$47,830 $35,090 $32,365 
Beverages37,284 32,771 31,807 
Child care36,425 35,643 31,749 
Convenience stores - U.S.217,175 189,658 166,755 
Dollar stores149,136 126,719 102,695 
Drug stores153,174 140,993 127,853 
Financial services36,831 30,531 30,189 
General merchandise - U.S.72,442 49,352 35,366 
Grocery stores - U.S. (1)
88,360 78,106 69,691 
Grocery stores - U.K. (1)
100,500 51,459 17,819 
Health and fitness115,878 104,744 105,896 
Health care - U.S.33,579 25,563 21,011 
Home furnishings - U.S.21,457 12,447 10,490 
Home improvement - U.S.62,076 46,392 42,351 
Home improvement - U.K.34,470 4,224 — 
Restaurants - casual dining71,338 46,265 45,238 
Restaurants - quick service - U.S.115,758 88,163 92,018 
Theaters - U.S.90,792 78,653 87,698 
Transportation services71,955 64,131 66,500 
Wholesale club46,061 38,713 38,117 
Other non-reportable segments and contractually obligated reimbursements by our clients462,437 359,916 329,210 
Rental (including reimbursable)2,064,958 1,639,533 1,484,818 
Other15,505 7,554 3,345 
Total revenue$2,080,463 $1,647,087 $1,488,163 
(1) During 2021, we invested in 43 properties in Spain. As of December 31, 2021, grocery stores - Spain was not a reportable segment.