Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment InformationWe evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our clients into 70 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 (dollars in thousands):

Assets, as of:	March 31, 2022		December 31, 2021
Segment net real estate:
Automotive service	$	894,082	$	852,151
Beverages	360,894		362,570
Convenience stores - U.S.	2,896,397		2,844,800
Dollar stores	2,296,944		2,303,906
Drug stores	2,141,458		2,182,432
Financial services	565,437		576,065
General merchandise - U.S.	1,304,448		1,289,735
Grocery stores - U.S. (1)	1,590,169		1,517,237
Grocery stores - U.K. (1)	2,004,833		1,963,057
Health and fitness	1,303,126		1,325,932
Health care - U.S.	671,638		670,864
Home furnishings - U.S.	715,142		583,564
Home improvement - U.S.	956,195		946,870
Home improvement - U.K.	846,093		780,308
Restaurants - casual dining	1,988,707		2,016,017
Restaurants - quick service - U.S.	2,681,001		2,689,806
Theaters - U.S.	738,894		750,877
Transportation services	1,039,295		1,039,220
Wholesale club	873,026		865,658
Other non-reportable segments	6,848,753		6,427,803
Total net real estate	$	32,716,532	$	31,988,872
Intangible assets:
Automotive service	123,378		125,543
Beverages	17,077		17,452
Convenience stores - U.S.	255,578		275,548
Dollar stores	348,709		366,319
Drug stores	345,852		355,779
Financial services	87,572		92,986
General merchandise - U.S.	251,379		254,343
Grocery stores - U.S. (1)	370,607		378,181
Grocery stores - U.K. (1)	443,576		426,714
Health and fitness	118,271		125,586
Health care - U.S.	100,396		103,143
Home furnishings - U.S.	203,480		210,654
Home improvement - U.S.	206,915		207,637
Home improvement - U.K.	158,519		158,667
Restaurants - casual dining	402,818		416,653
Restaurants - quick service - U.S.	247,549		270,092
Theaters - U.S.	32,369		33,527
Transportation services	119,598		125,971
Wholesale club	156,165		155,032
Other non-reportable segments	1,202,826		1,176,298
Goodwill (2)	3,711,981		3,676,705
Other corporate assets	2,440,870		2,195,800
Total assets	$	44,062,017	$	43,137,502

(1) As of March 31, 2022, 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.

	Three months ended March 31,
Revenue	2022		2021
Segment rental revenue:
Automotive service	$	20,395	$	9,918
Beverages	9,535		8,952
Convenience stores - U.S.	65,943		50,128
Dollar stores	54,114		32,506
Drug stores	47,699		35,048
Financial services	13,834		7,718
General merchandise - U.S.	26,288		15,234
Grocery stores - U.S. (1)	36,267		19,681
Grocery stores - U.K. (1)	34,147		20,858
Health and fitness	35,810		28,610
Health care - U.S.	13,749		6,522
Home furnishings - U.S.	17,180		2,956
Home improvement - U.S.	22,086		13,038
Home improvement - U.K.	15,748		4,478
Restaurants - casual dining	47,510		11,748
Restaurants - quick service - U.S.	55,524		23,465
Theaters - U.S.	34,173		19,656
Transportation services	24,251		16,432
Wholesale club	18,663		9,941
Other non-reportable segments and contractually obligated reimbursements by our clients	206,649		102,476
Rental (including reimbursable)	799,565		439,365
Other	7,778		2,889
Total revenue	$	807,343	$	442,254

(1) As of March 31, 2022, grocery stores - Spain was not a reportable segment.