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Segment and Geographic Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
A.    Segment Information
Our business is characterized as primarily owning and leasing commercial properties under long-term, net lease agreements (whereby clients are responsible for property taxes, insurance and maintenance costs), and these economic characteristics are similar across various property types, geographic locations, and industries in which our clients operate. Our chief operating decision maker ("CODM") is our President, Chief Executive Officer. Information reviewed by our CODM in evaluating performance and allocating resources is primarily operating results and cash flow analysis on a consolidated basis. Therefore, we operate and manage the business in one operating and reportable segment.
The CODM assesses performance and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of income and comprehensive income, as well as additional significant segment expense categories reported within 'Property (including reimbursements)' and 'General and administrative' expense captions, as follows (in thousands):
Three months ended
September 30,		Nine months ended
 September 30,
2025202420252024
Property expenses (excluding reimbursements)$24,104 $17,806 $63,405 $53,736 
Cash G&A expenses (1)
$47,320 $35,468 $126,684 $104,861 
(1) Represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs.
Other segment items included in consolidated net income consist of 'Gain on sales of real estate' and 'Other income, net', as presented in our consolidated statements of income and comprehensive income.
B.    Geographic Information
The following table disaggregates domestic and international revenue by major asset types and geographic regions (in thousands):
Three months ended September 30,
20252024
U.S.U.K.
Other (1)
TotalU.S.U.K.
Other (1)
Total
Retail$892,108 $161,040 $51,810 $1,104,958 $844,330 $132,123 $31,527 $1,007,980 
Industrial 193,018 17,574 8,754 219,346 190,034 12,161 — 202,195 
Other (2)
61,451 747 — 62,198 60,972 6 — 60,978 
Rental (including reimbursements)$1,146,577 $179,361 $60,564 $1,386,502 $1,095,336 $144,290 $31,527 $1,271,153 
Other revenue 84,050 59,762 
Total revenue $1,470,552 $1,330,915 
Nine months ended September 30,
20252024
U.S.U.K.
Other (1)
TotalU.S.U.K.
Other (1)
Total
Retail$2,614,542 $454,710 $138,416 $3,207,668 $2,513,959 $372,644 $98,782 $2,985,385 
Industrial 586,652 41,819 13,291 641,762 558,267 36,044 — 594,311 
Other (2)
185,080 3,237 — 188,317 184,348 6 — 184,354 
Rental (including reimbursements)$3,386,274 $499,766 $151,707 $4,037,747 $3,256,574 $408,694 $98,782 $3,764,050 
Other revenue 223,688 166,793 
Total revenue $4,261,435 $3,930,843 
(1) Other includes rental revenue generated from all other European countries we operate in.
(2) Other includes all other property types in our portfolio.
No individual client’s revenue represented more than 10% of our total revenue for each of the three and nine months ended September 30, 2025 and 2024.
Long-lived assets include items such as property, plant, equipment and right-of-use assets subject to operating and finance leases. The following table disaggregates domestic and international total long-lived assets (in millions):
September 30, 2025December 31, 2024
U.S.U.K.
Other (1)
TotalU.S.U.K.
Other (1)
Total
Long-lived assets$42,442.5 $9,083.6 $2,649.1 $54,175.2 $43,186.5 $7,485.6 $1,617.7 $52,289.8 
Remaining assets17,103.8 16,545.2 
Total assets$71,279.0 $68,835.0 
(1) Other includes long-lived assets in all other European countries we operate in.