Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income and Comprehensive Income

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):


	Years ended December 31,
		2025		2024		2023
Property expenses (excluding reimbursements)		$	88,402	$	74,587	$	42,763
Cash G&A expenses (1)		$	171,784	$	144,154	$	118,309

(1) Represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs.

Schedule of Disaggregation of Revenue by Segment

The following table disaggregates domestic and international revenue by major asset types and geographic regions (in thousands):













	Years ended December 31,
	2025
	U.S.		U.K.		Other (1)		Total
Retail	$	3,515,416	$	619,857	$	190,397	$	4,325,670
Industrial	785,939		54,824		23,686		864,449
Other (2)	240,721		6,492		—		247,213
Rental (including reimbursements)	$	4,542,076	$	681,173	$	214,083	$	5,437,332
Other revenue							312,045
Total revenue							$	5,749,377











	2024
	U.S.		U.K.		Other (1)		Total
Retail	$	3,368,532	$	508,195	$	133,190	$	4,009,917
Industrial	747,031		48,130		—		795,161
Other (2)	237,876		794		—		238,670
Rental (including reimbursements)	$	4,353,439	$	557,119	$	133,190	$	5,043,748
Other revenue							227,394
Total revenue							$	5,271,142

	2023
	U.S.		U.K.		Other (1)		Total
Retail	$	2,754,217	$	374,058	$	65,305	$	3,193,580
Industrial	515,358		43,685		—		559,043
Other (2)	205,527		—		—		205,527
Rental (including reimbursable)	$	3,475,102	$	417,743	$	65,305	$	3,958,150
Other revenue							120,843
Total revenue							$	4,078,993

(1) Other includes rental revenue generated from all other European countries we operate in.

(2) Other includes all other property types in our portfolio.

Schedule of Disaggregation of Long-Lived Assets

The following table disaggregates domestic and international total long-lived assets (in millions):


	December 31, 2025								December 31, 2024
	U.S.		U.K.		Other (1)		Total		U.S.		U.K.		Other (1)		Total
Long-lived assets	$	42,337.4	$	9,322.6	$	3,280.5	$	54,940.5	$	43,186.5	$	7,485.6	$	1,617.7	$	52,289.8
Remaining assets							17,855.1								16,545.2
Total assets							$	72,795.6							$	68,835.0

(1) Other includes long-lived assets in all other European countries we operate in.