Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Property expenses (excluding reimbursements)	$	19,358	$	19,303
Cash G&A expenses (1)	$	47,502	$	38,145

(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 March 31,
	2026
	U.S.		U.K.		Other (1)		Total
Retail	$	910,924	$	177,200	$	57,342	$	1,145,466
Industrial	202,696		15,236		16,599		234,531
Other (2)	58,410		2,410		—		60,820
Rental (including reimbursements)	$	1,172,030	$	194,846	$	73,941	$	1,440,817
Interest income on financing receivables							32,130
Interest and dividend income on loans and preferred equity investments							70,110
Other							5,670
Total revenue							$	1,548,727
	2025
	U.S.		U.K.		Other (1)		Total
Retail	$	864,073	$	138,265	$	39,280	$	1,041,618
Industrial	196,429		11,663		—		208,092
Other (2)	62,386		961		—		63,347
Rental (including reimbursements)	$	1,122,888	$	150,889	$	39,280	$	1,313,057
Interest income on financing receivables							32,635
Interest and dividend income on loans and preferred equity investments							34,736
Other							77
Total revenue							$	1,380,505

(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 months ended March 31, 2026 and 2025.

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):

	March 31, 2026								December 31, 2025
	U.S.		U.K.		Other (1)		Total		U.S.		U.K.		Other (1)		Total
Long-lived assets	$	42,298.4	$	9,516.3	$	3,744.8	$	55,559.5	$	42,337.4	$	9,322.6	$	3,280.5	$	54,940.5
Remaining assets							18,995.2								17,855.1
Total assets							$	74,554.7							$	72,795.6

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