Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

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):


	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.

Schedule of Disaggregation of Revenue by Segment

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.

Schedule of Disaggregation of Long-Lived Assets

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.