Segment and Geographic Information

6 Months Ended

Jun. 30, 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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Property expenses (excluding reimbursements)	$21,306	$19,998	$40,664	$39,301
Cash G&A expenses (1)	$48,336	$41,219	$95,838	$79,364

(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 June 30,
	2026
	U.S.	U.K.	Other (1)	Total
Retail	$868,428	$187,075	$59,239	$1,114,742
Industrial	212,107	15,475	23,892	251,474
Other (2)	59,615	636	—	60,251
Rental (including reimbursements)	$1,140,150	$203,186	$83,131	$1,426,467
Interest income on financing receivables				32,024
Interest and dividend income on loans and preferred equity investments				88,517
Other				703
Total revenue				$1,547,711
	2025
	U.S.	U.K.	Other (1)	Total
Retail	$858,362	$155,506	$47,225	$1,061,093
Industrial	197,205	12,582	4,537	214,324
Other (2)	61,242	1,529	—	62,771
Rental (including reimbursements)	$1,116,809	$169,617	$51,762	$1,338,188
Interest income on financing receivables				32,382
Interest and dividend income on loans and preferred equity investments				39,480
Other				328
Total revenue				$1,410,378
	Six months ended June 30,
	2026
	U.S.	U.K.	Other (1)	Total
Retail	$1,779,352	$364,275	$116,581	$2,260,208
Industrial	414,803	30,711	40,491	486,005
Other (2)	118,025	3,046	—	121,071
Rental (including reimbursements)	$2,312,180	$398,032	$157,072	$2,867,284
Interest income on financing receivables				64,154
Interest and dividend income on loans and preferred equity investments				158,627
Other				6,373
Total revenue				$3,096,438
	2025
	U.S.	U.K.	Other (1)	Total
Retail	$1,722,434	$293,670	$86,606	$2,102,710
Industrial	393,634	24,245	4,537	422,416
Other (2)	123,629	2,490	—	126,119
Rental (including reimbursements)	$2,239,697	$320,405	$91,143	$2,651,245
Interest income on financing receivables				65,017
Interest and dividend income on loans and preferred equity investments				74,216
Other				405
Total revenue				$2,790,883

(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 six months

ended June 30, 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):

	June 30, 2026				December 31, 2025
	U.S.	U.K.	Other (1)	Total	U.S.	U.K.	Other (1)	Total
Long-lived assets	$43,226.3	$9,633.3	$3,784.8	$56,644.4	$42,337.4	$9,322.6	$3,280.5	$54,940.5
Remaining assets				19,797.1				17,855.1
Total assets				$76,441.5				$72,795.6

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