| Schedule of Segment Reporting Information, by Segment |
The following table presents financial information for the real estate operations segment.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(In thousands) |
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2025 |
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|
2024 |
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|
2025 |
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|
2024 |
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Revenues: |
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Real estate operations revenue |
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$ |
64,674 |
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$ |
58,140 |
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$ |
128,135 |
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$ |
116,310 |
|
Segment revenue |
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|
64,674 |
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|
58,140 |
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|
|
128,135 |
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|
|
116,310 |
|
Operating expenses: |
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Interest expense |
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12,295 |
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11,671 |
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24,244 |
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|
23,314 |
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Other segment items, net (1) |
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7,790 |
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7,021 |
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15,619 |
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14,494 |
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AFFO |
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$ |
44,589 |
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$ |
39,448 |
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$ |
88,272 |
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$ |
78,502 |
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Reconciliation to Segment net income: |
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Depreciation and amortization |
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(14,413 |
) |
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(13,157 |
) |
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(28,663 |
) |
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(26,443 |
) |
Stock-based compensation |
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(2,001 |
) |
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(1,731 |
) |
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(4,761 |
) |
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(3,371 |
) |
Straight-line rent |
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|
837 |
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|
1,113 |
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1,563 |
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|
2,287 |
|
Non-cash amortization of deferred financing costs |
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(786 |
) |
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(653 |
) |
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(1,568 |
) |
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(1,291 |
) |
Other non-cash revenue adjustments |
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(478 |
) |
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(497 |
) |
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(964 |
) |
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(1,052 |
) |
Segment Net Income |
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$ |
27,748 |
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$ |
24,523 |
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$ |
53,879 |
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$ |
48,632 |
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(1)Other segment items, net includes: compensation and related expenses, external services, other operating costs, property expenses, other income, net, and income tax expense The following table presents financial information for the restaurant operations segment.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(In thousands) |
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2025 |
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2024 |
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2025 |
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|
2024 |
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Revenues: |
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Restaurant operations revenue |
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$ |
8,028 |
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$ |
7,940 |
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$ |
16,022 |
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$ |
15,834 |
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Segment revenue |
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8,028 |
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7,940 |
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16,022 |
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15,834 |
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Operating expenses: |
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Cost of goods sold |
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6,176 |
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6,155 |
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12,413 |
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|
12,452 |
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Other segment items, net (1) |
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|
1,404 |
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|
1,394 |
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2,941 |
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|
2,877 |
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EBITDA |
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$ |
448 |
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$ |
391 |
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$ |
668 |
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$ |
505 |
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Reconciliation to Segment net income: |
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Depreciation and amortization |
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(207 |
) |
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(188 |
) |
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(386 |
) |
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(369 |
) |
Income tax benefit (expense) |
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(34 |
) |
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(24 |
) |
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(20 |
) |
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|
8 |
|
Segment Net Income |
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$ |
207 |
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|
$ |
179 |
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$ |
262 |
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$ |
144 |
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(1)Other segment items, net includes: franchise fees, rent and property tax expense, and administrative expense The following table presents supplemental information by segment. Supplemental Segment Information at June 30, 2025
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(In thousands) |
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Real Estate
Operations |
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Restaurant
Operations |
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Total |
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Total real estate investments |
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$ |
3,311,801 |
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$ |
22,316 |
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$ |
3,334,117 |
|
Accumulated depreciation |
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(787,736 |
) |
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(7,526 |
) |
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(795,262 |
) |
Total real estate investments, net |
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$ |
2,524,065 |
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$ |
14,790 |
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$ |
2,538,855 |
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Cash and cash equivalents |
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$ |
4,707 |
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$ |
1,274 |
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$ |
5,981 |
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Total assets |
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$ |
2,743,611 |
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$ |
21,906 |
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$ |
2,765,517 |
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Total debt, net of deferred financing costs |
|
$ |
1,202,745 |
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|
$ |
— |
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$ |
1,202,745 |
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Supplemental Segment Information at December 31, 2024
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(In thousands) |
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Real Estate
Operations |
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Restaurant
Operations |
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Total |
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Total real estate investments |
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$ |
3,175,813 |
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$ |
22,831 |
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$ |
3,198,644 |
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Accumulated depreciation |
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(767,716 |
) |
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(7,789 |
) |
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(775,505 |
) |
Total real estate investments, net |
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$ |
2,408,097 |
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$ |
15,042 |
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$ |
2,423,139 |
|
Cash and cash equivalents |
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$ |
2,985 |
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$ |
1,096 |
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$ |
4,081 |
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Total assets |
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$ |
2,631,171 |
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$ |
21,855 |
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$ |
2,653,026 |
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Total debt, net of deferred financing costs |
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$ |
1,137,889 |
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$ |
— |
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$ |
1,137,889 |
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| Reconciliation of Segment Revenues and Segment Net Incomes to Total Revenues and Net Income |
The following table reconciles the segment revenues to our total revenues.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
(In thousands) |
|
2025 |
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|
2024 |
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|
2025 |
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|
2024 |
|
Revenues: |
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|
Real estate operations revenue |
|
$ |
64,674 |
|
|
$ |
58,140 |
|
|
$ |
128,135 |
|
|
$ |
116,310 |
|
Restaurant operations revenue |
|
|
8,028 |
|
|
|
7,940 |
|
|
|
16,022 |
|
|
|
15,834 |
|
Other |
|
|
140 |
|
|
|
399 |
|
|
|
161 |
|
|
|
802 |
|
Total Revenues |
|
$ |
72,842 |
|
|
$ |
66,479 |
|
|
$ |
144,318 |
|
|
$ |
132,946 |
|
The following table reconciles the segment revenues to our net income.
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Segment net income: |
|
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Real estate operations |
|
$ |
27,748 |
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$ |
24,523 |
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$ |
53,879 |
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$ |
48,632 |
|
Restaurant operations |
|
|
207 |
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|
179 |
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|
262 |
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|
144 |
|
Net Income |
|
$ |
27,955 |
|
|
$ |
24,702 |
|
|
$ |
54,141 |
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$ |
48,776 |
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