| 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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2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Revenues: |
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Real estate operations revenue |
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$ |
70,255 |
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$ |
64,674 |
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$ |
140,057 |
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$ |
128,135 |
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Segment revenue |
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|
70,255 |
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64,674 |
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|
140,057 |
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|
128,135 |
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Operating expenses: |
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Interest expense |
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12,925 |
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12,295 |
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25,246 |
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24,244 |
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Other segment items, net (1) |
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7,780 |
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7,790 |
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15,779 |
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15,619 |
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AFFO |
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$ |
49,550 |
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$ |
44,589 |
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$ |
99,032 |
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$ |
88,272 |
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Reconciliation to Segment net income: |
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Depreciation and amortization |
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(16,357 |
) |
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(14,413 |
) |
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(32,336 |
) |
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(28,663 |
) |
Stock-based compensation |
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(2,455 |
) |
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(2,001 |
) |
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(5,068 |
) |
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(4,761 |
) |
Straight-line rent |
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|
470 |
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|
837 |
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1,248 |
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|
1,563 |
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Non-cash amortization of deferred financing costs |
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(888 |
) |
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(786 |
) |
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(1,688 |
) |
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(1,568 |
) |
Other non-cash revenue adjustments |
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(467 |
) |
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(478 |
) |
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(1,011 |
) |
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(964 |
) |
Segment Net Income |
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$ |
29,853 |
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$ |
27,748 |
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$ |
60,177 |
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$ |
53,879 |
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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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2026 |
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2025 |
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2026 |
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|
2025 |
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Revenues: |
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Restaurant operations revenue |
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$ |
8,383 |
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$ |
8,028 |
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$ |
16,736 |
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$ |
16,022 |
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Segment revenue |
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8,383 |
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8,028 |
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16,736 |
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16,022 |
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Operating expenses: |
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Cost of goods sold |
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6,584 |
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6,176 |
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13,151 |
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|
12,413 |
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Other segment items, net (1) |
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1,438 |
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1,404 |
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2,971 |
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2,941 |
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EBITDA |
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$ |
361 |
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$ |
448 |
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$ |
614 |
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$ |
668 |
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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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(207 |
) |
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(414 |
) |
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(386 |
) |
Income tax expense |
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(12 |
) |
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(34 |
) |
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(16 |
) |
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(20 |
) |
Segment Net Income |
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$ |
142 |
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$ |
207 |
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$ |
184 |
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$ |
262 |
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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, 2026
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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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$ |
3,551,053 |
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$ |
22,361 |
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$ |
3,573,414 |
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Accumulated depreciation |
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(831,617 |
) |
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(7,937 |
) |
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(839,554 |
) |
Total real estate investments, net |
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$ |
2,719,436 |
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$ |
14,424 |
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$ |
2,733,860 |
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Cash and cash equivalents |
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$ |
23,293 |
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$ |
1,497 |
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$ |
24,790 |
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Total assets |
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$ |
2,974,403 |
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$ |
21,960 |
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$ |
2,996,363 |
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Total debt, net of deferred financing costs |
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$ |
1,253,360 |
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$ |
— |
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$ |
1,253,360 |
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Supplemental Segment Information at December 31, 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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$ |
3,475,271 |
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$ |
22,361 |
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$ |
3,497,632 |
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Accumulated depreciation |
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(809,161 |
) |
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(7,831 |
) |
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(816,992 |
) |
Total real estate investments, net |
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$ |
2,666,110 |
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$ |
14,530 |
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$ |
2,680,640 |
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Cash and cash equivalents |
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$ |
10,933 |
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$ |
1,211 |
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$ |
12,144 |
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Total assets |
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$ |
2,898,869 |
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$ |
21,857 |
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$ |
2,920,726 |
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Total debt, net of deferred financing costs |
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$ |
1,204,171 |
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$ |
— |
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$ |
1,204,171 |
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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) |
|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Revenues: |
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Real estate operations revenue |
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$ |
70,255 |
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$ |
64,674 |
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$ |
140,057 |
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|
$ |
128,135 |
|
Restaurant operations revenue |
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|
8,383 |
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|
8,028 |
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|
16,736 |
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|
16,022 |
|
Other |
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(220 |
) |
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|
140 |
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(209 |
) |
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|
161 |
|
Total Revenues |
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$ |
78,418 |
|
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$ |
72,842 |
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|
$ |
156,584 |
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$ |
144,318 |
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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) |
|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Segment net income: |
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Real estate operations |
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$ |
29,853 |
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$ |
27,748 |
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$ |
60,177 |
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$ |
53,879 |
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Restaurant operations |
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|
142 |
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|
207 |
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|
184 |
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|
262 |
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Net Income |
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$ |
29,995 |
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$ |
27,955 |
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$ |
60,361 |
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$ |
54,141 |
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