v3.26.1
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.