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Segment and Geographic Information | 9 Months Ended
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Sep. 30, 2025
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 September 30, |  | Nine months ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Property expenses (excluding reimbursements) | $ | 24,104 |  |  | $ | 17,806 |  |  | $ | 63,405 |  |  | $ | 53,736 |  |  |
Cash G&A expenses (1) | $ | 47,320 |  |  | $ | 35,468 |  |  | $ | 126,684 |  |  | $ | 104,861 |  |  |
(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 September 30,
|  | 2025 |  | 2024
|  | U.S. |  | U.K. |  | Other (1) |  | Total |  | U.S. |  | U.K. |  | Other (1) |  | Total
Retail |  | $ | 892,108 |  |  | $ | 161,040 |  |  | $ | 51,810 |  |  | $ | 1,104,958 |  |  | $ | 844,330 |  |  | $ | 132,123 |  |  | $ | 31,527 |  |  | $ | 1,007,980 |
Industrial |  | 193,018 |  |  | 17,574 |  |  | 8,754 |  |  | 219,346 |  |  | 190,034 |  |  | 12,161 |  |  | — |  |  | 202,195 |
Other (2) |  | 61,451 |  |  | 747 |  |  | — |  |  | 62,198 |  |  | 60,972 |  |  | 6 |  |  | — |  |  | 60,978 |
Rental (including reimbursements) |  | $ | 1,146,577 |  |  | $ | 179,361 |  |  | $ | 60,564 |  |  | $ | 1,386,502 |  |  | $ | 1,095,336 |  |  | $ | 144,290 |  |  | $ | 31,527 |  |  | $ | 1,271,153 |
Other revenue |  |  |  |  |  |  |  | 84,050 |  |  |  |  |  |  |  |  | 59,762 |
Total revenue |  |  |  |  |  |  |  | $ | 1,470,552 |  |  |  |  |  |  |  |  | $ | 1,330,915 |
|  | Nine months ended September 30,
|  | 2025 |  | 2024
|  | U.S. |  | U.K. |  | Other (1) |  | Total |  | U.S. |  | U.K. |  | Other (1) |  | Total
Retail |  | $ | 2,614,542 |  |  | $ | 454,710 |  |  | $ | 138,416 |  |  | $ | 3,207,668 |  |  | $ | 2,513,959 |  |  | $ | 372,644 |  |  | $ | 98,782 |  |  | $ | 2,985,385 |
Industrial |  | 586,652 |  |  | 41,819 |  |  | 13,291 |  |  | 641,762 |  |  | 558,267 |  |  | 36,044 |  |  | — |  |  | 594,311 |
Other (2) |  | 185,080 |  |  | 3,237 |  |  | — |  |  | 188,317 |  |  | 184,348 |  |  | 6 |  |  | — |  |  | 184,354 |
Rental (including reimbursements) |  | $ | 3,386,274 |  |  | $ | 499,766 |  |  | $ | 151,707 |  |  | $ | 4,037,747 |  |  | $ | 3,256,574 |  |  | $ | 408,694 |  |  | $ | 98,782 |  |  | $ | 3,764,050 |
Other revenue |  |  |  |  |  |  |  | 223,688 |  |  |  |  |  |  |  |  | 166,793 |
Total revenue |  |  |  |  |  |  |  | $ | 4,261,435 |  |  |  |  |  |  |  |  | $ | 3,930,843 |
(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 nine months ended September 30, 2025 and 2024. 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):
|  | September 30, 2025 |  | December 31, 2024
|  | U.S. |  | U.K. |  | Other (1) |  | Total |  | U.S. |  | U.K. |  | Other (1) |  | Total
Long-lived assets |  | $ | 42,442.5 |  |  | $ | 9,083.6 |  |  | $ | 2,649.1 |  |  | $ | 54,175.2 |  |  | $ | 43,186.5 |  |  | $ | 7,485.6 |  |  | $ | 1,617.7 |  |  | $ | 52,289.8 |
Remaining assets |  |  |  |  |  |  |  | 17,103.8 |  |  |  |  |  |  |  |  | 16,545.2 |
Total assets |  |  |  |  |  |  |  | $ | 71,279.0 |  |  |  |  |  |  |  |  | $ | 68,835.0 |
(1) Other includes long-lived assets in all other European countries we operate in.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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