Segment Information
Reportable Segment Information
The Company operates as one reportable segment. Our business is characterized as investing primarily in operationally-critical, single-tenant commercial real estate properties that are principally leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. Our consolidated operating results, including net income, are regularly reviewed, in the aggregate, by our CODM to evaluate performance and allocate resources, which can be found on our consolidated financial statements (Note 1, Note 2).
Our revenues are largely derived from the long-term leases that we execute with tenants. These revenues are classified as either Lease revenues (Note 5) or Income from finance leases and loans receivable (Note 6) in accordance with ASC 842, Leases.
Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided with the following significant expenses, which are included in our consolidated financial statements and require no additional disaggregation: General and administrative expenses, Property expenses, excluding reimbursable tenant costs, Interest expense, and Provision for income taxes.
Geographic Information
Our portfolio is comprised of domestic and international investments. At December 31, 2025, our international investments were comprised of investments in Austria, Belgium, Canada, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Japan, Latvia, Lithuania, Mauritius, Mexico, the Netherlands, Poland, Portugal, Slovakia, Spain, Sweden, and the United Kingdom. We sold all of our investments in Norway during 2025 (Note 16). No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2025, 2024, or 2023, or at least 10% of our total long-lived assets at December 31, 2025 or 2024. The following tables present the geographic information (in thousands): | | | | | | | | | | | | | | | | | |
| Years Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Revenues | | | | | |
| Domestic | $ | 1,092,612 | | | $ | 1,013,217 | | | $ | 1,154,863 | |
| International | 623,873 | | | 569,801 | | | 586,495 | |
| Total | $ | 1,716,485 | | | $ | 1,583,018 | | | $ | 1,741,358 | |
| | | | | | | | | | | |
| | December 31, |
| | 2025 | | 2024 |
| Long-lived Assets | | | |
| Domestic | $ | 9,507,419 | | | $ | 9,273,858 | |
| International | 5,961,755 | | | 5,306,617 | |
| Total | $ | 15,469,174 | | | $ | 14,580,475 | |
| | | |
| Equity Method Investments | | | |
| Domestic | $ | 274,208 | | | $ | 273,141 | |
| International | 35,970 | | | 27,974 | |
| Total | $ | 310,178 | | | $ | 301,115 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.