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Segments (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present financial information by segment for the three months ended March 31, 2020 and 2019.
Three Months Ended March 31, 2020
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Intercompany
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
37,725

 
$

 
$

 
$
37,725

Intercompany rental revenue
 
136

 

 
(136
)
 

Restaurant revenue
 

 
4,704

 

 
4,704

Total revenues
 
37,861

 
4,704

 
(136
)
 
42,429

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
3,842

 

 

 
3,842

Depreciation and amortization
 
6,923

 
131

 

 
7,054

Property expenses
 
635

 

 

 
635

Restaurant expenses
 

 
4,638

 
(136
)
 
4,502

Total operating expenses
 
11,400

 
4,769

 
(136
)
 
16,033

Interest expense
 
(7,003
)
 

 

 
(7,003
)
Other income
 
4

 

 

 
4

Income tax expense
 
(37
)
 
(24
)
 

 
(61
)
Net Income (Loss)
 
$
19,425

 
$
(89
)
 
$

 
$
19,336


Three Months Ended March 31, 2019
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Intercompany
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
34,208

 
$

 
$

 
$
34,208

Intercompany rental revenue
 
102

 

 
(102
)
 

Restaurant revenue
 

 
5,393

 

 
5,393

Total revenues
 
34,310

 
5,393

 
(102
)
 
39,601

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
3,946

 

 

 
3,946

Depreciation and amortization
 
6,224

 
137

 

 
6,361

Property expenses
 
308

 

 

 
308

Restaurant expenses
 

 
5,085

 
(102
)
 
4,983

Total operating expenses
 
10,478

 
5,222

 
(102
)
 
15,598

Interest expense
 
(6,747
)
 

 

 
(6,747
)
Other income
 
413

 

 

 
413

Income tax expense
 
(34
)
 
(34
)
 

 
(68
)
Net Income
 
$
17,464

 
$
137

 
$

 
$
17,601

The following tables present supplemental information by segment at March 31, 2020 and December 31, 2019.
Supplemental Segment Information at March 31, 2020
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Total
Total real estate investments
 
$
1,983,332

 
$
16,936

 
$
2,000,268

Accumulated depreciation
 
(635,886
)
 
(5,511
)
 
(641,397
)
Total real estate investments, net
 
1,347,446

 
11,425

 
1,358,871

Cash and cash equivalents
 
89,845

 
646

 
90,491

Total assets
 
1,546,881

 
16,346

 
1,563,227

Long-term debt, net of deferred financing costs
 
796,452

 

 
796,452

Supplemental Segment Information at December 31, 2019
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Total
Total real estate investments
 
$
1,952,855

 
$
14,879

 
$
1,967,734

Accumulated depreciation
 
(630,250
)
 
(5,380
)
 
(635,630
)
Total real estate investments, net
 
1,322,605

 
9,499

 
1,332,104

Cash and cash equivalents
 
4,032

 
1,051

 
5,083

Total assets
 
1,431,003

 
15,067

 
1,446,070

Long-term debt, net of deferred financing costs
 
669,940

 

 
669,940