SEGMENTS

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENTS

SEGMENTS

During 2020, 2019, and 2018, we operated in two segments: real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies.

The following tables present financial information by segment for the years ended December 31, 2020, 2019, and 2018.

For the Year Ended December 31, 2020

(In thousands)	Real Estate Operations		Restaurant Operations		Intercompany		Total
Revenues:
Rental	$	154,721	—		$	—	$	154,721
Intercompany rental	546		—		(546)		—
Restaurant	—		16,223		—		16,223
Total revenues	155,267		16,223		(546)		170,944
Operating expenses:
General and administrative	15,046		—		—		15,046
Depreciation and amortization	28,944		489		—		29,433
Property	3,508						3,508
Restaurant	—		16,628		(546)		16,082
Total operating expenses	47,498		17,117		(546)		64,069
Interest expense	(29,231)		—		—		(29,231)
Other income, net	170		—		—		170
Realized gain on sale, net	—		—		—		—
Income tax expense	(165)		(82)		—		(247)
Net Income (Loss)	$	78,543	$	(976)	$	—	$	77,567

For the Year Ended December 31, 2019

(In thousands)	Real Estate Operations		Restaurant Operations		Intercompany		Total
Revenues:
Rental	$	139,682	$	—	$	—	$	139,682
Intercompany rental	410		—		(410)		—
Restaurant	—		20,551		—		20,551
Total revenues	140,092		20,551		(410)		160,233
Operating expenses:
General and administrative	13,934		—		—		13,934
Depreciation and amortization	25,780		532		—		26,312
Property	1,579						1,579
Restaurant	—		20,042		(410)		19,632
Total operating expenses	41,293		20,574		(410)		61,457
Interest expense	(26,516)		—		—		(26,516)
Other income, net	944		—		—		944
Realized gain on sale, net	—		—		—		—
Income tax expense	(152)		(113)		—		(265)
Net Income (Loss)	$	73,075	$	(136)	$	—	$	72,939

For the Year Ended December 31, 2018

(In thousands)	Real Estate Operations		Restaurant Operations		Intercompany		Total
Revenues:
Rental	$	123,665	$	—	$	—	$	123,665
Intercompany rental	401		—		(401)		—
Restaurant	—		19,970		—		19,970
Total revenues	124,066		19,970		(401)		143,635
Operating expenses:
General and administrative	13,206		—		—		13,206
Depreciation and amortization	23,373		511		—		23,884
Property	433						433
Restaurant	—		19,415		(401)		19,014
Total operating expenses	37,012		19,926		(401)		56,537
Interest expense	(19,959)		—		—		(19,959)
Other income, net	781		—		—		781
Realized gain on sale, net	15,271		—		—		15,271
Income tax expense	(156)		(106)		—		(262)
Net Income (Loss)	$	82,991	$	(62)	$	—	$	82,929

The following table presents supplemental information by segment at December 31, 2020 and 2019.

December 31, 2020

(In thousands)	Real Estate Operations		Restaurant Operations		Total
Total real estate investments	$	2,138,466	$	16,677	$	2,155,143
Accumulated depreciation	(652,070)		(5,551)		(657,621)
Total real estate investments, net	1,486,396		11,126		1,497,522
Cash and cash equivalents	10,517		547		11,064
Total assets	1,651,878		16,301		1,668,179
Long-term debt, net of deferred financing costs	753,878		—		753,878

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