v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment Profit/(Loss) Measures
Michael Escalante, the Company's Chief Executive Officer, is identified as the chief operating decision maker ("CODM"). The CODM evaluates the Company's portfolio and assesses the ongoing operations and performance of its properties within each reportable segment. The CODM evaluates the performance of each segment based on segment net operating income (“NOI”), which is calculated as net income or loss excluding (to the extent applicable during the periods presented) general and administrative expenses, corporate operating expenses to related parties, impairment of real estate, depreciation and amortization, interest expense, other income, net, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, impairment of goodwill, investment income or loss, transaction expense and net income or loss from discontinued operations and equity in earnings of unconsolidated real estate joint ventures. This measure is used by the CODM to make decisions about resource allocation and evaluate the financial performance of each segment. Segment NOI is not a measure of operating income or cash flows from operating activities, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit measures in the same manner. The Company considers segment NOI to be an appropriate supplemental measure to net income or loss because it assists both investors and management in understanding the core operations of our properties.
Industrial Segment
As of March 31, 2026, the Company’s portfolio consisted of 77 properties within one reportable Industrial segment. The portfolio included 61 IOS properties and 16 Traditional Industrial properties. Of the 77 properties in the Company’s portfolio, 73 were operating properties and four were designated for redevelopment or repositioning.
Office Segment Disposal in 2025
As of December 31, 2025, the Company completed the disposition of all Office segment properties, including the Office Discontinued Operations Properties. Therefore, as of December 31, 2025, the Office segment was eliminated. The Company presented the results of the Office segment through the year ended December 31, 2025, reflecting the Company’s ownership of the Office segment properties during that period. The results of the Office Discontinued Operations Properties have been separately reported within "Net income (loss) from discontinued operations" for the three months ended March 31, 2026 and 2025 on the consolidated statement of operations. As such, the Office Discontinued Operations Properties are excluded from NOI metrics (refer to sections below and refer to Note 2, Basis of Presentation and Summary of Significant Accounting Policies for additional information).
The following table presents segment NOI and net loss for the three months ended March 31, 2026 and 2025, as follows:
Three Months Ended March 31,
2026
2025(1)
Industrial
Total Industrial revenues$25,664 $24,033 
Less:
Industrial property operating expense (1)
1,353 1,271 
Industrial property tax expense (1)
1,920 1,950 
Industrial NOI
22,391 20,812 
Office
Total Office revenues— 4,673 
Less:
Office property operating expense (1)
— 241 
Office property tax expense (1)
— 103 
Office NOI
— 4,329 
Total NOI
$22,391 $25,141 
Unallocated amounts:
Depreciation and amortization (2)
(13,360)(13,711)
Real estate impairment provision (2)
— (15,036)
General and administrative expenses (3)
(9,192)(8,553)
Interest expense(7,697)(14,306)
Other income, net
771 1,126 
Loss from disposition of assets
(38)(479)
Corporate operating expenses to related parties(144)(141)
Transaction expenses(12,072)(190)
Net income (loss) from discontinued operations
564 (27,252)
Net loss
$(18,777)$(53,401)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Asset value information by segment are not reported because the CODM does not use these measures to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense and asset impairment are not allocated among segments. Refer to sections below, for allocation of real estate assets and goodwill presented for each segment.
(3)General and administrative expenses are not reported by segment because the CODM evaluates these expenses at the corporate level and does not use this measure on a segment-by-segment basis for performance assessment or resource allocation decisions; therefore, general and administrative expenses are not allocated among segments.
A reconciliation of net income (loss) to NOI for the three months ended March 31, 2026 and 2025 is as follows:
Three Months Ended March 31,
20262025
Reconciliation of Net Income (Loss) to Total NOI
Net income (loss)
$(18,777)$(53,401)
General and administrative expenses9,192 8,553 
Corporate operating expenses to related parties144 141 
Real estate impairment provision— 15,036 
Depreciation and amortization13,360 13,711 
Interest expense7,697 14,306 
Other income, net(771)(1,126)
Gain from disposition of assets
38 479 
Transaction expenses12,072 190 
Net (income) loss from discontinued operations
(564)27,252 
Total NOI$22,391 $25,141 

The following table presents the Company’s goodwill by segment as of March 31, 2026 and December 31, 2025:
As of March 31,As of December 31,
20262025
Goodwill
Industrial$68,373 $68,373 
Total Goodwill$68,373 $68,373 

The following table presents the Company’s total real estate assets, net, by segment as of March 31, 2026 and December 31, 2025:
As of March 31,As of December 31,
20262025
Industrial Real Estate, net
Total real estate$1,319,972 $1,306,021 
Accumulated depreciation and amortization(224,194)(211,099)
Industrial real estate, net1,095,778 1,094,922 
Total Real Estate, net$1,095,778 $1,094,922