v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has three reportable segments based on property type: (1) Industrial & Distribution, (2) Retail and (3) Office. Due to the classification of the Multi-Tenant Retail Portfolio as a discontinued operation, the tables below do not include the results of the Multi-Tenant Retail Portfolio, which are classified within loss from discontinued operations in our consolidated statements of operations for the six months ended June 30, 2026 and 2025 (for additional information, see Note 3 — Multi-Tenant Retail Disposition to our consolidated financial statements included in this Quarterly Report on Form 10-Q).
The Company evaluates performance and makes resource allocations based on its three business segments. The Company is reporting its business segments using the “management approach” model for segment reporting, whereby the Company determines its reportable business segments based on the way the chief operating decision maker organizes business segments within the Company for making operating decisions and assessing financial performance. The Company’s chief operating decision maker, who is the Company’s Chief Executive Officer and President, receives and reviews financial information based on the Company's three segments. The Company evaluates business segment performance based upon net operating income, which is defined as total revenues from tenants, less property operating costs. The segments are managed separately due to the property type and the accounting policies are consistent across each segment. See below for a description of net operating income.
Net Operating Income
The Company evaluates the performance of the combined properties in each segment based on total revenues from tenants, less property operating costs. As such, this excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses net operating income at the segment level to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that the net operating income of each segment is useful as a performance measure because, when compared across periods, the net operating income of each segment reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss).
The net operating income of each segment excludes certain components from net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, do not impact operating performance at the property level. The net operating income of the Company’s segments presented by the Company may not be comparable to similar measures reported by other REITs that define net operating income differently.
The following table provides operating financial information for the Company’s reportable segments:

Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Industrial & Distribution:
Revenue from tenants$51,692 $54,997 $100,876 $113,008 
Property operating expense5,644 4,235 10,900 9,507 
Net Operating Income $46,048 $50,762 $89,976 $103,501 
Retail:
Revenue from tenants$29,995 $35,357 $59,541 $72,314 
Property operating expense3,828 3,002 7,503 6,893 
Net Operating Income $26,167 $32,355 $52,038 $65,421 
Office:
Revenue from tenants$30,788 $34,551 $61,344 $71,998 
Property operating expense3,928 4,781 7,922 9,571 
Net Operating Income$26,860 $29,770 $53,422 $62,427 
Reconciliation to Consolidated Financial Information
A reconciliation of the total reportable segment's revenue from tenants to consolidated revenue from tenants and the total reportable segment’s net operating income to consolidated net (loss) income before taxes and consolidated net (loss) income attributable to common stockholders is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Revenue From Tenants:
  Industrial & Distribution $51,692 $54,997 $100,876 $113,008 
  Retail 29,995 35,357 59,541 72,314 
  Office30,788 34,551 61,344 71,998 
  Total Consolidated Revenue From Tenants$112,475 $124,905 $221,761 $257,320 
Net income (loss) before income tax and net loss attributable to common stockholders:
Net Operating Income:
  Industrial & Distribution$46,048 $50,762 $89,976 $103,501 
  Retail 26,167 32,355 52,038 65,421 
  Office 26,860 29,770 53,422 62,427 
   Total net operating income99,075 112,887 195,436 231,349 
Impairment charges (3,695)(9,812)(14,810)(70,127)
Merger, transaction and other costs(6,561)(2,002)(10,948)(3,581)
General and administrative(11,884)(11,339)(24,028)(27,542)
Equity-based compensation(3,942)(3,338)(7,984)(6,431)
Depreciation and amortization(41,512)(45,636)(83,124)(101,970)
Goodwill impairment— — — (7,134)
Gain (loss) on dispositions of real estate investments23,250 1,537 31,129 (141)
Interest expense(38,820)(53,348)(78,011)(106,785)
Loss on extinguishment of debt(11,911)(4,348)(13,618)(4,766)
(Loss) gain on derivative instruments(302)(8,823)2,763 (12,679)
Unrealized gain (loss) on undesignated foreign currency advances and other hedge ineffectiveness1,816 (6,324)1,816 (12,675)
Other income276 1,683 450 1,731 
Net income (loss) before income tax5,790 (28,863)(929)(120,751)
Income tax expense(4,775)(2,995)(6,417)(6,275)
Income (loss) from continuing operations1,015 (31,858)(7,346)(127,026)
Income (loss) from discontinued operations2,471 7,715 5,754 (86,496)
Net income (loss)3,486 (24,143)(1,592)(213,522)
Preferred stock dividends(10,936)(10,936)(21,872)(21,872)
Net loss attributable to common stockholders$(7,450)$(35,079)$(23,464)$(235,394)
The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented:
(In thousands)June 30, 2026
December 31, 2025 (1)
Investments in real estate, net:
   Industrial & Distribution$1,713,035 $1,792,235 
   Retail 1,099,954 1,142,964 
   Office 796,188 875,425 
       Total investments in real estate, net3,609,177 3,810,624 
Real estate assets held for sale33,834 49,654 
Assets related to discontinued operations— 348 
Cash and cash equivalents153,640 180,114 
Restricted cash14,352 13,949 
Derivative assets, at fair value978 7 
Unbilled straight line rent71,952 72,919 
Operating lease right-of-use asset60,958 63,362 
Prepaid expenses and other assets53,636 60,415 
Multi-tenant disposition receivable, net2,475 27,934 
Deferred tax assets5,105 5,167 
Goodwill 45,516 45,898 
Deferred financing costs, net14,465 16,812 
Total assets$4,066,088 $4,347,203 
_______
(1) Amounts reflect the presentation of the Multi-Tenant Retail Portfolio as a discontinued operation, which primarily consist of any remaining receivables (see Note 3 — Multi-Tenant Retail Disposition for additional information).
Geographic Information
Other than the U.S. and United Kingdom, no country or tenant individually comprised more than 10% of the Company’s annualized revenue from tenants on a straight-line basis, or total long-lived assets at June 30, 2026. The following tables present the geographic information for Revenue from tenants and Investments in real estate:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Revenue from tenants:
United States$82,293 $85,882 $162,322 $179,234 
United Kingdom11,903 20,272 23,372 44,090 
Europe 17,485 17,964 34,469 32,451 
Canada794 787 1,598 1,545 
Total$112,475 $124,905 $221,761 $257,320 
(In thousands)June 30,
2026		December 31,
2025
Investments in real estate, gross:
United States $3,520,268 $3,629,799 
United Kingdom537,123 554,792 
Europe 504,647 554,965 
Canada36,360 38,050 
Total$4,598,398 $4,777,606 
Acquired Intangible Liabilities, Gross
United States$23,930 $24,808 
United Kingdom2,693 5,565 
Europe5,886 6,200 
Canada— 20 
Total$32,509 $36,593