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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table provides operating financial information for the Company’s four reportable segments:
|  | Three Months Ended March 31, |  |
(In thousands) |  | 2024 |  | 2023 |  |  |  |
Industrial & Distribution: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 61,994 |  |  | $ | 52,824 |  |  |  |  |
Property operating expense |  | 4,679 |  |  | 3,361 |  |  |  |  |
Net Operating Income |  | $ | 57,315 |  |  | $ | 49,463 |  |  |  |  |
Multi-Tenant Retail: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 66,803 |  |  | $ | — |  |  |  |  |
Property operating expense |  | 22,906 |  |  | — |  |  |  |  |
Net Operating Income |  | $ | 43,897 |  |  | $ | — |  |  |  |  |
Single-Tenant Retail: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 40,786 |  |  | $ | 3,737 |  |  |  |  |
Property operating expense |  | 4,770 |  |  | 148 |  |  |  |  |
Net Operating Income |  | $ | 36,016 |  |  | $ | 3,589 |  |  |  |  |
Office: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 36,462 |  |  | $ | 37,771 |  |  |  |  |
Property operating expense |  | 5,475 |  |  | 4,637 |  |  |  |  |
Net Operating Income |  | $ | 30,987 |  |  | $ | 33,134 |  |  |  |  |
Schedule of Reconciliation of Revenue from Segments to Consolidated | 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 March 31, |  |
(In thousands) |  | 2024 |  | 2023 |  |  |  |
Revenue From Tenants: |  |  |  |  |  |  |  |
Industrial & Distribution |  | $ | 61,994 |  |  | $ | 52,824 |  |  |  |  |
Multi-Tenant Retail |  | 66,803 |  |  | — |  |  |  |  |
Single-Tenant Retail |  | 40,786 |  |  | 3,737 |  |  |  |  |
Office |  | 36,462 |  |  | 37,771 |  |  |  |  |
Total Consolidated Revenue From Tenants |  | $ | 206,045 |  |  | $ | 94,332 |  |  |  |  |
Net (loss) income before income tax and net (loss) income attributable to common stockholders: |  |  |  |  |  |  |  |
Net Operating Income: |  |  |  |  |  |  |  |
Industrial & Distribution |  | $ | 57,315 |  |  | $ | 49,463 |  |  |  |  |
Multi-Tenant Retail |  | 43,897 |  |  | — |  |  |  |  |
Single-Tenant Retail |  | 36,016 |  |  | 3,589 |  |  |  |  |
Office |  | 30,987 |  |  | 33,134 |  |  |  |  |
Total net operating income |  | 168,215 |  |  | 86,186 |  |  |  |  |
Operating fees to related parties |  | — |  |  | (10,101) |  |  |  |  |
Impairment charges |  | (4,327) |  |  | — |  |  |  |  |
Merger, transaction and other costs |  | (761) |  |  | (99) |  |  |  |  |
Settlement costs |  | — |  |  | — |  |  |  |  |
General and administrative |  | (16,177) |  |  | (5,660) |  |  |  |  |
Equity-based compensation |  | (1,973) |  |  | (2,925) |  |  |  |  |
Depreciation and amortization |  | (92,000) |  |  | (37,029) |  |  |  |  |
Gain on dispositions of real estate investments |  | 5,867 |  |  | — |  |  |  |  |
Interest expense |  | (82,753) |  |  | (26,965) |  |  |  |  |
Loss on extinguishment of debt |  | (58) |  |  | — |  |  |  |  |
Gain on derivative instruments |  | 1,588 |  |  | (1,656) |  |  |  |  |
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness |  | 1,032 |  |  | — |  |  |  |  |
Other income |  | (16) |  |  | 66 |  |  |  |  |
Net (loss) income before income tax |  | (21,363) |  |  | 1,817 |  |  |  |  |
Income tax expense |  | (2,388) |  |  | (2,707) |  |  |  |  |
Net loss |  | (23,751) |  |  | (890) |  |  |  |  |
Preferred stock dividends |  | (10,936) |  |  | (5,099) |  |  |  |  |
Net loss attributable to common stockholders |  | $ | (34,687) |  |  | $ | (5,989) |  |  |  |  |
Schedule of Reconciliation of Assets from Segment to Consolidated | The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented:
(In thousands) |  | March 31, 2024 |  | December 31, 2023
Investments in real estate, net: |  |  |  |
Industrial & Distribution |  | $ | 2,448,653 |  |  | $ | 2,479,804 |
Multi-tenant retail |  | 2,132,469 |  |  | 2,174,064 |
Single-tenant retail |  | 1,629,629 |  |  | 1,687,733 |
Office |  | 1,207,639 |  |  | 1,230,719 |
Total investments in real estate, net |  | 7,418,390 |  |  | 7,572,320 |
Assets held for sale |  | 14,047 |  |  | 3,188 |
Cash and cash equivalents |  | 131,880 |  |  | 121,566 |
Restricted cash |  | 51,817 |  |  | 40,833 |
Derivative assets, at fair value |  | 12,144 |  |  | 10,615 |
Unbilled straight line rent |  | 86,995 |  |  | 84,254 |
Operating lease right-of-use asset |  | 75,475 |  |  | 77,008 |
Prepaid expenses and other assets |  | 110,706 |  |  | 121,997 |
Deferred tax assets |  | 4,791 |  |  | 4,808 |
Goodwill and other intangible assets, net |  | 48,540 |  |  | 46,976 |
Deferred financing costs, net |  | 14,011 |  |  | 15,412 |
Total assets |  | $ | 7,968,796 |  |  | $ | 8,098,977 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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