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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As a result of the Mergers and the related strategic shift in the Company’s operations, the Company has concluded it operates in four reportable segments consistent with its current management internal financial reporting purposes: (1) Industrial & Distribution (2) Multi-Tenant Retail (3) Single-Tenant Retail and (4) Office. The Company will evaluate performance and make resource allocations based on its four 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 receives and reviews financial information based on the Company's four 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.
Previously, before the Mergers, the Company concluded it was operating in one segment. Upon concluding that a change in its reporting segments has occurred, the Company is required to retroactively restate the historical operating results for the segment for all periods presented in that filing and, thereafter, the Company will restate other prior periods when they are subsequently reported in later filings for comparative purposes.
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, may distort 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 four reportable segments:

Three Months Ended March 31,
(In thousands)20242023
Industrial & Distribution:
Revenue from tenants$61,994 $52,824 
Property operating expense4,679 3,361 
Net Operating Income $57,315 $49,463 
Multi-Tenant Retail:
Revenue from tenants$66,803 $— 
Property operating expense22,906 — 
Net Operating Income$43,897 $— 
Single-Tenant Retail:
Revenue from tenants$40,786 $3,737 
Property operating expense4,770 148 
Net Operating Income $36,016 $3,589 
Office:
Revenue from tenants$36,462 $37,771 
Property operating expense5,475 4,637 
Net Operating Income$30,987 $33,134 
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 March 31,
(In thousands)20242023
Revenue From Tenants:
  Industrial & Distribution $61,994 $52,824 
  Multi-Tenant Retail66,803 — 
  Single-Tenant Retail40,786 3,737 
  Office36,462 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 $49,463 
  Multi-Tenant Retail43,897 — 
  Single-Tenant Retail36,016 3,589 
  Office30,987 33,134 
   Total net operating income168,215 86,186 
Operating fees to related parties— (10,101)
Impairment charges (4,327)— 
Merger, transaction and other costs(761)(99)
Settlement costs— — 
General and administrative(16,177)(5,660)
Equity-based compensation(1,973)(2,925)
Depreciation and amortization(92,000)(37,029)
Gain on dispositions of real estate investments5,867 — 
Interest expense(82,753)(26,965)
Loss on extinguishment of debt(58)— 
Gain on derivative instruments1,588 (1,656)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness
1,032 — 
Other income(16)66 
Net (loss) income before income tax(21,363)1,817 
Income tax expense(2,388)(2,707)
Net loss(23,751)(890)
Preferred stock dividends(10,936)(5,099)
Net loss attributable to common stockholders$(34,687)$(5,989)
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 retail2,132,469 2,174,064 
   Single-tenant retail1,629,629 1,687,733 
   Office1,207,639 1,230,719 
       Total investments in real estate, net7,418,390 7,572,320 
Assets held for sale14,047 3,188 
Cash and cash equivalents131,880 121,566 
Restricted cash51,817 40,833 
Derivative assets, at fair value12,144 10,615 
Unbilled straight line rent86,995 84,254 
Operating lease right-of-use asset75,475 77,008 
Prepaid expenses and other assets110,706 121,997 
Deferred tax assets4,791 4,808 
Goodwill and other intangible assets, net48,540 46,976 
Deferred financing costs, net14,011 15,412 
Total assets$7,968,796 $8,098,977