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Segment Reporting (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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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.

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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.

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