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v3.25.3

Multi-Tenant Retail Disposition (Tables) | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of properties sold | The following table presents the assets and liabilities associated with the Multi-Tenant Retail Portfolio. As of December 31, 2024, this includes assets and liabilities associated with the entire Multi-Tenant Retail Disposition, which includes the one property which was sold to the tenant who exercised its right of first refusal. As of September 30, 2025, this includes any remaining asset and liability balances that are expected to be settled over time, however, all 100 properties related to the Multi-Tenant Retail Disposition were sold as of June 30, 2025 and therefore are not included in the September 30, 2025 balances below:
(in thousands) |  | September 30, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Land |  | $ | — |  |  | $ | 369,829 |
Buildings, fixtures and improvements |  | — |  |  | 1,172,804 |
Construction in progress |  | — |  |  | 986 |
Acquired intangible lease assets |  | — |  |  | 362,370 |
Total real estate investments, at cost |  | — |  |  | 1,905,989 |
Less accumulated depreciation and amortization |  | — |  |  | (164,720) |
Total real estate investments, net |  | — |  |  | 1,741,269 |
Unbilled straight line rent |  | — |  |  | 9,697 |
Operating lease right-of-use asset |  | — |  |  | 8,107 |
Prepaid expenses and other assets |  | 1,638 |  |  | 57,058 |
Assets related to discontinued operations |  | $ | 1,638 |  |  | $ | 1,816,131 |
LIABILITIES |  |  |  |
Mortgage notes payable, net |  | $ | — |  |  | $ | 453,098 |
Acquired intangible lease liabilities, net |  | — |  |  | 52,447 |
Accounts payable and accrued expenses |  | 3,262 |  |  | 22,857 |
Operating lease liability |  | — |  |  | 8,253 |
Prepaid rent |  | — |  |  | 15,163 |
Liabilities related to discontinued operations |  | $ | 3,262 |  |  | $ | 551,818 |
The operating results of the Multi-Tenant Retail Portfolio were as follows for the periods noted:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 (1) |  | 2024
Revenue from tenants |  | $ | — |  |  | $ | 57,898 |  |  | $ | 76,637 |  |  | $ | 173,885 |
Expenses: |  |  |  |  |  |  |  |
Property operating |  | — |  |  | 18,351 |  |  | 26,020 |  |  | 57,984 |
Impairment charges |  | — |  |  | 100 |  |  | — |  |  | 100 |
Merger, transaction and other costs |  | — |  |  | — |  |  | 83 |  |  | 4 |
General and administrative |  | — |  |  | 1,661 |  |  | 2,651 |  |  | 4,625 |
Depreciation and amortization |  | — |  |  | 32,684 |  |  | 29,762 |  |  | 100,351 |
Total expenses |  | — |  |  | 52,796 |  |  | 58,516 |  |  | 163,064 |
Operating income before loss on dispositions of real estate investments |  | — |  |  | 5,102 |  |  | 18,121 |  |  | 10,821 |
Gain (loss) on dispositions of real estate investments |  | 623 |  |  | (33) |  |  | (51,332) |  |  | (76) |
Operating income (loss) of discontinued operations |  | 623 |  |  | 5,069 |  |  | (33,211) |  |  | 10,745 |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense (2) |  | — |  |  | (17,626) |  |  | (23,831) |  |  | (53,617) |
Loss on extinguishment and modification of debt (3) |  | — |  |  | — |  |  | (15,098) |  |  | (1) |
Gain (loss) on derivative instruments |  | 1,834 |  |  | 5 |  |  | (11,934) |  |  | 26 |
Other income |  | 7 |  |  | (125) |  |  | 42 |  |  | (137) |
Total other expense, net |  | 1,841 |  |  | (17,746) |  |  | (50,821) |  |  | (53,729) |
Net income (loss) before income tax |  | 2,464 |  |  | (12,677) |  |  | (84,032) |  |  | (42,984) |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) from discontinued operations |  | $ | 2,464 |  |  | $ | (12,677) |  |  | $ | (84,032) |  |  | $ | (42,984) |
__________ (1) Includes (i) the results of the 28 properties included in the Second Closing through June 10, 2025, (ii) the results of the 12 properties included in the Third Closing through June 18, 2025, (iii) the results of the one property which was sold to the tenant who exercised its right of first refusal through June 30, 2025 and (iv) the results of the 59 properties included in the First Closing through March 25, 2025. (2) Interest expense is comprised of interest on the Company’s Prior Revolving Credit Facility (as defined in N ote 6 — Revolving Credit Facility) and interest from the two mortgages that were assumed by RCG in the Multi-Tenant Retail Disposition. The Company calculated interest expense consistently in both periods and, for the Prior Revolving Credit Facility, used the amount of the Prior Revolving Credit Facility that would have been required to be paid back upon removal of the Multi-Tenant Retail Portfolio from the borrowing base, multiplied by the weighted-average interest rate of the Prior Revolving Credit Facility. (3) Primarily represents the acceleration of the unamortized discount on the two mortgages that were assumed by RCG.
Schedule of multi-tenant retail portfolio | The cash flows related to the Multi-Tenant Retail Portfolio have not been segregated and are included in the consolidated statements of cash flows. The following table presents certain cash flow information for the Multi-Tenant Retail Portfolio:
|  | Nine Months Ended September 30,
(In thousands) |  | 2025 |  | 2024
Depreciation |  | $ | 9,701 |  |  | $ | 28,742 |
Amortization of intangibles |  | 20,061 |  |  | 71,608 |
Amortization of discounts on mortgages |  | 2,376 |  |  | 4,051 |
Amortization of below-market lease liabilities |  | (1,679) |  |  | (5,172) |
Amortization of above-market lease assets |  | 1,922 |  |  | 6,655 |
Unbilled straight-line rent |  | 2,496 |  |  | 4,983 |
Loss from embedded derivative feature of multi-tenant disposition receivable |  | 11,932 |  |  | — |
Loss on extinguishment of debt |  | 15,098 |  |  | — |
Cash proceeds - multi-tenant disposition receivable |  | 58,756 |  |  | — |
Net proceeds from the Multi-Tenant Retail Disposition |  | 1,093,432 |  |  | — |

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