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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | The following table provides operating financial information for the Company’s reportable segments:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Industrial & Distribution: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 56,698 |  |  | $ | 59,654 |  |  | $ | 169,705 |  |  | $ | 183,084 |
Property operating expense |  | 4,593 |  |  | 5,494 |  |  | 14,099 |  |  | 15,126 |
Net Operating Income |  | $ | 52,105 |  |  | $ | 54,160 |  |  | $ | 155,606 |  |  | $ | 167,958 |
Retail (1), (2): |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 30,292 |  |  | $ | 39,602 |  |  | $ | 102,606 |  |  | $ | 122,886 |
Property operating expense |  | 4,050 |  |  | 2,911 |  |  | 10,944 |  |  | 11,969 |
Net Operating Income |  | $ | 26,242 |  |  | $ | 36,691 |  |  | $ | 91,662 |  |  | $ | 110,917 |
Office (2): |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 34,023 |  |  | $ | 35,029 |  |  | $ | 106,022 |  |  | $ | 104,796 |
Property operating expense |  | 4,026 |  |  | 4,961 |  |  | 13,597 |  |  | 14,339 |
Net Operating Income |  | $ | 29,997 |  |  | $ | 30,068 |  |  | $ | 92,425 |  |  | $ | 90,457 |
Multi-Tenant Retail (3): |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | — |  |  | $ | 4,381 |  |  | $ | — |  |  | $ | 21,244 |
Property operating expense |  | — |  |  | 1,798 |  |  | — |  |  | 7,460 |
Net Operating Income |  | $ | — |  |  | $ | 2,583 |  |  | $ | — |  |  | $ | 13,784 |
_________ (1) Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition. (2) Prior period amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type. (3) Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation (see Note 3 — Multi-Tenant Retail Disposition for additional information). The following tables present the geographic information for Revenue from tenants and Investments in real estate:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from tenants: |  |  |  |  |  |  |  |
United States |  | $ | 84,765 |  |  | $ | 100,689 |  |  | $ | 263,999 |  |  | $ | 320,108 |
United Kingdom |  | 18,777 |  |  | 21,499 |  |  | 62,867 |  |  | 63,527 |
Europe |  | 16,681 |  |  | 15,681 |  |  | 49,132 |  |  | 45,976 |
Canada |  | 790 |  |  | 797 |  |  | 2,335 |  |  | 2,399 |
Total |  | $ | 121,013 |  |  | $ | 138,666 |  |  | $ | 378,333 |  |  | $ | 432,010 |
(In thousands) |  | September 30, 2025 |  | December 31, 2024
Investments in real estate, gross: |  |  |  |
United States |  | $ | 3,766,389 |  |  | $ | 4,231,893 |
United Kingdom |  | 803,267 |  |  | 799,624 |
Europe |  | 586,684 |  |  | 554,133 |
Canada |  | 37,477 |  |  | 36,292 |
Total |  | $ | 5,193,817 |  |  | $ | 5,621,942 |
Acquired Intangible Liabilities, Gross |  |  |  |
United States |  | $ | 19,441 |  |  | $ | 30,983 |
United Kingdom |  | 5,887 |  |  | 5,279 |
Europe |  | 12,301 |  |  | 10,669 |
Canada |  | 20 |  |  | 19 |
Total |  | $ | 37,649 |  |  | $ | 46,950 |
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 September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue From Tenants: |  |  |  |  |  |  |  |
Industrial & Distribution |  | $ | 56,698 |  |  | $ | 59,654 |  |  | $ | 169,705 |  |  | $ | 183,084 |
Retail (1) (2) |  | 30,292 |  |  | 39,602 |  |  | 102,606 |  |  | 122,886 |
Office (2) |  | 34,023 |  |  | 35,029 |  |  | 106,022 |  |  | 104,796 |
Multi-Tenant Retail (3) |  | — |  |  | 4,381 |  |  | — |  |  | 21,244 |
Total Consolidated Revenue From Tenants |  | $ | 121,013 |  |  | $ | 138,666 |  |  | $ | 378,333 |  |  | $ | 432,010 |
Net (loss) income before income tax and net (loss) income attributable to common stockholders: |  |  |  |  |  |  |  |
Net Operating Income: |  |  |  |  |  |  |  |
Industrial & Distribution |  | $ | 52,105 |  |  | $ | 54,160 |  |  | $ | 155,606 |  |  | $ | 167,958 |
Retail (1) (2) |  | 26,242 |  |  | 36,691 |  |  | 91,662 |  |  | 110,917 |
Office (2) |  | 29,997 |  |  | 30,068 |  |  | 92,425 |  |  | 90,457 |
Multi-Tenant Retail (3) |  | — |  |  | 2,583 |  |  | — |  |  | 13,784 |
Total net operating income |  | 108,344 |  |  | 123,502 |  |  | 339,693 |  |  | 383,116 |
Impairment charges |  | (55,433) |  |  | (38,483) |  |  | (125,560) |  |  | (70,212) |
Merger, transaction and other costs |  | (1,623) |  |  | (1,901) |  |  | (5,204) |  |  | (4,230) |
General and administrative |  | (11,834) |  |  | (10,937) |  |  | (39,376) |  |  | (39,346) |
Equity-based compensation |  | (3,059) |  |  | (2,309) |  |  | (9,490) |  |  | (6,622) |
Depreciation and amortization |  | (44,780) |  |  | (52,746) |  |  | (146,750) |  |  | (166,572) |
Goodwill impairment |  | — |  |  | — |  |  | (7,134) |  |  | — |
(Loss) gain on dispositions of real estate investments |  | (5,797) |  |  | (4,280) |  |  | (5,938) |  |  | 35,702 |
Interest expense |  | (45,307) |  |  | (59,504) |  |  | (152,092) |  |  | (196,081) |
Loss on extinguishment of debt |  | (4,121) |  |  | (317) |  |  | (8,887) |  |  | (13,464) |
Gain (Loss) on derivative instruments |  | 2,271 |  |  | (4,747) |  |  | (10,408) |  |  | (2,650) |
Unrealized income (loss) on undesignated foreign currency advances and other hedge ineffectiveness |  | 31 |  |  | — |  |  | (12,644) |  |  | 1,332 |
Other income |  | 1,820 |  |  | 76 |  |  | 3,551 |  |  | 381 |
Net loss before income tax |  | (59,488) |  |  | (51,646) |  |  | (180,239) |  |  | (78,646) |
Income tax expense |  | (3,092) |  |  | (1,312) |  |  | (9,367) |  |  | (3,420) |
Loss from continuing operations |  | (62,580) |  |  | (52,958) |  |  | (189,606) |  |  | (82,066) |
Income (loss) from discontinued operations |  | 2,464 |  |  | (12,677) |  |  | (84,032) |  |  | (42,984) |
Net loss |  | (60,116) |  |  | (65,635) |  |  | (273,638) |  |  | (125,050) |
Preferred stock dividends |  | (10,935) |  |  | (10,936) |  |  | (32,807) |  |  | (32,808) |
Net loss attributable to common stockholders |  | $ | (71,051) |  |  | $ | (76,571) |  |  | $ | (306,445) |  |  | $ | (157,858) |
_________ (1) Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition. (2) Prior period amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type. (3) Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation (see Note 3 — Multi-Tenant Retail Disposition for additional information).
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) |  | September 30, 2025 (1) |  | December 31, 2024 (1)
Investments in real estate, net: |  |  |  |
Industrial & Distribution |  | $ | 2,050,223 |  |  | $ | 2,180,309 |
Retail (2) |  | 1,159,475 |  |  | 1,402,600 |
Office |  | 965,994 |  |  | 1,039,124 |
Total investments in real estate, net |  | 4,175,692 |  |  | 4,622,033 |
Real estate assets held for sale |  | 33,636 |  |  | 17,406 |
Assets of discontinued operations |  | 1,638 |  |  | 1,816,131 |
Cash and cash equivalents |  | 165,095 |  |  | 159,698 |
Restricted cash |  | 37,514 |  |  | 64,510 |
Derivative assets, at fair value |  | — |  |  | 2,471 |
Unbilled straight line rent |  | 83,106 |  |  | 89,804 |
Operating lease right-of-use asset |  | 69,912 |  |  | 66,163 |
Prepaid expenses and other assets |  | 73,674 |  |  | 51,504 |
Multi-tenant disposition receivable, net |  | 55,916 |  |  | — |
Deferred tax assets |  | 4,894 |  |  | 4,866 |
Goodwill and other intangible assets, net |  | 45,983 |  |  | 51,370 |
Deferred financing costs, net |  | 18,110 |  |  | 9,808 |
Total assets |  | $ | 4,765,170 |  |  | $ | 6,955,764 |
_______ (1) Amounts reflect the presentation of the Multi-Tenant Retail Portfolio as a discontinued operation (see Note 3 — Multi-Tenant Retail Disposition for additional information). (2) Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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