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v3.26.1

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2026
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 June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Industrial & Distribution: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 51,692 |  |  | $ | 54,997 |  |  | $ | 100,876 |  |  | $ | 113,008 |
Property operating expense |  | 5,644 |  |  | 4,235 |  |  | 10,900 |  |  | 9,507 |
Net Operating Income |  | $ | 46,048 |  |  | $ | 50,762 |  |  | $ | 89,976 |  |  | $ | 103,501 |
Retail: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 29,995 |  |  | $ | 35,357 |  |  | $ | 59,541 |  |  | $ | 72,314 |
Property operating expense |  | 3,828 |  |  | 3,002 |  |  | 7,503 |  |  | 6,893 |
Net Operating Income |  | $ | 26,167 |  |  | $ | 32,355 |  |  | $ | 52,038 |  |  | $ | 65,421 |
Office: |  |  |  |  |  |  |  |
Revenue from tenants |  | $ | 30,788 |  |  | $ | 34,551 |  |  | $ | 61,344 |  |  | $ | 71,998 |
Property operating expense |  | 3,928 |  |  | 4,781 |  |  | 7,922 |  |  | 9,571 |
Net Operating Income |  | $ | 26,860 |  |  | $ | 29,770 |  |  | $ | 53,422 |  |  | $ | 62,427 |
The following tables present the geographic information for Revenue from tenants and Investments in real estate:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Revenue from tenants: |  |  |  |  |  |  |  |
United States |  | $ | 82,293 |  |  | $ | 85,882 |  |  | $ | 162,322 |  |  | $ | 179,234 |
United Kingdom |  | 11,903 |  |  | 20,272 |  |  | 23,372 |  |  | 44,090 |
Europe |  | 17,485 |  |  | 17,964 |  |  | 34,469 |  |  | 32,451 |
Canada |  | 794 |  |  | 787 |  |  | 1,598 |  |  | 1,545 |
Total |  | $ | 112,475 |  |  | $ | 124,905 |  |  | $ | 221,761 |  |  | $ | 257,320 |
(In thousands) |  | June 30, 2026 |  | December 31, 2025
Investments in real estate, gross: |  |  |  |
United States |  | $ | 3,520,268 |  |  | $ | 3,629,799 |
United Kingdom |  | 537,123 |  |  | 554,792 |
Europe |  | 504,647 |  |  | 554,965 |
Canada |  | 36,360 |  |  | 38,050 |
Total |  | $ | 4,598,398 |  |  | $ | 4,777,606 |
Acquired Intangible Liabilities, Gross |  |  |  |
United States |  | $ | 23,930 |  |  | $ | 24,808 |
United Kingdom |  | 2,693 |  |  | 5,565 |
Europe |  | 5,886 |  |  | 6,200 |
Canada |  | — |  |  | 20 |
Total |  | $ | 32,509 |  |  | $ | 36,593 |
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 June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Revenue From Tenants: |  |  |  |  |  |  |  |
Industrial & Distribution |  | $ | 51,692 |  |  | $ | 54,997 |  |  | $ | 100,876 |  |  | $ | 113,008 |
Retail |  | 29,995 |  |  | 35,357 |  |  | 59,541 |  |  | 72,314 |
Office |  | 30,788 |  |  | 34,551 |  |  | 61,344 |  |  | 71,998 |
Total Consolidated Revenue From Tenants |  | $ | 112,475 |  |  | $ | 124,905 |  |  | $ | 221,761 |  |  | $ | 257,320 |
Net income (loss) before income tax and net loss attributable to common stockholders: |  |  |  |  |  |  |  |
Net Operating Income: |  |  |  |  |  |  |  |
Industrial & Distribution |  | $ | 46,048 |  |  | $ | 50,762 |  |  | $ | 89,976 |  |  | $ | 103,501 |
Retail |  | 26,167 |  |  | 32,355 |  |  | 52,038 |  |  | 65,421 |
Office |  | 26,860 |  |  | 29,770 |  |  | 53,422 |  |  | 62,427 |
Total net operating income |  | 99,075 |  |  | 112,887 |  |  | 195,436 |  |  | 231,349 |
Impairment charges |  | (3,695) |  |  | (9,812) |  |  | (14,810) |  |  | (70,127) |
Merger, transaction and other costs |  | (6,561) |  |  | (2,002) |  |  | (10,948) |  |  | (3,581) |
General and administrative |  | (11,884) |  |  | (11,339) |  |  | (24,028) |  |  | (27,542) |
Equity-based compensation |  | (3,942) |  |  | (3,338) |  |  | (7,984) |  |  | (6,431) |
Depreciation and amortization |  | (41,512) |  |  | (45,636) |  |  | (83,124) |  |  | (101,970) |
Goodwill impairment |  | — |  |  | — |  |  | — |  |  | (7,134) |
Gain (loss) on dispositions of real estate investments |  | 23,250 |  |  | 1,537 |  |  | 31,129 |  |  | (141) |
Interest expense |  | (38,820) |  |  | (53,348) |  |  | (78,011) |  |  | (106,785) |
Loss on extinguishment of debt |  | (11,911) |  |  | (4,348) |  |  | (13,618) |  |  | (4,766) |
(Loss) gain on derivative instruments |  | (302) |  |  | (8,823) |  |  | 2,763 |  |  | (12,679) |
Unrealized gain (loss) on undesignated foreign currency advances and other hedge ineffectiveness |  | 1,816 |  |  | (6,324) |  |  | 1,816 |  |  | (12,675) |
Other income |  | 276 |  |  | 1,683 |  |  | 450 |  |  | 1,731 |
Net income (loss) before income tax |  | 5,790 |  |  | (28,863) |  |  | (929) |  |  | (120,751) |
Income tax expense |  | (4,775) |  |  | (2,995) |  |  | (6,417) |  |  | (6,275) |
Income (loss) from continuing operations |  | 1,015 |  |  | (31,858) |  |  | (7,346) |  |  | (127,026) |
Income (loss) from discontinued operations |  | 2,471 |  |  | 7,715 |  |  | 5,754 |  |  | (86,496) |
Net income (loss) |  | 3,486 |  |  | (24,143) |  |  | (1,592) |  |  | (213,522) |
Preferred stock dividends |  | (10,936) |  |  | (10,936) |  |  | (21,872) |  |  | (21,872) |
Net loss attributable to common stockholders |  | $ | (7,450) |  |  | $ | (35,079) |  |  | $ | (23,464) |  |  | $ | (235,394) |
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) |  | June 30, 2026 |  | December 31, 2025 (1)
Investments in real estate, net: |  |  |  |
Industrial & Distribution |  | $ | 1,713,035 |  |  | $ | 1,792,235 |
Retail |  | 1,099,954 |  |  | 1,142,964 |
Office |  | 796,188 |  |  | 875,425 |
Total investments in real estate, net |  | 3,609,177 |  |  | 3,810,624 |
Real estate assets held for sale |  | 33,834 |  |  | 49,654 |
Assets related to discontinued operations |  | — |  |  | 348 |
Cash and cash equivalents |  | 153,640 |  |  | 180,114 |
Restricted cash |  | 14,352 |  |  | 13,949 |
Derivative assets, at fair value |  | 978 |  |  | 7 |
Unbilled straight line rent |  | 71,952 |  |  | 72,919 |
Operating lease right-of-use asset |  | 60,958 |  |  | 63,362 |
Prepaid expenses and other assets |  | 53,636 |  |  | 60,415 |
Multi-tenant disposition receivable, net |  | 2,475 |  |  | 27,934 |
Deferred tax assets |  | 5,105 |  |  | 5,167 |
Goodwill |  | 45,516 |  |  | 45,898 |
Deferred financing costs, net |  | 14,465 |  |  | 16,812 |
Total assets |  | $ | 4,066,088 |  |  | $ | 4,347,203 |
_______ (1) Amounts reflect the presentation of the Multi-Tenant Retail Portfolio as a discontinued operation, which primarily consist of any remaining receivables (see Note 3 — Multi-Tenant Retail Disposition for additional information).

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