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Multi-Tenant Retail Disposition (Tables) | 6 Months Ended
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Jun. 30, 2026
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 June 30, 2026, this includes any remaining liability balance that is 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 June 30, 2026 or December 31, 2025 balances below:
(in thousands) |  | June 30, 2026 |  | December 31, 2025
ASSETS |  |  |  |
Prepaid expenses and other assets |  | $ | — |  |  | $ | 348 |
Assets related to discontinued operations |  | $ | — |  |  | $ | 348 |
LIABILITIES |  |  |  |
Accounts payable and accrued expenses |  | $ | 596 |  |  | $ | 890 |
Liabilities related to discontinued operations |  | $ | 596 |  |  | $ | 890 |
The operating results of the Multi-Tenant Retail Portfolio were as follows for the periods noted:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2026 |  | 2025 (1) |  | 2026 |  | 2025 (1), (2)
Revenue from tenants |  | $ | — |  |  | $ | 19,794 |  |  | $ | — |  |  | $ | 76,637 |
Expenses: |  |  |  |  |  |  |  |
Property operating |  | — |  |  | 6,589 |  |  | — |  |  | 26,020 |
Impairment charges |  | — |  |  | — |  |  | — |  |  | — |
Merger, transaction and other costs |  | — |  |  | 8 |  |  | — |  |  | 83 |
General and administrative |  | — |  |  | 1,396 |  |  | — |  |  | 2,651 |
Depreciation and amortization |  | — |  |  | — |  |  | — |  |  | 29,762 |
Total expenses |  | — |  |  | 7,993 |  |  | — |  |  | 58,516 |
Operating income before loss on dispositions of real estate investments |  | — |  |  | 11,801 |  |  | — |  |  | 18,121 |
Gain (loss) on dispositions of real estate investments |  | 574 |  |  | 33,232 |  |  | 1,321 |  |  | (51,955) |
Operating income (loss) of discontinued operations |  | 574 |  |  | 45,033 |  |  | 1,321 |  |  | (33,834) |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense (3) |  | — |  |  | (6,374) |  |  | — |  |  | (23,831) |
Loss on extinguishment and modification of debt (4) |  | — |  |  | (15,164) |  |  | — |  |  | (15,098) |
Gain (loss) on derivative instruments |  | 1,039 |  |  | (15,781) |  |  | 3,575 |  |  | (13,768) |
Other income |  | 858 |  |  | 1 |  |  | 858 |  |  | 35 |
Total other income (expense), net |  | 1,897 |  |  | (37,318) |  |  | 4,433 |  |  | (52,662) |
Net income (loss) before income tax |  | 2,471 |  |  | 7,715 |  |  | 5,754 |  |  | (86,496) |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) from discontinued operations |  | $ | 2,471 |  |  | $ | 7,715 |  |  | $ | 5,754 |  |  | $ | (86,496) |
__________ (1) Includes results of the 28 properties included in the Second Closing through June 10, 2025, the results of the 12 properties included in the Third Closing through June 18, 2025 and the results of the one property which was sold to the tenant who exercised its right of first refusal through June 30, 2025. (2) Includes results of the 59 properties included in the First Closing through March 25, 2025. (3) Interest expense is comprised of interest on the Company’s Revolving Credit Facility that was in place prior to entering into its new credit agreement in August 2025 (the “Prior Revolving Credit Facility”) (see Note 6 — Revolving Credit Facility for more information) and interest from the two mortgages that were assumed by RCG in the Multi-Tenant Retail Disposition. The Company calculated interest expense consistently 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. (4) 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:
|  | Six Months Ended June 30,
(In thousands) |  | 2026 |  | 2025
Depreciation |  | $ | — |  |  | $ | 9,701 |
Amortization of intangibles |  | — |  |  | 20,061 |
Amortization of discounts on mortgages |  | — |  |  | 2,376 |
Amortization of below-market lease liabilities |  | — |  |  | (1,679) |
Amortization of above-market lease assets |  | — |  |  | 1,922 |
Unbilled straight-line rent |  | — |  |  | 2,496 |
(Gain) loss from embedded derivative feature of multi-tenant disposition receivable |  | (3,575) |  |  | 13,766 |
Loss on extinguishment of debt |  | — |  |  | 15,098 |
Cash proceeds - multi-tenant disposition receivable |  | 29,034 |  |  | 22,624 |
Net proceeds from the Multi-Tenant Retail Disposition |  | — |  |  | 1,092,812 |

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