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Real Estate Investments, Net | 6 Months Ended
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Jun. 30, 2026
Real Estate [Abstract] |
Real Estate Investments, Net | Real Estate Investments, Net Property Acquisitions The Company did not acquire any properties during the six months ended June 30, 2026 or 2025. Acquired Intangible Lease Assets and Liabilities The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. The Company recorded net write-offs of its acquired intangible assets and liabilities of $0.2 million and $0.1 million during the three and six months ended June 30, 2026, respectively, and recorded net write-offs of its acquired intangible assets and liabilities of $0.5 million and $9.5 million during the three and six months ended June 30, 2025, respectively. Impairment Charges The Company recorded aggregate impairment charges of approximately $3.7 million and $14.8 million for the three and six months ended June 30, 2026, respectively, and recorded aggregate impairment charges of approximately $9.8 million and $70.1 million for the three and six months ended June 30, 2025, respectively. •During the three months ended June 30, 2026, the Company determined that four properties (two located in the U.S., one located in the U.K. and one located in Europe) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $3.7 million. •During the three months ended March 31, 2026, the Company determined that six properties located in the U.S. had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $11.1 million. •During the three months ended June 30, 2025, the Company determined that 21 of its properties (20 of which were located in the U.S. and one was located in Europe) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $9.8 million. •During the three months ended March 31, 2025, the Company determined that 69 of its properties (68 located in the U.S. and one located in the U.K.) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $60.3 million. Real Estate Assets and Liabilities Held for Sale When assets and liabilities are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets and liabilities classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets and liabilities. As of June 30, 2026, the Company evaluated its real estate assets and liabilities for held for sale classification and determined that five properties qualified for held for sale treatment. Because these assets and liabilities are considered held for sale, the operating results remain classified within continuing operations for all periods presented. The following table details the major classes of the real estate assets and liabilities associated with the properties that the Company determined to be classified as held for sale as of June 30, 2026 and December 31, 2025.
(In thousands) |  | June 30, 2026 |  | December 31, 2025
Land |  | $ | 7,415 |  |  | $ | 32,016 |
Buildings, fixtures and improvements |  | 32,363 |  |  | 21,694 |
Construction in progress |  | 32 |  |  | — |
Acquired intangible lease assets |  | 3,704 |  |  | 1,290 |
Real estate assets held for sale, at cost |  | 43,514 |  |  | 55,000 |
Less: accumulated depreciation and amortization |  | (9,685) |  |  | (5,346) |
Total real estate investments, net |  | 33,829 |  |  | 49,654 |
Prepaid expenses and other assets |  | 5 |  |  | — |
Real estate assets held for sale, net |  | $ | 33,834 |  |  | $ | 49,654 |
Below-market leases |  | $ | 164 |  |  | $ | 72 |
Less: accumulated amortization |  | — |  |  | (12) |
Real estate liabilities held for sale, net |  | $ | 164 |  |  | $ | 60 |
Real Estate Dispositions During the three months ended June 30, 2026, the Company sold 11 properties (3 Industrial & Distribution properties, 6 Retail properties and 2 Office properties), and during the six months ended June 30, 2026, the Company sold 22 properties (5 Industrial & Distribution properties, 13 Retail properties and 4 Office properties). As a result, the Company recorded net gains from the sales of properties of approximately $23.3 million and $31.1 million during the three and six months ended June 30, 2026. During the three months ended March 31, 2026, the Company applied $4.6 million of previously received refundable buyer deposits, which had been recorded as a liability, to the consideration received upon sale of real estate. This amount is reflected as a noncash investing activity in the statement of cash flows for the six months ended June 30, 2026. During the three months ended June 30, 2025, the Company sold 94 properties (five Industrial & Distribution properties, 88 Retail properties and one Office property) and during the six months ended June 30, 2025, the Company sold 110 properties (six Industrial & Distribution properties, 101 Retail properties and three Office properties), not including the properties sold in the First Closing of the Multi-Tenant Retail Disposition (see Note 3 — Multi-Tenant Retail Disposition for additional information). As a result, the Company recorded a net gain from the sale of properties of $1.5 million and a net loss of $0.1 million (not including the Multi-Tenant Retail Disposition), which is recorded in continuing operations, during the three and six months ended June 30, 2025, respectively. Significant Tenants There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of June 30, 2026 and December 31, 2025. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentration The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of June 30, 2026 or December 31, 2025, or both. Michigan is included in the United States concentration of 73.0%.
Country / U.S. State |  | June 30, 2026 |  | December 31, 2025
United States |  | 73.0% |  | 73.0%
Michigan |  | 12.1% |  | 12.5%
United Kingdom |  | 10.0% |  | 10.0%

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 + Details
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