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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As a result of the Mergers and the related strategic shift in the Company’s operations, the Company has concluded it operates in four reportable segments consistent with its current management internal financial reporting purposes: (1) Industrial & Distribution (2) Multi-Tenant Retail (3) Single-Tenant Retail and (4) Office. The Company will evaluate performance and make resource allocations based on its four business segments. The Company is reporting its business segments using the “management approach” model for segment reporting, whereby the Company determines its reportable business segments based on the way the chief operating decision maker organizes business segments within the Company for making operating decisions and assessing financial performance. The Company’s chief operating decision maker receives and reviews financial information based on the Company's four segments. The Company evaluates business segment performance based upon net operating income, which is defined as total revenues from tenants, less property operating costs. The segments are managed separately due to the property type and the accounting policies are consistent across each segment. See below for a description of net operating income.
Previously, before the Mergers, the Company concluded it was operating in one segment. Upon concluding that a change in its reporting segments has occurred, the Company is required to retroactively restate the historical operating results for the segment for all periods presented in that filing and, thereafter, the Company will restate other prior periods when they are subsequently reported in later filings for comparative purposes.
Net Operating Income
The Company evaluates the performance of the combined properties in each segment based on total revenues from tenants, less property operating costs. As such, this excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses net operating income at the segment level to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that the net operating income of each segment is useful as a performance measure because, when compared across periods, the net operating income of each segment reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss).
The net operating income of each segment excludes certain components from net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. The net operating income of the Company’s segments presented by the Company may not be comparable to similar measures reported by other REITs that define net operating income differently.
The following table provides operating financial information for the Company’s four reportable segments:

Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Industrial & Distribution:
Revenue from tenants$61,436 $51,288 $123,431 $104,112 
Property operating expense4,952 3,255 9,632 6,615 
Net Operating Income $56,484 $48,033 $113,799 $97,497 
Multi-Tenant Retail:
Revenue from tenants$66,966 $— $133,768 $— 
Property operating expense22,562 — 45,469 — 
Net Operating Income$44,404 $— $88,299 $— 
Single-Tenant Retail:
Revenue from tenants$38,948 $4,522 $79,734 $8,259 
Property operating expense3,776 168 8,545 316 
Net Operating Income $35,172 $4,354 $71,189 $7,943 
Office:
Revenue from tenants$35,936 $40,034 $72,398 $77,805 
Property operating expense4,243 5,610 9,717 10,248 
Net Operating Income$31,693 $34,424 $62,681 $67,557 
Reconciliation to Consolidated Financial Information
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)2024202320242023
Revenue From Tenants:
  Industrial & Distribution $61,436 $51,288 $123,431 $104,112 
  Multi-Tenant Retail66,966 — 133,768 — 
  Single-Tenant Retail38,948 4,522 79,734 8,259 
  Office35,936 40,034 72,398 77,805 
  Total Consolidated Revenue From Tenants$203,286 $95,844 $409,331 $190,176 
Net (loss) income before income tax and net (loss) income attributable to common stockholders:
Net Operating Income:
  Industrial & Distribution$56,484 $48,033 $113,799 $97,497 
  Multi-Tenant Retail44,404 — 88,299 — 
  Single-Tenant Retail35,172 4,354 71,189 7,943 
  Office31,693 34,424 62,681 67,557 
   Total net operating income167,753 86,811 335,968 172,997 
Operating fees to related parties— (10,110)— (20,211)
Impairment charges (27,402)— (31,729)— 
Merger, transaction and other costs(1,572)(6,279)(2,333)(6,378)
Settlement costs— (15,084)— (15,084)
General and administrative(15,196)(10,683)(31,373)(16,343)
Equity-based compensation(2,340)(2,870)(4,313)(5,795)
Depreciation and amortization(89,493)(37,297)(181,493)(74,326)
Gain on dispositions of real estate investments34,102 — 39,969 — 
Interest expense(89,815)(27,710)(172,568)(54,675)
Loss on extinguishment of debt(13,090)(404)(13,148)(404)
Gain (loss) on derivative instruments530 (774)2,118 (2,430)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness
300 — 1,332 — 
Other income309 1,650 293 1,716 
Net loss before income tax(35,914)(22,750)(57,277)(20,933)
Income tax expense250 (3,508)(2,138)(6,215)
Net loss(35,664)(26,258)(59,415)(27,148)
Preferred stock dividends(10,936)(5,099)(21,872)(10,198)
Net loss attributable to common stockholders$(46,600)$(31,357)$(81,287)$(37,346)
The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented:
(In thousands)June 30,
2024		December 31,
2023
Investments in real estate, net:
   Industrial & Distribution$2,251,817 $2,479,804 
   Multi-tenant retail2,074,842 2,174,064 
   Single-tenant retail1,578,231 1,687,733 
   Office1,173,501 1,230,719 
       Total investments in real estate, net7,078,391 7,572,320 
Assets held for sale4,254 3,188 
Cash and cash equivalents122,181 121,566 
Restricted cash50,312 40,833 
Derivative assets, at fair value11,342 10,615 
Unbilled straight line rent92,443 84,254 
Operating lease right-of-use asset76,743 77,008 
Prepaid expenses and other assets109,631 121,997 
Deferred tax assets4,786 4,808 
Goodwill and other intangible assets, net50,020 46,976 
Deferred financing costs, net12,610 15,412 
Total assets$7,612,713 $8,098,977