Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Segment Reporting Information, by Segment

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)	2024		2023		2024		2023
Industrial & Distribution:
Revenue from tenants	$	61,436	$	51,288	$	123,431	$	104,112
Property operating expense	4,952		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 expense	22,562		—		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 expense	3,776		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 expense	4,243		5,610		9,717		10,248
Net Operating Income	$	31,693	$	34,424	$	62,681	$	67,557

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)	2024		2023		2024		2023
Revenue From Tenants:
Industrial & Distribution	$	61,436	$	51,288	$	123,431	$	104,112
Multi-Tenant Retail	66,966		—		133,768		—
Single-Tenant Retail	38,948		4,522		79,734		8,259
Office	35,936		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 Retail	44,404		—		88,299		—
Single-Tenant Retail	35,172		4,354		71,189		7,943
Office	31,693		34,424		62,681		67,557
Total net operating income	167,753		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 investments	34,102		—		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 instruments	530		(774)		2,118		(2,430)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	300		—		1,332		—
Other income	309		1,650		293		1,716
Net loss before income tax	(35,914)		(22,750)		(57,277)		(20,933)
Income tax expense	250		(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)

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, 2024		December 31, 2023
Investments in real estate, net:
Industrial & Distribution	$	2,251,817	$	2,479,804
Multi-tenant retail	2,074,842		2,174,064
Single-tenant retail	1,578,231		1,687,733
Office	1,173,501		1,230,719
Total investments in real estate, net	7,078,391		7,572,320
Assets held for sale	4,254		3,188
Cash and cash equivalents	122,181		121,566
Restricted cash	50,312		40,833
Derivative assets, at fair value	11,342		10,615
Unbilled straight line rent	92,443		84,254
Operating lease right-of-use asset	76,743		77,008
Prepaid expenses and other assets	109,631		121,997
Deferred tax assets	4,786		4,808
Goodwill and other intangible assets, net	50,020		46,976
Deferred financing costs, net	12,610		15,412
Total assets	$	7,612,713	$	8,098,977