Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Real Estate Investments by Location

The following table provides operating financial information for the Company’s four reportable segments:


	Year Ended December 31,
(In thousands)	2024		2023 (1)		2022 (1)
Industrial & Distribution:
Revenue from tenants	$	237,645	$	220,102	$	211,533
Property operating expense	21,820		15,457		13,682
Net Operating Income	$	215,825	$	204,645	$	197,851

Multi-Tenant Retail:
Revenue from tenants	$	259,280	$	79,799	$	—
Property operating expense	86,025		26,951		—
Net Operating Income	$	173,255	$	52,848	$	—

Single-Tenant Retail:
Revenue from tenants	$	164,514	$	65,478	$	17,170
Property operating expense	15,787		6,045		1,200
Net Operating Income	$	148,727	$	59,433	$	15,970

Office:
Revenue from tenants	$	143,571	$	149,691	$	150,154
Property operating expense	18,865		19,386		17,995
Net Operating Income	$	124,706	$	130,305	$	132,159

________

(1) Amounts in the Single-Tenant Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Single-Tenant Retail segment to conform to the current year presentation based on a re-evaluation of the property type.

The following tables present the geographic information for Revenue from tenants and Investments in real estate:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue from tenants:
United States	$	655,831	$	365,092	$	234,363
United Kingdom	84,678		86,916		78,403
Europe	61,322		59,823		62,852
Canada	3,179		3,239		3,239
Total	$	805,010	$	515,070	$	378,857


	December 31,
(In thousands)	2024		2023
Investments in real estate, gross:
United States	$	6,137,882	$	7,082,979
United Kingdom	799,624		903,816
Europe	554,133		629,988
Canada	36,292		39,361
Total	$	7,527,931	$	8,656,144

Acquired Intangible Liabilities, Gross
United States	$	91,936	$	101,342
United Kingdom	5,279		5,698
Europe	10,669		12,961
Canada	19		21
Total	$	107,903	$	120,022

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 income to consolidated net (loss) income attributable to common stockholders is as follows:


	Year Ended December 31,
(In thousands)	2024		2023 (1)		2022 (1)
Revenue From Tenants:
Industrial & Distribution	$	237,645	$	220,102	$	211,533
Multi-Tenant Retail	259,280		79,799		—
Single-Tenant Retail	164,514		65,478		17,170
Office	143,571		149,691		150,154
Total Consolidated Revenue From Tenants	$	805,010	$	515,070	$	378,857

Net loss before income tax and net loss attributable to common stockholders:
Net Operating Income:
Industrial & Distribution	$	215,825	$	204,645	$	197,851
Multi-Tenant Retail	173,255		52,848		—
Single-Tenant Retail	148,727		59,433		15,970
Office	124,706		130,305		132,159
Total net operating income	662,513		447,231		345,980
Operating fees to related parties	—		(28,283)		(40,122)
Impairment charges	(90,410)		(68,684)		(21,561)
Merger, transaction and other costs	(6,026)		(54,492)		(244)
Settlement costs	—		(29,727)		—
General and administrative	(57,734)		(40,187)		(17,737)
Equity-based compensation	(8,931)		(17,297)		(12,072)
Depreciation and amortization	(349,943)		(222,271)		(154,026)
Gain (loss) on dispositions of real estate investments	57,015		(1,672)		325
Interest expense	(326,932)		(179,411)		(97,510)
Loss on extinguishment and modification of debt	(15,877)		(1,221)		(2,040)
Gain (loss) on derivative instruments	4,229		(3,691)		18,642
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	3,249		—		2,439
Other income	1,720		2,270		981
Net loss before income tax	(127,127)		(197,435)		23,055
Income tax expense	(4,445)		(14,475)		(11,032)
Net loss	(131,572)		(211,910)		12,023

Preferred stock dividends	(43,744)		(27,438)		(20,386)
Net loss attributable to common stockholders	$	(175,316)	$	(239,348)	$	(8,363)

________

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:


	December 31,
(In thousands)	2024		2023 (2)
Investments in real estate, net:
Industrial & Distribution	$	2,180,309	$	2,479,804
Multi-Tenant Retail	1,743,598		2,174,064
Single-Tenant Retail	1,400,271		1,740,347
Office	1,039,124		1,178,105
Total investments in real estate, net	6,363,302		7,572,320
Assets held for sale	17,406		3,188
Cash and cash equivalents	159,698		121,566
Restricted cash	64,510		40,833
Derivative assets, at fair value	2,471		10,615
Unbilled straight line rent	99,501		84,254
Operating lease right-of-use asset	74,270		77,008
Prepaid expenses and other assets	108,562		121,997
Deferred tax assets	4,866		4,808
Goodwill (1)	51,370		46,976
Deferred financing costs, net	9,808		15,412
Total assets	$	6,955,764	$	8,098,977

________

(1) In connection with the Company’s conclusion that it now operates in four reportable segments, the Company’s goodwill allocation by segment is as follows as of December 31, 2024: (1) Industrial & Distribution: $22.1 million; (2) Multi-Tenant Retail: $7.1 million; (3) Single-Tenant Retail: $7.9 million; and (4) Office: $14.2 million.

(2) Amounts in the Single-Tenant Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Single-Tenant Retail segment to conform to the current year presentation based on a re-evaluation of the property type.