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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As a result of the agreement to sell 100 of the 101 properties in its Multi-Tenant Retail segment in connection with the Multi-Tenant Retail Disposition, the Company determined, during the first quarter of 2025, that it has three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail and (3) Office. Previously, during the year ended December 31, 2024, the Company concluded it was operating in four segments.
Due to the classification of the Multi-Tenant Retail Portfolio as a discontinued operation, the segment disclosure tables below separately present the results of these properties within loss from discontinued operations, and they present the related assets separately as assets related to discontinued operations (for additional information, see Note 3 — Multi-Tenant Retail Disposition). Prior periods have been conformed to the discontinued operations classification.
Amounts for the one Multi-Tenant Retail property that was not included in the Multi-Tenant Retail Disposition have been reclassified and included in the Retail segment for all periods in the tables below.
The Company evaluates performance and makes resource allocations based on its three 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, who is the Company’s Chief Executive Officer and President, receives and reviews financial information based on the Company's three 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.
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, do not impact 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 reportable segments:

Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Industrial & Distribution:
Revenue from tenants$56,698 $59,654 $169,705 $183,084 
Property operating expense4,593 5,494 14,099 15,126 
Net Operating Income $52,105 $54,160 $155,606 $167,958 
Retail (1), (2):
Revenue from tenants$30,292 $39,602 $102,606 $122,886 
Property operating expense4,050 2,911 10,944 11,969 
Net Operating Income $26,242 $36,691 $91,662 $110,917 
Office (2):
Revenue from tenants$34,023 $35,029 $106,022 $104,796 
Property operating expense4,026 4,961 13,597 14,339 
Net Operating Income$29,997 $30,068 $92,425 $90,457 
Multi-Tenant Retail (3):
Revenue from tenants$— $4,381 $— $21,244 
Property operating expense— 1,798 — 7,460 
Net Operating Income$— $2,583 $— $13,784 
_________
(1) Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition.
(2) Prior period amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
(3) Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation (see Note 3 — Multi-Tenant Retail Disposition for additional information).
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 September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Revenue From Tenants:
  Industrial & Distribution $56,698 $59,654 $169,705 $183,084 
  Retail (1) (2)
30,292 39,602 102,606 122,886 
  Office (2)
34,023 35,029 106,022 104,796 
Multi-Tenant Retail (3)
— 4,381 — 21,244 
  Total Consolidated Revenue From Tenants$121,013 $138,666 $378,333 $432,010 
Net (loss) income before income tax and net (loss) income attributable to common stockholders:
Net Operating Income:
  Industrial & Distribution$52,105 $54,160 $155,606 $167,958 
  Retail (1) (2)
26,242 36,691 91,662 110,917 
  Office (2)
29,997 30,068 92,425 90,457 
Multi-Tenant Retail (3)
— 2,583 — 13,784 
   Total net operating income108,344 123,502 339,693 383,116 
Impairment charges (55,433)(38,483)(125,560)(70,212)
Merger, transaction and other costs(1,623)(1,901)(5,204)(4,230)
General and administrative(11,834)(10,937)(39,376)(39,346)
Equity-based compensation(3,059)(2,309)(9,490)(6,622)
Depreciation and amortization(44,780)(52,746)(146,750)(166,572)
Goodwill impairment— — (7,134)— 
(Loss) gain on dispositions of real estate investments(5,797)(4,280)(5,938)35,702 
Interest expense(45,307)(59,504)(152,092)(196,081)
Loss on extinguishment of debt(4,121)(317)(8,887)(13,464)
Gain (Loss) on derivative instruments2,271 (4,747)(10,408)(2,650)
Unrealized income (loss) on undesignated foreign currency advances and other hedge ineffectiveness31 — (12,644)1,332 
Other income1,820 76 3,551 381 
Net loss before income tax(59,488)(51,646)(180,239)(78,646)
Income tax expense(3,092)(1,312)(9,367)(3,420)
Loss from continuing operations(62,580)(52,958)(189,606)(82,066)
Income (loss) from discontinued operations2,464 (12,677)(84,032)(42,984)
Net loss(60,116)(65,635)(273,638)(125,050)
Preferred stock dividends(10,935)(10,936)(32,807)(32,808)
Net loss attributable to common stockholders$(71,051)$(76,571)$(306,445)$(157,858)
_________
(1) Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition.
(2) Prior period amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
(3) Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation (see Note 3 — Multi-Tenant Retail Disposition for additional information).
The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented:
(In thousands)
September 30, 2025 (1)
December 31, 2024 (1)
Investments in real estate, net:
   Industrial & Distribution$2,050,223 $2,180,309 
   Retail (2)
1,159,475 1,402,600 
   Office 965,994 1,039,124 
       Total investments in real estate, net4,175,692 4,622,033 
Real estate assets held for sale33,636 17,406 
Assets of discontinued operations1,638 1,816,131 
Cash and cash equivalents165,095 159,698 
Restricted cash37,514 64,510 
Derivative assets, at fair value— 2,471 
Unbilled straight line rent83,106 89,804 
Operating lease right-of-use asset69,912 66,163 
Prepaid expenses and other assets73,674 51,504 
Multi-tenant disposition receivable, net55,916 — 
Deferred tax assets4,894 4,866 
Goodwill and other intangible assets, net45,983 51,370 
Deferred financing costs, net18,110 9,808 
Total assets$4,765,170 $6,955,764 
_______
(1) Amounts reflect the presentation of the Multi-Tenant Retail Portfolio as a discontinued operation (see Note 3 — Multi-Tenant Retail Disposition for additional information).
(2) Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition.
Geographic Information
Other than the U.S. and United Kingdom, no country or tenant individually comprised more than 10% of the Company’s annualized revenue from tenants on a straight-line basis, or total long-lived assets at September 30, 2025. The following tables present the geographic information for Revenue from tenants and Investments in real estate:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Revenue from tenants:
United States$84,765 $100,689 $263,999 $320,108 
United Kingdom18,777 21,499 62,867 63,527 
Europe 16,681 15,681 49,132 45,976 
Canada790 797 2,335 2,399 
Total$121,013 $138,666 $378,333 $432,010 
(In thousands)September 30,
2025		December 31,
2024
Investments in real estate, gross:
United States $3,766,389 $4,231,893 
United Kingdom803,267 799,624 
Europe 586,684 554,133 
Canada37,477 36,292 
Total$5,193,817 $5,621,942 
Acquired Intangible Liabilities, Gross
United States$19,441 $30,983 
United Kingdom5,887 5,279 
Europe12,301 10,669 
Canada20 19 
Total$37,649 $46,950