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Multi-Tenant Retail Disposition (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of properties sold
The following table presents the assets and liabilities associated with the Multi-Tenant Retail Portfolio. As of December 31, 2024, this includes assets and liabilities associated with the entire Multi-Tenant Retail Disposition, which includes the one property which was sold to the tenant who exercised its right of first refusal. As of September 30, 2025, this includes any remaining asset and liability balances that are expected to be settled over time, however, all 100 properties related to the Multi-Tenant Retail Disposition were sold as of June 30, 2025 and therefore are not included in the September 30, 2025 balances below:
(in thousands)September 30,
2025		December 31,
2024
ASSETS
Land$— $369,829 
Buildings, fixtures and improvements— 1,172,804 
Construction in progress— 986 
Acquired intangible lease assets— 362,370 
Total real estate investments, at cost— 1,905,989 
Less accumulated depreciation and amortization— (164,720)
Total real estate investments, net— 1,741,269 
Unbilled straight line rent— 9,697 
Operating lease right-of-use asset— 8,107 
Prepaid expenses and other assets1,638 57,058 
Assets related to discontinued operations$1,638 $1,816,131 
LIABILITIES
Mortgage notes payable, net$— $453,098 
Acquired intangible lease liabilities, net— 52,447 
Accounts payable and accrued expenses3,262 22,857 
Operating lease liability— 8,253 
Prepaid rent— 15,163 
     Liabilities related to discontinued operations$3,262 $551,818 
The operating results of the Multi-Tenant Retail Portfolio were as follows for the periods noted:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025 2024
2025 (1)
2024
Revenue from tenants$— $57,898 $76,637 $173,885 
Expenses:
  Property operating— 18,351 26,020 57,984 
  Impairment charges— 100 — 100 
  Merger, transaction and other costs— — 83 4 
  General and administrative— 1,661 2,651 4,625 
  Depreciation and amortization— 32,684 29,762 100,351 
     Total expenses— 52,796 58,516 163,064 
     Operating income before loss on dispositions of real estate investments— 5,102 18,121 10,821 
  Gain (loss) on dispositions of real estate investments623 (33)(51,332)(76)
     Operating income (loss) of discontinued operations623 5,069 (33,211)10,745 
Other income (expense):
  Interest expense (2)
— (17,626)(23,831)(53,617)
  Loss on extinguishment and modification of debt (3)
— — (15,098)(1)
  Gain (loss) on derivative instruments1,834 5 (11,934)26 
  Other income7 (125)42 (137)
     Total other expense, net1,841 (17,746)(50,821)(53,729)
Net income (loss) before income tax2,464 (12,677)(84,032)(42,984)
  Income tax expense— — — — 
Income (loss) from discontinued operations$2,464 $(12,677)$(84,032)$(42,984)
__________
(1) Includes (i) the results of the 28 properties included in the Second Closing through June 10, 2025, (ii) the results of the 12 properties included in the Third Closing through June 18, 2025, (iii) the results of the one property which was sold to the tenant who exercised its right of first refusal through June 30, 2025 and (iv) the results of the 59 properties included in the First Closing through March 25, 2025.
(2) Interest expense is comprised of interest on the Company’s Prior Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility) and interest from the two mortgages that were assumed by RCG in the Multi-Tenant Retail Disposition. The Company calculated interest expense consistently in both periods and, for the Prior Revolving Credit Facility, used the amount of the Prior Revolving Credit Facility that would have been required to be paid back upon removal of the Multi-Tenant Retail Portfolio from the borrowing base, multiplied by the weighted-average interest rate of the Prior Revolving Credit Facility.
(3) Primarily represents the acceleration of the unamortized discount on the two mortgages that were assumed by RCG.
Schedule of multi-tenant retail portfolio
The cash flows related to the Multi-Tenant Retail Portfolio have not been segregated and are included in the consolidated statements of cash flows. The following table presents certain cash flow information for the Multi-Tenant Retail Portfolio:
Nine Months Ended September 30,
(In thousands)20252024
Depreciation$9,701 $28,742 
Amortization of intangibles20,061 71,608 
Amortization of discounts on mortgages 2,376 4,051 
Amortization of below-market lease liabilities(1,679)(5,172)
Amortization of above-market lease assets1,922 6,655 
Unbilled straight-line rent2,496 4,983 
Loss from embedded derivative feature of multi-tenant disposition receivable11,932 — 
Loss on extinguishment of debt15,098 — 
Cash proceeds - multi-tenant disposition receivable58,756 — 
Net proceeds from the Multi-Tenant Retail Disposition1,093,432 —