Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of segment reporting information, by segment

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)	2025		2024		2025		2024
Industrial & Distribution:
Revenue from tenants	$	56,698	$	59,654	$	169,705	$	183,084
Property operating expense	4,593		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 expense	4,050		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 expense	4,026		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). 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)	2025		2024		2025		2024
Revenue from tenants:
United States	$	84,765	$	100,689	$	263,999	$	320,108
United Kingdom	18,777		21,499		62,867		63,527
Europe	16,681		15,681		49,132		45,976
Canada	790		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 Kingdom	803,267		799,624
Europe	586,684		554,133
Canada	37,477		36,292
Total	$	5,193,817	$	5,621,942

Acquired Intangible Liabilities, Gross
United States	$	19,441	$	30,983
United Kingdom	5,887		5,279
Europe	12,301		10,669
Canada	20		19
Total	$	37,649	$	46,950

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 September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
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 income	108,344		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 instruments	2,271		(4,747)		(10,408)		(2,650)
Unrealized income (loss) on undesignated foreign currency advances and other hedge ineffectiveness	31		—		(12,644)		1,332
Other income	1,820		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 operations	2,464		(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)

_________

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)	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, net	4,175,692		4,622,033
Real estate assets held for sale	33,636		17,406
Assets of discontinued operations	1,638		1,816,131
Cash and cash equivalents	165,095		159,698
Restricted cash	37,514		64,510
Derivative assets, at fair value	—		2,471
Unbilled straight line rent	83,106		89,804
Operating lease right-of-use asset	69,912		66,163
Prepaid expenses and other assets	73,674		51,504
Multi-tenant disposition receivable, net	55,916		—
Deferred tax assets	4,894		4,866
Goodwill and other intangible assets, net	45,983		51,370
Deferred financing costs, net	18,110		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.