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Segment Reporting
 12 Months Ended
Dec. 31, 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, as of the years ended December 31, 2024 and 2023, the Company concluded it was operating in four segments.
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, may distort 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 three reportable segments:

Year Ended December 31,
(In thousands)202520242023
Industrial & Distribution:
Revenue from tenants$225,665 $237,645 $220,102 
Property operating expense18,990 21,820 15,457 
Net Operating Income$206,675 $215,825 $204,645 
Retail (1) :
Revenue from tenants$132,783 $165,595 $65,836 
Property operating expense14,763 16,095 6,173 
Net Operating Income$118,020 $149,500 $59,663 
Office:
Revenue from tenants$136,838 $143,571 $149,691 
Property operating expense17,453 18,865 19,386 
Net Operating Income$119,385 $124,706 $130,305 
Multi-Tenant Retail (2) :
Revenue from tenants$— $22,982 $10,132 
Property operating expense— 7,544 3,405 
Net Operating Income$— $15,438 $6,727 
________
(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) 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 income to consolidated net (loss) income attributable to common stockholders is as follows:
Year Ended December 31,
(In thousands)202520242023
Revenue From Tenants:
Industrial & Distribution $225,665 $237,645 $220,102 
Retail (1)
132,783 165,595 65,836 
Office136,838 143,571 149,691 
Multi-Tenant Retail (2)
— 22,982 10,132 
Total Consolidated Revenue From Tenants$495,286 $569,793 $445,761 
Net loss before income tax and net loss attributable to common stockholders:
Net Operating Income:
Industrial & Distribution$206,675 $215,825 $204,645 
Retail (1)
118,020 149,500 59,663 
Office119,385 124,706 130,305 
Multi-Tenant Retail (2)
— 15,438 6,727 
Total net operating income444,080 505,469 401,340 
Operating fees to related parties— — (28,283)
Impairment charges (157,532)(90,310)(68,684)
Merger, transaction and other costs(6,662)(6,022)(54,417)
Settlement costs— — (29,727)
General and administrative(52,753)(52,358)(37,202)
Equity-based compensation(12,514)(8,931)(17,297)
Depreciation and amortization(191,189)(216,820)(179,351)
Goodwill impairment(7,134)— — 
Gain (loss) on dispositions of real estate investments94,687 57,091 (1,672)
Interest expense(194,718)(255,685)(158,347)
Loss on extinguishment and modification of debt(11,222)(15,877)(1,221)
(Loss) gain on derivative instruments(10,676)4,203 (3,691)
Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness
(12,644)3,249 — 
Other income4,331 1,075 1,809 
Net loss before income tax(113,946)(74,916)(176,743)
Income tax expense(21,801)(4,445)(14,475)
Loss from continuing operations(135,747)(79,361)(191,218)
Loss from discontinued operations (89,710)(52,211)(20,692)
Net loss(225,457)(131,572)(211,910)
Preferred stock dividends(43,743)(43,744)(27,438)
Net loss attributable to common stockholders$(269,200)$(175,316)$(239,348)
________
(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) 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:
December 31,
(In thousands)
2025 (1)
2024 (1)
Investments in real estate, net:
   Industrial & Distribution$1,792,235 $2,180,309 
   Retail (2)
1,142,964 1,402,600 
   Office875,425 1,039,124 
       Total investments in real estate, net3,810,624 4,622,033 
Real estate assets held for sale49,654 17,406 
Assets of discontinued operations 348 1,816,131 
Cash and cash equivalents180,114 159,698 
Restricted cash13,949 64,510 
Derivative assets, at fair value7 2,471 
Unbilled straight line rent72,919 89,804 
Operating lease right-of-use asset63,362 66,163 
Prepaid expenses and other assets60,415 51,504 
Multi-tenant disposition receivable, net 27,934 — 
Deferred tax assets5,167 4,866 
Goodwill (3)
45,898 51,370 
Deferred financing costs, net16,812 9,808 
Total assets$4,347,203 $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.
(2) In connection with the Company’s conclusion that it now operates in three reportable segments, the Company’s goodwill allocation by segment is as follows as of December 31, 2025: (1) Industrial & Distribution: $25.8 million; (2) Single-Tenant Retail: $8.2 million; and (3) Office: $11.8 million.
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 December 31, 2025. The following tables present the geographic information for Revenue from tenants and Investments in real estate:
Year Ended December 31,
(In thousands)202520242023
Revenue from tenants:
United States$341,643 $420,616 $295,784 
United Kingdom84,718 84,678 86,916 
Europe 65,810 61,322 59,823 
Canada3,115 3,177 3,238 
Total$495,286 $569,793 $445,761 
December 31,
(In thousands)20252024
Investments in real estate, gross:
United States $3,629,799 $4,231,893 
United Kingdom554,792 799,624 
Europe 554,965 554,133 
Canada38,050 36,292 
Total$4,777,606 $5,621,942 
Acquired Intangible Liabilities, Gross
United States$24,808 $30,983 
United Kingdom5,565 5,279 
Europe6,200 10,669 
Canada20 19 
Total$36,593 $46,950