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Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income tax expense for the periods presented are as follows:
Year Ended December 31,
(In thousands)202520242023
Net (Loss) Income Before Income Tax:
Domestic$(177,115)$(70,977)$(97,755)
Foreign63,169 (3,939)(78,988)
Net loss before income tax (113,946)(74,916)(176,743)
Loss from discontinued operations(89,710)(52,211)(20,692)
Total net loss before income tax:$(203,656)$(127,127)$(197,435)
Income Taxes:
Current:
State and Local$300 $134 $199 
Foreign9,761 4,569 16,656 
   Total income taxes, current10,061 4,703 16,855 
Deferred:
State and Local— — — 
Foreign11,740 (258)(2,380)
    Total income taxes, deferred 11,740 (258)(2,380)
Total Income Tax Expense $21,801 $4,445 $14,475 
The components of cash paid for income taxes for the year ended December 31, 2025 were as follows:

Year Ended December 31,
(In thousands)2025
United States$785 
United Kingdom7,389 
Netherlands2,113 
All other jurisdictions211 
   Total cash paid for income taxes$10,498 

A reconciliation of effective income tax for the year ended December 31, 2025 is as follows:

Year Ended December 31,
(In thousands)2025
Amount%
U.S. Federal Statutory Tax Rate(42,767)21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect300 (0.1)%
 Foreign Tax effects:
  United Kingdom
    Statutory tax rate difference between United Kingdom and United States(7,194)3.5 %
     Foreign financing activities1,847 (0.9)%
     Change in valuation allowance1,033 (0.5)%
     Other2,994 (1.5)%
  Netherlands
    Statutory tax rate difference between Netherlands and United States116 (0.1)%
   Foreign financing activities179 (0.1)%
   Change in valuation allowance4,798 (2.4)%
   Other1,525 (0.7)%
   Other Foreign Jurisdictions
    Statutory tax rate difference between other foreign jurisdictions and United States235 (0.1)%
     Foreign financing activities2,715 (1.3)%
     Change in valuation allowance (702)0.3 %
     Other862 (0.4)%
Nontaxable or Nondeductible Items
      Other(173)0.1 %
Other Adjustments
      Tax adjustments related to REIT56,033 (27.5)%
Effective Tax Rate$21,801 (10.7)%
A reconciliation of effective income tax for the years ended December 31, 2024 and 2023 is as follows:
Year Ended December 31,
(In thousands)20242023
Tax benefit at statutory rates$(26,651)$(41,461)
Foreign rate differential(295)1,139 
Foreign financing activities7,721 11,047 
Tax adjustments related to REIT25,871 24,874 
Deferred tax assets generated in the current year added to valuation allowance(1,388)5,949 
Other(813)12,927 
Total income tax expense$4,445 $14,475 
Deferred Income Taxes
Deferred income taxes as of the periods presented consists of the following:
December 31,
(In thousands)20252024
Deferred Tax Assets
    Basis differences$15,498 $14,924 
    Net operating loss carryforwards8,061 3,205 
       Total deferred tax assets23,559 18,129 
    Valuation allowance (18,392)(13,263)
       Net deferred tax assets5,167 4,866 
Deferred Tax Liabilities
    Basis differences(16,381)(4,170)
    Straight-line rent(1,415)(1,307)
        Total deferred tax liabilities(17,796)(5,477)
Net Deferred Tax Liability$(12,629)$(611)

The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following:
•Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;
•Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and
•Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income.
As of December 31, 2025, foreign net operating loss carryforwards were $40.4 million, which will begin to expire in 2028.