Multi-Tenant Retail Disposition (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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 December 31, 2025 balances below:

	December 31,
(in thousands)	2025		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
Cash	—		—
Restricted cash	—		—
Unbilled straight line rent	—		9,697
Operating lease right-of-use asset	—		8,107
Prepaid expenses and other assets	348		57,058
Assets related to discontinued operations	$	348	$	1,816,131
LIABILITIES
Mortgage notes payable, net	$	—	$	453,098
Acquired intangible lease liabilities, net	—		52,447
Accounts payable and accrued expenses	890		22,857
Operating lease liability	—		8,253
Prepaid rent	—		15,163
Liabilities related to discontinued operations	$	890	$	551,818

The operating results of the Multi-Tenant Retail Portfolio were as follows for the periods noted:

	Year Ended December 31,
(In thousands)	2025 (1)		2024 (2)		2023 (3)
Revenue from tenants	$	76,637	$	235,217	$	69,309
Expenses:
Property operating	26,046		78,173		23,418
Impairment charges	—		100		—
Merger, transaction and other costs	85		4		75
General and administrative	2,665		5,376		2,985
Depreciation and amortization	29,762		133,123		42,920
Total expenses	58,558		216,776		69,398
Operating income (loss) before loss on dispositions of real estate investments	18,079		18,441		(89)
Loss on dispositions of real estate investments	(51,404)		(76)		—
Operating (loss) gain of discontinued operations	(33,325)		18,365		(89)
Other income (expense):
Interest expense (4)	(23,832)		(71,247)		(21,064)
Loss on extinguishment and modification of debt (5)	(15,098)		—		—
(Loss) gain on derivative instruments	(17,475)		26		—
Other income	20		645		461
Total other expense, net	(56,385)		(70,576)		(20,603)
Net loss before income tax	(89,710)		(52,211)		(20,692)
Income tax expense	—		—		—
Loss from discontinued operations	$	(89,710)	$	(52,211)	$	(20,692)

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(1) Includes (i) the results of the 59 properties included in the First Closing through March 25, 2025. (ii) the results of the 28 properties included in the Second Closing through June 10, 2025, (iii) the results of the 12 properties included in the Third Closing through June 18, 2025, and (iv) the results of the one property, which was sold to the tenant who exercised its right of first refusal, through June 30, 2025.

(2) Includes a full year of operations for the Multi-Tenant Retail Portfolio.

(3) Includes the results of the Multi-Tenant Retail Portfolio from September 13, 2023 (the date of the REIT Merger (as defined in Note 4 — The Mergers )) through December 31, 2023.

(4) 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.

(5) Primarily represents the acceleration of the unamortized discount on one of the mortgages that were assumed by RCG.

Schedule Acquisition by Property Type

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:

	Year Ended December 31,
(In thousands)	2025		2024		2023
Depreciation	$	9,701	$	38,708	$	11,182
Amortization of intangibles	20,061		94,415		31,738
Amortization of discounts on mortgages	2,376		5,312		1,782
Amortization of below-market lease liabilities	(1,679)		(7,184)		(2,035)
Amortization of above-market lease assets	1,922		8,803		2,656
Unbilled straight-line rent	2,496		7,394		2,297
Loss from embedded derivative feature of multi-tenant disposition receivable	17,473		—		—
Loss on extinguishment of debt	15,098		—		—
Cash proceeds - multi-tenant disposition receivable	81,196		—		—
Net proceeds from the Multi-Tenant Retail Disposition	1,093,432		—		—

The following table summarizes the acquisition by property type, listed by reportable segment, during the year ended December 31, 2023:

Property Type	Number of Properties	Square Feet (unaudited)
Properties Acquired in 2023:
Industrial & Distribution	31	4,085,826
Multi-Tenant Retail	109	16,375,661
Single-Tenant Retail	851	7,140,274
Office	7	305,912
	998	27,907,673