Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Real Estate Investments by Location

The following table provides operating financial information for the Company’s three reportable segments:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Industrial & Distribution:
Revenue from tenants	$	225,665	$	237,645	$	220,102
Property operating expense	18,990		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 expense	14,763		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 expense	17,453		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).

The following tables present the geographic information for Revenue from tenants and Investments in real estate:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Revenue from tenants:
United States	$	341,643	$	420,616	$	295,784
United Kingdom	84,718		84,678		86,916
Europe	65,810		61,322		59,823
Canada	3,115		3,177		3,238
Total	$	495,286	$	569,793	$	445,761


	December 31,
(In thousands)	2025		2024
Investments in real estate, gross:
United States	$	3,629,799	$	4,231,893
United Kingdom	554,792		799,624
Europe	554,965		554,133
Canada	38,050		36,292
Total	$	4,777,606	$	5,621,942

Acquired Intangible Liabilities, Gross
United States	$	24,808	$	30,983
United Kingdom	5,565		5,279
Europe	6,200		10,669
Canada	20		19
Total	$	36,593	$	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 income to consolidated net (loss) income attributable to common stockholders is as follows:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Revenue From Tenants:
Industrial & Distribution	$	225,665	$	237,645	$	220,102
Retail (1)	132,783		165,595		65,836
Office	136,838		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
Office	119,385		124,706		130,305
Multi-Tenant Retail (2)	—		15,438		6,727
Total net operating income	444,080		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 investments	94,687		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 income	4,331		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)

________

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:


	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
Office	875,425		1,039,124
Total investments in real estate, net	3,810,624		4,622,033
Real estate assets held for sale	49,654		17,406
Assets of discontinued operations	348		1,816,131
Cash and cash equivalents	180,114		159,698
Restricted cash	13,949		64,510
Derivative assets, at fair value	7		2,471
Unbilled straight line rent	72,919		89,804
Operating lease right-of-use asset	63,362		66,163
Prepaid expenses and other assets	60,415		51,504
Multi-tenant disposition receivable, net	27,934		—
Deferred tax assets	5,167		4,866
Goodwill (3)	45,898		51,370
Deferred financing costs, net	16,812		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.