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Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has three reportable segments based on property type: (1) Industrial & Distribution, (2) Retail and (3) Office. Due to the classification of the Multi-Tenant Retail Portfolio as a discontinued operation, the tables below do not include the results of the Multi-Tenant Retail Portfolio, which are classified within loss from discontinued operations in our consolidated statements of operations for the three months ended March 31, 2026 and 2025 (for additional information, see Note 3 — Multi-Tenant Retail Disposition to our consolidated financial statements included in this Quarterly Report on Form 10-Q).
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, do not impact 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 reportable segments:

Three Months Ended March 31,
(In thousands)20262025
Industrial & Distribution:
Revenue from tenants$49,184 $58,009 
Property operating expense5,257 5,257 
Net Operating Income $43,927 $52,752 
Retail:
Revenue from tenants$29,546 $36,958 
Property operating expense3,674 3,906 
Net Operating Income $25,872 $33,052 
Office:
Revenue from tenants$30,556 $37,448 
Property operating expense3,994 4,790 
Net Operating Income$26,562 $32,658 
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 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 March 31,
(In thousands)20262025
Revenue From Tenants:
  Industrial & Distribution $49,184 $58,009 
  Retail 29,546 36,958 
  Office30,556 37,448 
  Total Consolidated Revenue From Tenants$109,286 $132,415 
Net loss before income tax and net (loss) income attributable to common stockholders:
Net Operating Income:
  Industrial & Distribution$43,927 $52,752 
  Retail 25,872 33,052 
  Office 26,562 32,658 
   Total net operating income96,361 118,462 
Impairment charges (11,115)(60,315)
Acquisition, transaction and other costs(4,387)(1,579)
General and administrative(12,144)(16,203)
Equity-based compensation(4,042)(3,093)
Depreciation and amortization(41,612)(56,334)
Goodwill impairment— (7,134)
Gain (loss) on dispositions of real estate investments7,879 (1,678)
Interest expense(39,191)(53,437)
Loss on extinguishment of debt(1,707)(418)
Gain (loss) on derivative instruments3,065 (3,856)
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness— (6,351)
Other income174 48 
Net loss before income tax(6,719)(91,888)
Income tax expense(1,642)(3,280)
Loss from continuing operations(8,361)(95,168)
Income (loss) from discontinued operations3,283 (94,211)
Net loss(5,078)(189,379)
Preferred stock dividends(10,936)(10,936)
Net loss attributable to common stockholders$(16,014)$(200,315)
The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented:
(In thousands)
March 31, 2026 (1)
December 31, 2025 (1)
Investments in real estate, net:
   Industrial & Distribution$1,750,640 $1,792,235 
   Retail 1,113,498 1,142,964 
   Office 849,796 875,425 
       Total investments in real estate, net3,713,934 3,810,624 
Real estate assets held for sale19,914 49,654 
Assets related to discontinued operations— 348 
Cash and cash equivalents125,479 180,114 
Restricted cash11,979 13,949 
Derivative assets, at fair value1,223 7 
Unbilled straight line rent72,969 72,919 
Operating lease right-of-use asset61,868 63,362 
Prepaid expenses and other assets56,516 60,415 
Multi-tenant disposition receivable, net22,013 27,934 
Deferred tax assets5,139 5,167 
Goodwill and other intangible assets, net45,628 45,898 
Deferred financing costs, net15,638 16,812 
Total assets$4,152,300 $4,347,203 
_______
(1) Amounts reflect the presentation of the Multi-Tenant Retail Portfolio as a discontinued operation, which primarily reflect any remaining receivables (see Note 3 — Multi-Tenant Retail Disposition for additional information).
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 March 31, 2026. The following tables present the geographic information for Revenue from tenants and Investments in real estate:
Three Months Ended March 31,
(In thousands)20262025
Revenue from tenants:
United States$80,029 $93,352 
United Kingdom11,469 23,818 
Europe 16,984 14,487 
Canada804 758 
Total$109,286 $132,415 
(In thousands)March 31,
2026		December 31,
2025
Investments in real estate, gross:
United States $3,567,207 $3,629,799 
United Kingdom540,454 554,792 
Europe 545,206 554,965 
Canada37,438 38,050 
Total$4,690,305 $4,777,606 
Acquired Intangible Liabilities, Gross
United States$24,705 $24,808 
United Kingdom2,687 5,565 
Europe6,075 6,200 
Canada20 20 
Total$33,487 $36,593