Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of segment reporting information, by segment

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


	Three Months Ended March 31,
(In thousands)	2026		2025
Industrial & Distribution:
Revenue from tenants	$	49,184	$	58,009
Property operating expense	5,257		5,257
Net Operating Income	$	43,927	$	52,752

Retail:
Revenue from tenants	$	29,546	$	36,958
Property operating expense	3,674		3,906
Net Operating Income	$	25,872	$	33,052

Office:
Revenue from tenants	$	30,556	$	37,448
Property operating expense	3,994		4,790
Net Operating Income	$	26,562	$	32,658

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


	Three Months Ended March 31,
(In thousands)	2026		2025
Revenue from tenants:
United States	$	80,029	$	93,352
United Kingdom	11,469		23,818
Europe	16,984		14,487
Canada	804		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 Kingdom	540,454		554,792
Europe	545,206		554,965
Canada	37,438		38,050
Total	$	4,690,305	$	4,777,606

Acquired Intangible Liabilities, Gross
United States	$	24,705	$	24,808
United Kingdom	2,687		5,565
Europe	6,075		6,200
Canada	20		20
Total	$	33,487	$	36,593

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 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)	2026		2025
Revenue From Tenants:
Industrial & Distribution	$	49,184	$	58,009
Retail	29,546		36,958
Office	30,556		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 income	96,361		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 investments	7,879		(1,678)
Interest expense	(39,191)		(53,437)
Loss on extinguishment of debt	(1,707)		(418)
Gain (loss) on derivative instruments	3,065		(3,856)
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness	—		(6,351)
Other income	174		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 operations	3,283		(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)

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:


(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, net	3,713,934		3,810,624
Real estate assets held for sale	19,914		49,654
Assets related to discontinued operations	—		348
Cash and cash equivalents	125,479		180,114
Restricted cash	11,979		13,949
Derivative assets, at fair value	1,223		7
Unbilled straight line rent	72,969		72,919
Operating lease right-of-use asset	61,868		63,362
Prepaid expenses and other assets	56,516		60,415
Multi-tenant disposition receivable, net	22,013		27,934
Deferred tax assets	5,139		5,167
Goodwill and other intangible assets, net	45,628		45,898
Deferred financing costs, net	15,638		16,812
Total assets	$	4,152,300	$	4,347,203

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(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).