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Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of June 30, 2022 and December 31, 2021, as a result of the CIM Portfolio Acquisition and the related strategic shift in the Company’s operations, the Company concluded it operates in two reportable segments consistent with its current management internal financial reporting purposes: single-tenant properties and multi-tenant properties. The Company will evaluate performance and make resource allocations based on its two business segments.
Previously, before the CIM Portfolio Acquisition (for which the purchase and sale agreement was signed on December 17, 2021), the Company concluded it was operating in one segment. Upon concluding that a change in its reporting segments has occurred, the Company retroactively restated the historical segment reporting presentation for the three years ended December 31, 2021 as presented in its Annual Report on Form 10-K for the year ended December 31, 2021. Below, the Company has restated the prior period to conform to its current segment reporting structure for comparative purposes. Hereafter, the Company will restate other prior quarterly periods for 2021 when they are subsequently reported in later filings for comparative purposes.
Net Operating Income
The Company evaluates the performance of the combined properties in each segment based on net operating income (“NOI”). NOI is defined as total revenues from tenants, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI 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).
NOI 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. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. The Company believes that in order to facilitate a clear understanding of the Company’s operating results, NOI should be compared with net income (loss) prepared in accordance with GAAP and as presented in the Company’s consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of the Company’s performance or to cash flows as a measure of the Company’s liquidity or ability to pay distributions.
The following tables reconcile the segment activity to consolidated net loss for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30, 2022Three Months Ended June 30, 2021
(In thousands)Single-Tenant PropertiesMulti-Tenant PropertiesConsolidatedSingle-Tenant PropertiesMulti-Tenant PropertiesConsolidated
Revenue from tenants$55,886 $61,043 $116,929 $51,653 $29,924 $81,577 
Property operating expense4,049 23,471 27,520 2,522 10,807 13,329 
NOI$51,837 $37,572 89,409 $49,131 $19,117 68,248 
Asset management fees to related party(8,296)(7,922)
Impairment of real estate investments(58,954)(91)
Acquisition, transaction and other costs(206)(136)
Equity-based compensation(3,523)(5,283)
General and administrative(8,390)(3,540)
Depreciation and amortization(46,573)(32,428)
Gain on sale of real estate investments13,438 11 
Interest expense(28,329)(20,361)
Other income944 20 
Net loss attributable to non-controlling interests58 2 
Allocation for preferred stock(5,837)(5,925)
Net loss attributable to common stockholders$(56,259)$(7,405)

Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(In thousands)Single-Tenant PropertiesMulti-Tenant PropertiesConsolidatedSingle-Tenant PropertiesMulti-Tenant PropertiesConsolidated
Revenue from tenants$109,169 $102,703 $211,872 $102,309 $58,455 $160,764 
Property operating expense7,974 38,685 46,659 5,115 21,653 26,768 
NOI$101,195 $64,018 165,213 $97,194 $36,802 133,996 
Asset management fees to related party(16,122)(15,243)
Impairment of real estate investments(64,896)(91)
Acquisition, transaction and other costs(485)(178)
Equity-based compensation(7,021)(9,630)
General and administrative(15,223)(9,989)
Depreciation and amortization(84,261)(64,747)
Gain on sale of real estate investments67,007 297 
Interest expense(52,069)(39,695)
Other income962 44 
Gain on non-designated derivatives2,250 — 
Net (income) loss attributable to non-controlling interests(6)8 
Allocation for preferred stock(11,674)(11,588)
Net loss attributable to common stockholders$(16,325)$(16,816)
The following table reconciles the segment activity to consolidated total assets as of the periods presented:

(In thousands)June 30, 2022December 31, 2021
ASSETS
Investments in real estate, net:
Single-tenant properties$1,942,458 $1,973,743 
Multi-tenant properties2,428,572 1,233,030 
Total investments in real estate, net4,371,030 3,206,773 
Cash and cash equivalents69,431 214,853 
Restricted cash17,619 21,996 
Deposits for real estate investments16,250 41,928 
Deferred costs, net19,565 25,587 
Straight-line rent receivable65,307 70,789 
Operating lease right-of-use assets17,946 18,194 
Prepaid expenses and other assets33,666 26,877 
Assets held for sale80,779 187,213 
Total assets$4,691,593 $3,814,210 

The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Single-tenant properties$467 $14 $675 $1,881 
Multi-tenant properties1,295 4,378 4,544 4,930 
Total capital expenditures$1,762 $4,392 $5,219 $6,811