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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Reconciliation of Segment NOI to Net Income
The following table presents segment NOI and net income (loss) for the three and nine months ended September 30, 2025 and September 30, 2024 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025
2024(1)
2025
2024(1)
Industrial
Total Industrial revenues$25,800 $14,918 $74,212 $44,305 
Less:
Industrial property operating expense (2)
1,250 854 3,909 2,742 
Industrial property tax expense (2)
2,030 1,366 5,895 3,496 
Industrial NOI
22,520 12,698 64,408 38,067 
Office
Total Office revenues— 5,005 5,781 15,654 
Less:
Office property operating expense (2)
— 496 293 1,437 
Office property tax expense (2)
— 183 102 469 
Office NOI
— 4,326 5,386 13,748 
Other
Total Other revenues— 6,808 — 26,611 
Less:
Other property operating expense (2)
— 2,033 — 6,469 
Other property tax expense (2)
— 1,061 — 3,589 
Other NOI
— 3,714 — 16,553 
Total NOI
$22,520 $20,738 $69,794 $68,368 
Unallocated amounts:
Depreciation and amortization (3)
(13,102)(10,730)(38,828)(33,690)
Real estate impairment provision (3)
— (42,894)(18,195)(50,774)
General and administrative expenses (4)
(8,122)(9,122)(25,122)(27,918)
Interest expense(16,654)(12,613)(44,584)(41,589)
Other income, net
1,884 3,591 5,339 12,801 
Gain from disposition of assets
6,641 16,125 6,407 25,245 
Extinguishment of debt— (508)— (508)
Goodwill impairment provision— — — (4,594)
Corporate operating expenses to related parties(144)(141)(426)(476)
Transaction expenses(56)(578)(433)(578)
Net income (loss) from discontinued operations
10,813 9,583 (290,333)28,533 
Net income (loss)
$3,780 $(26,549)$(336,381)$(25,180)
(1)On December 31, 2024, the Company sold the final property in its Other segment (i.e., vacant and non-core properties, together with other properties in the same cross-collateralized loan pool), and as a result, the Other segment was eliminated. Amounts presented herein reflect the Company’s ownership of Other segment properties through December 31, 2024, which were also evaluated by the CODM based on segment NOI.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)Asset value information by segment are not reported because the CODM does not use these measures to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense and asset impairment are not allocated among segments. Refer to Segment Reporting sections below, for allocation of real estate assets and goodwill presented for each segment.
(4)General and administrative expenses are not reported by segment because the CODM evaluates these expenses at the corporate level and does not use this measure on a segment-by-segment basis for performance assessment or resource allocation decisions; therefore, general and administrative expenses are not allocated among segments.
A reconciliation of net income (loss) to NOI for the three and nine months ended September 30, 2025 and September 30, 2024 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Reconciliation of Net Income (Loss) to Total NOI
Net income (loss)
$3,780 $(26,549)$(336,381)$(25,180)
General and administrative expenses8,122 9,122 25,122 27,918 
Corporate operating expenses to related parties144 141 426 476 
Real estate impairment provision— 42,894 18,195 50,774 
Depreciation and amortization13,102 10,730 38,828 33,690 
Interest expense16,654 12,613 44,584 41,589 
Other income, net(1,884)(3,591)(5,339)(12,801)
Extinguishment of debt— 508 — 508 
Gain from disposition of assets
(6,641)(16,125)(6,407)(25,245)
Goodwill impairment provision— — — 4,594 
Transaction expenses56 578 433 578 
Net (income) loss from discontinued operations
(10,813)(9,583)290,333 (28,533)
Total NOI$22,520 $20,738 $69,794 $68,368 
Schedule of Segment Reporting Information
The following table presents the Company’s goodwill by segment as of September 30, 2025 and December 31, 2024:
September 30,December 31,
20252024
Goodwill
Industrial$68,373 $68,373 
Total Goodwill$68,373 $68,373 
The following table presents the Company’s total real estate assets, net, for each segment as of September 30, 2025 and December 31, 2024:
September 30,December 31,
Continuing Operations
20252024
Industrial Real Estate, net
Total real estate$1,263,937 $1,281,815 
Accumulated depreciation and amortization(197,885)(180,879)
Industrial real estate, net1,066,052 1,100,936 
Office Real Estate, net
Total real estate— 211,328 
Accumulated depreciation and amortization— (43,368)
Office real estate, net— 167,960 
Total Real Estate, net$1,066,052 $1,268,896 
September 30,December 31,
Discontinued Operations
20252024
Total Real Estate related to Discontinued Operations, net
Total real estate$549,012 $1,291,432 
Accumulated depreciation and amortization(145,473)(296,280)
Real estate related to Discontinued Operations, net$403,539 $995,152