Net Lease Office Properties (NLOP) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41812
Entity Registrant Name	Net Lease Office Properties
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	92-0887849
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	844
Local Phone Number	656-7348
Title of each class	Common Shares of Beneficial Interest, par value $0.001 per share
Trading Symbol	NLOP
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,785,014
Entity Central Index Key	0001952976
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Investments in real estate:
Land, buildings and improvements		$ 867,072	$ 1,203,991
Net investments in finance leases		0	10,522
In-place lease intangible assets and other		238,305	357,788
Above-market rent intangible assets		40,104	57,954
Investments in real estate		1,145,481	1,630,255
Accumulated depreciation and amortization		(342,457)	(458,430)
Net investments in real estate		803,024	1,171,825
Restricted cash		49,370	51,560
Cash and cash equivalents		36,102	16,269
Other assets, net		31,419	65,435
Total assets	[1]	919,915	1,305,089
Debt:
NLOP Mortgage Loan, net		47,767	266,844
NLOP Mezzanine Loan, net		75,810	106,299
Non-recourse mortgages, net		115,835	168,836
Debt, net		239,412	541,979
Accounts payable, accrued expenses and other liabilities		43,788	59,527
Below-market rent intangible liabilities, net		7,494	10,643
Deferred income taxes		3,118	10,450
Dividends payable		0	1,060
Total liabilities	[1]	293,812	623,659
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value, $5,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, $45,000,000 shares authorized; $14,785,014 and $14,620,919 shares, respectively, issued and outstanding		15	15
Additional paid-in capital		855,788	855,554
Distributions in excess of accumulated earnings		(198,657)	(142,960)
Accumulated other comprehensive loss		(35,287)	(35,600)
Total shareholders’ equity		621,859	677,009
Noncontrolling interests		4,244	4,421
Total equity		626,103	681,430
Total liabilities and equity		$ 919,915	$ 1,305,089
[1] See Note 2 for details related to variable interest entities (“VIEs”).

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	45,000,000	45,000,000
Common stock, shares issued (in shares)	14,785,014	14,785,014
Common stock, shares outstanding (in shares)	14,620,919	14,620,919

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Lease revenues	$ 29,975	$ 41,977	$ 103,438	$ 124,972
Income from finance leases	0	294	89	1,175
Other lease-related income	1,506	835	10,990	2,424
Revenues	31,481	43,106	114,517	128,571
Operating Expenses
Impairment charges — real estate	34,164	0	46,451	0
Depreciation and amortization	12,375	17,785	45,467	53,226
Reimbursable tenant costs	6,415	7,091	19,804	20,831
Property expenses, excluding reimbursable tenant costs	3,035	2,352	7,938	6,479
General and administrative	1,823	3,435	5,604	10,034
Asset management fees	1,465	0	4,868	0
Separation and distribution related costs and other	0	1,343	16	2,882
Total operating expenses	59,277	32,006	130,148	93,452
Other Income and Expenses
Interest expense	(11,744)	(8,053)	(60,342)	(24,433)
(Loss) gain on sale of real estate, net	(644)	0	21,303	0
Other gains and (losses)	395	(25)	(94)	26
Total other income and expenses	(11,993)	(8,078)	(39,133)	(24,407)
(Loss) income before income taxes	(39,789)	3,022	(54,764)	10,712
Provision for income taxes	(485)	(232)	(858)	(303)
Net (Loss) Income	(40,274)	2,790	(55,622)	10,409
Net income attributable to noncontrolling interests	(21)	(26)	(64)	(77)
Net (Loss) Income Attributable to NLOP	$ (40,295)	$ 2,764	$ (55,686)	$ 10,332
Basic (Loss) Earnings Per Share (per share)	$ (2.73)	$ 0.19	$ (3.77)	$ 0.71
Diluted (Loss) Earnings Per Share (per share)	$ (2.73)	$ 0.19	$ (3.77)	$ 0.71
Weighted-Average Shares Outstanding
Basic (in shares)	14,785,020	14,620,919	14,785,085	14,620,919
Diluted (in shares)	14,785,020	14,620,919	14,785,085	14,620,919

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (40,274)	$ 2,790	$ (55,622)	$ 10,409
Other Comprehensive Income
Foreign currency translation adjustments	1,348	1,282	(878)	939
Unrealized gain on derivative instruments	407	0	1,191	0
Other Comprehensive Income	1,755	1,282	313	939
Comprehensive (Loss) Income	(38,519)	4,072	(55,309)	11,348
Amounts Attributable to Noncontrolling Interests
Net income	(21)	(26)	(64)	(77)
Comprehensive income attributable to noncontrolling interests	(21)	(26)	(64)	(77)
Comprehensive (Loss) Income Attributable to NLOP	$ (38,540)	$ 4,046	$ (55,373)	$ 11,271

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total Shareholders’ Equity	$0.001 Par Value Common Stock	Additional Paid-In Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Loss	Net Parent Investment	Noncontrolling interests
Balance - beginning of period at Dec. 31, 2022	$ 1,109,519	$ 1,107,776				$ (42,464)	$ 1,150,240	$ 1,743
Net Lease Office Properties
Net income	10,409	10,332					10,332	77
Net transfers from parent	(35,493)	(35,493)					(35,493)
Contributions from noncontrolling interests	2,775							2,775
Other comprehensive income (loss)
Foreign currency translation adjustments	939	939				939
Unrealized gain on derivative instruments	0
Balance - end of period at Sep. 30, 2023	1,088,149	1,083,554				(41,525)	1,125,079	4,595
Balance - beginning of period at Jun. 30, 2023	1,083,405	1,078,771				(42,807)	1,121,578	4,634
Net Lease Office Properties
Net income	2,790	2,764					2,764	26
Net transfers from parent	737	737					737
Distributions to noncontrolling interests	(65)							(65)
Other comprehensive income (loss)
Foreign currency translation adjustments	1,282	1,282				1,282
Unrealized gain on derivative instruments	0
Balance - end of period at Sep. 30, 2023	1,088,149	1,083,554				(41,525)	$ 1,125,079	4,595
Balance - beginning of period at Dec. 31, 2023	$ 681,430	677,009	$ 15	$ 855,554	$ (142,960)	(35,600)		4,421
Balance - beginning of period (in shares) at Dec. 31, 2023	14,620,919		14,620,919
Net Lease Office Properties
Net income	$ (55,622)	(55,686)			(55,686)			64
Shares issued	1	1		12	(11)
Shares issued (in shares)			164,199
Tax withholding for shares issued upon delivery of vested restricted share awards	(3)	(3)		(3)
Tax withholding for shares issued upon delivery of vested restricted share awards (in shares)			(104)
Amortization of stock-based compensation expense	225	225		225
Distributions to noncontrolling interests	(241)							(241)
Other comprehensive income (loss)
Foreign currency translation adjustments	(878)	(878)				(878)
Unrealized gain on derivative instruments	1,191	1,191				1,191
Balance - end of period at Sep. 30, 2024	$ 626,103	621,859	$ 15	855,788	(198,657)	(35,287)		4,244
Balance - end of period (in shares) at Sep. 30, 2024	14,620,919		14,785,014
Balance - beginning of period at Jun. 30, 2024	$ 664,640	660,327	$ 15	855,716	(158,362)	(37,042)		4,313
Balance - beginning of period (in shares) at Jun. 30, 2024			14,785,118
Net Lease Office Properties
Net income	(40,274)	(40,295)			(40,295)			21
Tax withholding for shares issued upon delivery of vested restricted share awards	(3)	(3)		(3)
Tax withholding for shares issued upon delivery of vested restricted share awards (in shares)			(104)
Amortization of stock-based compensation expense	75	75		75
Distributions to noncontrolling interests	(90)							(90)
Other comprehensive income (loss)
Foreign currency translation adjustments	1,348	1,348				1,348
Unrealized gain on derivative instruments	407	407				407
Balance - end of period at Sep. 30, 2024	$ 626,103	$ 621,859	$ 15	$ 855,788	$ (198,657)	$ (35,287)		$ 4,244
Balance - end of period (in shares) at Sep. 30, 2024	14,620,919		14,785,014

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows — Operating Activities
Net (loss) income	$ (55,622)	$ 10,409
Adjustments to net (loss) income:
Depreciation and amortization, including intangible assets and deferred financing costs	71,577	54,755
Impairment charges — real estate	46,451	0
Gain on sale of real estate, net	(21,303)	0
Amortization of rent-related intangibles and deferred rental revenue	(5,954)	2,720
Net realized and unrealized losses on extinguishment of debt, foreign currency exchange rate movements, and other	2,853	1,041
Straight-line rent adjustments	2,005	(1,116)
Deferred income tax benefit	(371)	(821)
Stock-based compensation expense	225	2,566
Proceeds from sales of net investments in sales-type leases	10,341	0
Net changes in other operating assets and liabilities	11,176	(5,685)
Net Cash Provided by Operating Activities	61,378	63,869
Cash Flows — Investing Activities
Proceeds from sales of real estate	263,987	0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(9,292)	(4,617)
Net Cash Provided by (Used in) Investing Activities	254,695	(4,617)
Cash Flows — Financing Activities
Payments of mortgage principal and other debt instruments	(296,806)	(25,772)
Distributions paid	(1,071)	0
Distributions to noncontrolling interests	(241)	0
Other financing activities, net	10	(526)
Net transfers with Parent	0	(35,493)
Contributions from noncontrolling interests	0	2,775
Net Cash Used in Financing Activities	(298,108)	(59,016)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(322)	(35)
Net increase in cash and cash equivalents and restricted cash	17,643	201
Cash and cash equivalents and restricted cash, beginning of period	67,829	5,998
Cash and cash equivalents and restricted cash, end of period	$ 85,472	$ 6,199

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Pursuant to the terms of a separation and distribution agreement, W. P. Carey Inc. (“WPC”) spun off a portfolio of 59 office assets into a separate publicly-traded company (the “Spin-Off”). To accomplish this Spin-Off, WPC formed a Maryland real estate investment trust, Net Lease Office Properties (“NLOP”), on October 21, 2022, to own the 59 office assets. Information with respect to number of properties and square footage is unaudited. On November 1, 2023, WPC completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, and certain wholly-owned affiliates of WPC (our “Advisor”) externally manage NLOP pursuant to certain advisory agreements (the “NLOP Advisory Agreements”). The Spin-Off was accomplished via a pro rata dividend of 1 NLOP common share for every 15 shares of WPC common stock outstanding. NLOP intends to qualify and elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, commencing with the Company’s taxable year ended December 31, 2023. NLOP operates as one segment, and through its subsidiaries, owns, operates, and finances office buildings. As of September 30, 2024, NLOP’s portfolio was comprised of full or partial ownership interests in 45 properties, net leased to 48 corporate tenants, totaling approximately 7.1 million leasable square feet (including 0.6 million of operating square footage for a parking garage at a domestic property), with a weighted-average lease term of 4.3 years.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation NLOP For periods after November 1, 2023, the consolidated financial statements include the results of NLOP and all entities in which the Company has a controlling interest. Intercompany transactions and balances have been eliminated in consolidation. Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, which are included in the 2023 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Prior to the Spin-Off For periods prior to November 1, 2023, the accompanying historical consolidated financial statements and related notes of NLOP do not represent the balance sheet, statement of operations and cash flows of a legal entity, but rather a combination of entities under common control that have been “carved-out” of WPC’s consolidated financial statements and presented herein, in each case, in accordance with GAAP. Intercompany transactions and balances have been eliminated in combination. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the financial information for the periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. These consolidated financial statements reflect the revenues and direct expenses of NLOP and include material assets and liabilities of WPC that are specifically attributable to NLOP. Equity in these consolidated financial statements represents the excess of total assets over total liabilities. Equity is impacted by contributions from and distributions to WPC, which are the result of treasury activities and net funding provided by or distributed to WPC prior to the Spin-Off, as well as the allocated costs and expenses described below. The consolidated financial statements also include an allocation of indirect costs and expenses incurred by WPC related to NLOP, primarily consisting of compensation and other general and administrative costs using the relative percentage of property annualized base rent (“ABR”) of NLOP and WPC management’s knowledge of NLOP. In addition, the consolidated financial statements reflect the allocation of interest expense from WPC unsecured debt, excluding debt that is specifically attributable to NLOP ( Note 9 ); interest expense was allocated by calculating the unencumbered net investment in real estate of each property held by NLOP as a percentage of WPC’s total consolidated unencumbered net investment in real estate and multiplying that percentage by the corporate interest expense on WPC unsecured debt ( Note 9 ). The amounts allocated in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had NLOP been a separate independent entity during the applicable periods. WPC believes the assumptions underlying WPC’s allocation of indirect expenses are reasonable. The amounts allocated in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had NLOP been a separate independent entity. WPC believes the assumptions underlying WPC’s allocation of indirect expenses are reasonable. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2023 Annual Report. At both September 30, 2024 and December 31, 2023, we considered one entity to be a VIE (given certain decision-making rights each partner has in accordance with the partnership agreement), which we consolidated, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIE included in our consolidated balance sheets (in thousands): September 30, 2024 December 31, 2023 Land, buildings and improvements $ 37,917 $ 37,917 In-place lease intangible assets and other 9,685 9,685 Above-market rent intangible assets 4,338 4,338 Accumulated depreciation and amortization (5,623) (3,679) Total assets 47,845 49,410 Total liabilities $ 304 $ 304 Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 36,102 $ 16,269 Restricted cash (a) 49,370 51,560 Total cash and cash equivalents and restricted cash $ 85,472 $ 67,829 __________ (a) Amounts as of September 30, 2024 and December 31, 2023 include approximately $48.1 million and $48.4 million, respectively, related to certain reserve requirements pursuant to the NLOP Financing Arrangements ( Note 9 ). Net Parent Investment In the consolidated statements of equity, the net parent investment represents WPC’s historical investment in NLOP prior to the Spin-Off, accumulated net earnings after taxes, and the net effect of transactions between NLOP and WPC. Earnings Per Share Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted-average number of shares of common shares outstanding during the year. Diluted earnings per share reflects potentially dilutive securities using the treasury stock method, except when the effect would be anti-dilutive. Earnings per share is computed by dividing the net income for the period by the weighted-average number of common shares outstanding during the period post Spin-Off. For the three and nine months ended September 30, 2024, we recognized net loss. Therefore, all potentially dilutive securities were antidilutive and accordingly, basic net loss per share equals diluted net loss per share for the three and nine months ended September 30, 2024. The calculation of basic and diluted earnings per share for any of the periods presented prior to the Spin-Off were based on the number of shares outstanding on November 1, 2023. For periods prior to the Spin-Off, it is assumed that there are no dilutive equity instruments as there were no NLOP stock-based awards outstanding prior to the Spin-Off.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements Pursuant to the NLOP Advisory Agreements, which we entered into on November 1, 2023, our Advisor provides us with strategic management services, including asset management, property disposition support, and various related services. We pay our Advisor an asset management fee that was initially set at an annual amount of $7.5 million and is being proportionately reduced each month following the disposition of each portfolio property. In addition, we reimburse our Advisor a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters. The following tables present a summary of fees we paid and expenses we reimbursed to our Advisor in accordance with the terms of the NLOP Advisory Agreements (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Asset management fees (a) $ 1,465 $ 4,868 Administrative reimbursements (b) 1,000 3,000 $ 2,465 $ 7,868 __________ (a) Included within Asset management fees in the consolidated statements of operations. (b) Included within General and administrative expenses in the consolidated statements of operations. The following table presents a summary of amounts due to affiliates, which are included within Accounts payable, accrued expenses and other liabilities in the consolidated financial statements (in thousands): September 30, 2024 December 31, 2023 Asset management fees payable $ 480 $ 1,245 Administrative reimbursements payable and other 344 676 $ 824 $ 1,921 Other Transactions with WPC NLOP Share Costs Historically, prior to the Spin-Off, NLOP was managed and operated in the normal course of business consistent with other affiliates of WPC. Accordingly, certain shared costs were allocated to NLOP and reflected as expenses in the consolidated statements of operations. Management considers the allocation methodologies used to be reasonable and appropriate reflections of the historical WPC expenses attributable to NLOP for purposes of the consolidated financial statements of NLOP. However, the expenses reflected in the consolidated statements of operations may not be indicative of the actual expenses that would have been incurred during the periods presented if NLOP historically operated as a separate, stand-alone entity. In addition, the expenses reflected in the consolidated statements of operations may not be indicative of related expenses that will be incurred in the future by NLOP. The following table presents amounts of shared costs that were allocated to NLOP (in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 General and administrative (a) $ 3,426 $ 9,970 Interest expense (b) 5,945 16,376 Total $ 9,371 $ 26,346 __________ (a) General and administrative fees are inclusive of expenses such as employee compensation and benefits, stock-based compensation and professional fees. (b) NLOP’s income statement prior to the Spin-Off includes an allocation of interest expense associated with WPC unsecured debt utilized partially to fund property assets of NLOP. Net parent investment shown in the consolidated statements of equity include contributions from WPC, which are the result of treasury activities and net funding provided by WPC prior to the Spin-Off, and also includes the indirect costs and expenses allocated to NLOP by WPC as described in Note 2 . Other Transactions with Related Parties At September 30, 2024, we owned an interest in one jointly owned investment in real estate, with the remaining interest held by a third party. We consolidate this investment.

Land, Buildings and Improvement

Land, Buildings and Improvements	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Land, Buildings and Improvements	Land, Buildings and Improvements Land, Buildings and Improvements Land and buildings leased to others, which are subject to operating leases, are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Land $ 117,000 $ 168,200 Buildings and improvements 750,072 1,035,791 Less: Accumulated depreciation (174,572) (213,034) $ 692,500 $ 990,957 During the nine months ended September 30, 2024, the U.S. dollar strengthened against the Norwegian krone and weakened against the British pound sterling and euro. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements decreased by $2.3 million from December 31, 2023 to September 30, 2024. Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $5.3 million and $7.8 million for the three months ended September 30, 2024 and 2023, respectively, and $18.6 million and $23.3 million for the nine months ended September 30, 2024 and 2023, respectively. Dispositions of Properties During the nine months ended September 30, 2024, we disposed of nine properties, which were classified as Land, buildings and improvements. As a result, the carrying value of our Land, buildings and improvements decreased by $245.5 million from December 31, 2023 to September 30, 2024 ( Note 13 ). Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of operations is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease income — fixed $ 22,781 $ 34,184 $ 81,325 $ 102,109 Lease income — variable (a) 7,194 7,793 22,113 22,863 Total operating lease income $ 29,975 $ 41,977 $ 103,438 $ 124,972 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. Other Lease-Related Income For the three and nine months ended September 30, 2024, other lease-related income on our consolidated statements of operations included lease termination income of $0.7 million and $8.5 million, respectively, recognized from three tenants. In addition, other lease-related income on our consolidated statements of operations included income from a parking garage attached to one of our net-leased properties totaling $0.5 million for both the three months ended September 30, 2024 and 2023, and $1.5 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in finance leases. Operating leases are not included in finance receivables. Net Investments in Sales-Type Leases One property was classified as a net investment in sales-type leases as of December 31, 2023. We had previously entered into an agreement to sell the property to the tenant occupying the property during the fourth quarter of 2023 and recognized a Loss on sale of real estate, net, of $8.3 million during the three months ended December 31, 2023 related to this transaction. During the nine months ended September 30, 2024, we sold this property, which had an aggregate carrying value of $10.5 million as of December 31, 2023. Net investments in sales-type leases is summarized in the table below (in thousands): September 30, 2024 December 31, 2023 Lease payments receivable $ — $ 10,614 — 10,614 Less: unearned income — (92) $ — $ 10,522 At December 31, 2023, there was no reserve or estimate of credit loss on the financing leases. Earnings from our net investments in sales-type leases were included in Income from finance leases in the consolidated financial statements, and totaled less than $0.1 million for the nine months ended September 30, 2024. Prior to its reclassification to net investments in sales-type leases, earnings from this investment were recognized in Lease revenues in the consolidated financial statements. Net Investments in Direct Financing Leases During the third quarter of 2023, we reclassified an investment classified as a direct financing lease (comprised of four properties) with an aggregate carrying value of $14.6 million from Net investments in direct finance leases to Land, buildings and improvements in connection with a change in lease classification due to an extension of the underlying lease. Income from this direct financing lease was $0.3 million and $1.2 million for the three and nine months ended September 30, 2023, respectively. We had no net investments in direct financing leases as of September 30, 2024 and December 31, 2023. Credit Quality of Finance Receivables We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly. Our finance receivable internal credit quality rating was one as of December 31, 2023.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements. Intangible assets and liabilities are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets In-place lease $ 236,286 $ (142,574) $ 93,712 $ 353,525 $ (212,456) $ 141,069 Above-market rent 40,104 (25,311) 14,793 57,954 (32,940) 25,014 Total intangible assets $ 276,390 $ (167,885) $ 108,505 $ 411,479 $ (245,396) $ 166,083 Finite-Lived Intangible Liabilities Below-market rent $ (19,419) $ 11,925 $ (7,494) $ (26,801) $ 16,158 $ (10,643) Total intangible liabilities $ (19,419) $ 11,925 $ (7,494) $ (26,801) $ 16,158 $ (10,643) During the nine months ended September 30, 2024, the U.S. dollar strengthened against the Norwegian krone and weakened against the British pound sterling and euro, resulting in a decrease of $0.3 million in the carrying value of our net intangible assets from December 31, 2023 to September 30, 2024. Net amortization of intangibles, including the effect of foreign currency translation, was $7.4 million and $10.8 million for the three months ended September 30, 2024 and 2023, respectively, and $28.9 million and $32.3 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of in-place lease intangibles is included in Depreciation and amortization.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate caps ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. Our material financial instruments had the following carrying values and fair values as of the dates shown (in thousands): September 30, 2024 December 31, 2023 Level Carrying Value Fair Value Carrying Value Fair Value NLOP Mortgage Loan, net (a) (b) (c) 3 $ 47,767 $ 49,599 $ 266,844 $ 291,358 NLOP Mezzanine Loan, net (a) (b) (c) 3 75,810 80,513 106,299 113,797 Non-recourse mortgages, net (a) (b) (c) 3 115,835 104,932 168,836 165,077 __________ (a) The carrying value of the NLOP Mortgage Loan, net ( Note 9 ) includes unamortized deferred financing costs of $0.4 million and $6.7 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of the NLOP Mezzanine Loan, net ( Note 9 ) includes unamortized deferred financing costs of $1.2 million and $2.4 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at December 31, 2023. There were no unamortized deferred financing costs on our Non-recourse mortgages, net as of September 30, 2024. (b) The carrying value of the NLOP Mortgage Loan, net ( Note 9 ) includes unamortized discount of $0.9 million and $15.3 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of the NLOP Mezzanine Loan, net ( Note 9 ) includes unamortized discount of $2.7 million and $5.6 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized premium of $0.2 million and unamortized discount of $0.7 million at September 30, 2024 and December 31, 2023, respectively. (c) We determined the estimated fair value of our NLOP Mortgage Loan, NLOP Mezzanine Loan, and non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. We estimated that our other financial assets and liabilities, excluding finance receivables ( Note 5 ), had fair values that approximated their carrying values at both September 30, 2024 and December 31, 2023. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. There have been no significant changes in our impairment policies from what was disclosed in the 2023 Annual Report. The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Three Months Ended September 30, 2024 2023 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate $ 25,196 $ 34,164 $ — $ — $ 34,164 $ — Nine Months Ended September 30, 2024 2023 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate $ 113,661 $ 46,451 $ — $ — $ 46,451 $ — Impairment charges, and their related triggering events and fair value measurements, recognized during the three and nine months ended September 30, 2024, were as follows (we did not incur any impairment charges during the three and nine months ended September 30, 2023): Real Estate The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of operations. 2024 — During the three and nine months ended September 30, 2024, we recognized impairment charges totaling $21.9 million on two properties and $34.2 million on six properties, respectively, in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. One of these properties was sold in August and one was sold in October 2024 ( Note 15 ). Additionally, for the three and nine months ended September 30, 2024, we recognized an impairment charge of $12.2 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2025, in order to reduce its carrying value to its estimated fair value. The fair value measurement for this property was determined by using the following unobservable inputs: • Market rents ranging from $7 per square foot to $15 per square foot; • Terminal capitalization rate of 9.0%; and • Cash flow discount rate of 14.0%.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, due to changes in interest rates or other market factors. We own investments in the United States and Europe and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2023 Annual Report. At both September 30, 2024 and December 31, 2023, no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Asset Derivatives Fair Value at Derivatives Designated as Hedging Instruments Balance Sheet Location September 30, 2024 December 31, 2023 Interest rate cap Other assets, net $ — $ 433 — 433 Derivatives Not Designated as Hedging Instruments Interest rate cap Other assets, net 10 10 — Total derivatives $ 10 $ 433 The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Interest rate cap $ 407 $ — $ 1,191 $ — Total $ 407 $ — $ 1,191 $ — Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest rate cap Other gains and (losses) $ (412) $ — $ (951) $ — Interest rate cap Interest expense (96) — (477) — Total $ (508) $ — $ (1,428) $ — Amounts reported in Other comprehensive income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest rate cap Interest expense $ — $ — $ (17) $ — Derivatives Not in Cash Flow Hedging Relationships Interest rate cap Other gains and (losses) (431) — (431) — Total $ (431) $ — $ (448) $ — See below for information on our purposes for entering into derivative instruments. Interest Rate Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. We have obtained, and may in the future obtain, variable-rate debt (our NLOP Financing Arrangements ( Note 9 )), and, as a result, we have entered into, and may continue to enter into, interest rate cap agreements with counterparties. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations. Our objective in using these derivatives is to limit our exposure to interest rate movements. During the third quarter of 2024, we de-designated our interest rate cap as a hedging instrument, since we determined that the derivative is no longer highly effective, given mismatches between the hedged notional of the interest rate cap versus the outstanding principal on the NLOP Mortgage Loan. The interest rate caps that our consolidated subsidiaries had outstanding at September 30, 2024 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at Not Designated as Cash Flow Hedging Instruments Interest rate cap 1 150,904 USD $ 10 $ 10 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of September 30, 2024. At September 30, 2024, both our total credit exposure and the maximum exposure to any single counterparty was less than $0.1 million.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt Facility On September 20, 2023, in connection with the Spin-Off ( Note 1 ), we and certain of our wholly-owned subsidiaries entered into financing arrangements for which funding was subject to certain conditions (including the closing of the Spin-Off), including (i) a $335.0 million senior secured mortgage loan with an original maturity on November 9, 2025, with two separate one-year extension options subject to certain conditions (the “NLOP Mortgage Loan”) and (ii) a $120.0 million mezzanine loan facility maturing on November 9, 2028 (the “NLOP Mezzanine Loan” and, together with the NLOP Mortgage Loan, the “NLOP Financing Arrangements”). Upon closing of the Spin-Off on November 1, 2023 ( Note 1 ), the NLOP Financing Arrangements were drawn in full, and approximately $343.9 million of the proceeds from the financing (net of transaction expenses) was transferred to WPC in connection with the Spin-Off. The NLOP Financing Arrangements were initially collateralized by the assignment of 40 of our previously unencumbered real estate properties. As of September 30, 2024, the NLOP Financing Arrangements were collateralized by 30 of our properties, following the dispositions of ten properties during 2023 and 2024. The NLOP Mortgage Loan bears interest at an annual rate of one-month forward-looking term rate based on the Secured Overnight Financing Rate (“SOFR”), subject to a floor of 3.85%, plus 5.0%. In addition, we entered into an interest rate cap agreement that limits our SOFR rate exposure to 5.35% ( Note 8 ). The NLOP Mezzanine Loan bears interest at an annual rate of 14.5% (10.0% of which is required to be paid current on a monthly basis, and 4.5% of which is a payment-in-kind accrual, on a quarterly basis). The NLOP Mortgage Loan was subject to certain deleveraging thresholds that required us to make repayments on the original loan balance totaling (i) 15% (or $50.3 million) on or prior to November 1, 2024, which is 12 months following the funding date of the loan; (ii) 25% (or $83.8 million) on or prior to November 1, 2025, which is 12 months following the initial deleveraging threshold of the loan, such that no less than 40% of the loan has been repaid, and (iii) in the event we exercise the first one-year extension option, 30% (or $100.5 million) on or prior to November 1, 2026, which is 12 months following the second deleveraging threshold of the loan, such that no less than 70% of the loan has been repaid. To the extent the deleveraging thresholds were not met, we were subject to certain fees and restrictions, in accordance with the terms of the NLOP Financing Arrangements, until these thresholds were met. We reached the 15%, 25%, and 30% deleveraging thresholds during the first, second, and third quarters of 2024, respectively. We are required to use the net proceeds from property sales collateralizing the NLOP Financing Arrangements to repay the portions of the NLOP Mortgage Loan and NLOP Mezzanine Loan representing the release amount for any individual property sale, with excess net proceeds, if any, used to repay the NLOP Mortgage Loan. Property sales are subject to the satisfaction of certain conditions, including satisfaction of a debt yield test and minimum release prices. During the nine months ended September 30, 2024, we repaid $239.8 million and $34.6 million of outstanding principal on the NLOP Mortgage Loan and NLOP Mezzanine Loan, respectively, using proceeds from certain dispositions and lease terminations, as well as excess cash from operations. In October 2024, we repaid $10.0 million of outstanding principal on the NLOP Mortgage Loan using disposition proceeds and excess cash from operations ( Note 15 ). The following table presents a summary of our NLOP Financing Arrangements (dollars in thousands): NLOP Financing Arrangements Original Principal Balance Interest Rate at September 30, 2024 Maturity Date at September 30, 2024 Principal Outstanding Balance at September 30, 2024 December 31, 2023 NLOP Mortgage Loan (a) (b) (c) $ 335,000 9.8% 11/9/2025 $ 49,108 $ 288,895 NLOP Mezzanine Loan (d) 120,000 14.5% 11/9/2028 79,715 114,336 $ 128,823 $ 403,231 __________ (a) Interest rate is based on SOFR plus 5.0%. The interest rate is subject to an interest rate cap that limits our SOFR rate exposure at 5.35%. (b) The NLOP Mortgage Loan is subject to two separate one-year extension options. (c) Balance excludes unamortized discount of $0.9 million and $15.3 million at September 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.4 million and $6.7 million at September 30, 2024 and December 31, 2023, respectively. (d) Balance excludes unamortized discount of $2.7 million and $5.6 million at September 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $1.2 million and $2.4 million at September 30, 2024 and December 31, 2023, respectively. Non-Recourse Mortgages Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. At September 30, 2024, our non-recourse mortgage notes payable encumbered seven properties, with an aggregate weighted-average interest rate of 4.5% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.4% and 4.8%, respectively), and maturity dates ranging from January 2025 to May 2026. Repayments During the nine months ended September 30, 2024, we prepaid one non-recourse mortgage loan for $19.2 million. We recognized a net loss on extinguishment of debt of $0.3 million on this repayment, which is included within Other gains and (losses) on our consolidated statements of operations. The interest rate for this non-recourse mortgage loan on its date of repayment was 5.2%. As a result of this repayment, WPC no longer serves as guarantor for any of our non-recourse mortgage loans. Parent Debt Prior to the Spin-Off, certain wholly-owned affiliates of WPC entered into debt agreements with the international NLOP entities to provide the funding necessary to acquire certain international assets. In connection with the Spin-Off, WPC assigned to us the receivable related to these debt amounts, which eliminates in consolidation. These debt instruments were reflected in these financials as Parent debt. During the nine months ended September 30, 2023, we prepaid Parent debt totaling $4.6 million. Foreign Currency Exchange Rate Impact During the nine months ended September 30, 2024, the U.S. dollar strengthened against the Norwegian krone, resulting in a decrease of $1.4 million in the aggregate carrying value of our Non-recourse mortgages, net from December 31, 2023 to September 30, 2024. Scheduled Mortgage Debt Principal Payments Scheduled mortgage debt principal payments as of September 30, 2024 are as follows (in thousands): Years Ending December 31, Total 2024 (remainder) $ 334 2025 157,015 2026 7,379 2027 — 2028 79,716 Total principal payments 244,444 Unamortized discount, net (3,399) Unamortized deferred financing costs (1,633) Total $ 239,412 Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2024, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Stock-Based Compensation and Eq

Stock-Based Compensation and Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stock-Based Compensation and Equity	Stock-Based Compensation and Equity Stock-Based Compensation We maintain a stock-based compensation plan, which is more fully described in the 2023 Annual Report. The total compensation expense for awards issued under this plan was less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, which was included in General and administrative expense in the consolidated financial statements. Restricted and Conditional Awards As of both September 30, 2024 and December 31, 2023, we had 28,653 shares of nonvested restricted stock units (“RSUs”) with a weighted-average grant date fair value of $10.47. The grant date fair value of RSUs reflect our share price on the date of grant on a one-for-one basis. At September 30, 2024, total unrecognized compensation expense related to these awards was approximately $0.1 million, with an aggregate weighted-average remaining term of 0.1 years. Equity Common Shares During the fourth quarter of 2023, our Board of Trustees declared a dividend of $0.34 per share, which was paid on January 29, 2024 to shareholders of record as of December 18, 2023. Shareholders had the option to elect to receive their dividend in the form of cash or additional NLOP shares, with the aggregate amount of cash distributed by NLOP limited to a maximum of 20% of the total dividend. The total number of shares issued in the share dividend was 164,199 shares. Cash paid in connection with the share dividend totaled $1.1 million, which includes cash paid in lieu of fractional shares. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net (loss) income — basic and diluted $ (40,295) $ 2,764 $ (55,686) $ 10,332 Weighted-average shares outstanding – basic and diluted 14,785,020 14,620,919 14,785,085 14,620,919 For the three and nine months ended September 30, 2024, we recognized net loss. Therefore, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. For the three and nine months ended September 30, 2023, there were no potentially dilutive securities excluded from the computation of diluted earnings per share. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (407) $ (36,635) $ (37,042) Other comprehensive income before reclassifications (101) 1,348 1,247 Amounts reclassified from accumulated other comprehensive loss to: Other gains (losses) 412 — 412 Interest expense 96 — 96 Total 508 — 508 Net current period other comprehensive income 407 1,348 1,755 Ending balance $ — $ (35,287) $ (35,287) Three Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ — $ (42,807) $ (42,807) Net current period other comprehensive income — 1,282 1,282 Ending balance $ — $ (41,525) $ (41,525) Nine Months Ended September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,191) $ (34,409) $ (35,600) Other comprehensive loss before reclassifications (237) (878) (1,115) Amounts reclassified from accumulated other comprehensive loss to: Other gains (losses) 951 — 951 Interest expense 477 — 477 Total 1,428 — 1,428 Net current period other comprehensive income 1,191 (878) 313 Ending balance $ — $ (35,287) $ (35,287) Nine Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ — $ (42,464) $ (42,464) Net current period other comprehensive income — 939 939 Ending balance $ — $ (41,525) $ (41,525) See Note 8 for additional information on our derivatives activity recognized within Other comprehensive income for the periods presented.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We intend to qualify and elect to be treated as a REIT commencing with our taxable year ended December 31, 2023 and believe that we have been organized and have operated in such a manner to qualify as a REIT for federal and state income tax purposes. As a REIT, we would generally not be subject to corporate level federal income taxes on earnings distributed to our shareholders. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and nine months ended September 30, 2024 and 2023. Current income tax expense was $0.6 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively. Deferred income tax benefit was $0.1 million for both the three months ended September 30, 2024 and 2023. Current income tax expense was $1.3 million and $1.1 million for the nine months ended September 30, 2024 and 2023, respectively. Deferred income tax benefit was $0.4 million and $0.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions Our property dispositions are also discussed in Note 4 and Note 5 . During the three and nine months ended September 30, 2024, we sold two and eight properties, respectively, for total proceeds, net of selling costs, of $79.1 million and $274.3 million, respectively. During the three and nine months ended September 30, 2024, we recognized a net loss on these sales totaling $0.6 million and net gain on these sales totaling $23.6 million, respectively (inclusive of income taxes totaling $0.1 million recognized upon sale during the nine months ended September 30, 2024). In April 2024, we transferred ownership of a property in Warrenville, Illinois, and the related non-recourse mortgage loan, which had an aggregate net asset carrying value of approximately $19.3 million and mortgage principal outstanding of $19.8 million, respectively, on the date of transfer, to the mortgage lender, resulting in a net loss of $1.0 million (we also wrote off $1.4 million of working capital). In April 2024, we transferred ownership of a property in Tempe, Arizona, and the related non-recourse mortgage loan, which had an aggregate net asset carrying value of approximately $13.3 million and mortgage principal outstanding of $13.2 million, respectively, on the date of transfer, to the mortgage lender, resulting in a net loss of $1.3 million (we also wrote off $1.2 million of working capital).

Geographic Information

Geographic Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Geographic Information	Geographic Information Our portfolio is comprised of domestic and international investments. At September 30, 2024, our international investments were comprised of investments in Poland, United Kingdom, and Norway. No international tenant or country individually comprised at least 10% of our total lease revenues for the three and nine months ended September 30, 2024 or 2023, or at least 10% of our total long-lived assets at September 30, 2024 or December 31, 2023. One domestic tenant comprised (i) 25.2% and 18.2% of our total lease revenues for the three months ended September 30, 2024 and 2023, respectively, and 21.8% and 17.8% for the nine months ended September 30, 2024 and 2023, respectively, and (ii) 20.1% and 14.4% of our total long-lived assets at September 30, 2024 and December 31, 2023, respectively. Another domestic tenant comprised 13.1% and 9.8% of our total lease revenues for the three months ended September 30, 2024 and 2023, respectively, and 11.8% and 9.7% for the nine months ended September 30, 2024 and 2023, respectively. The following tables present the geographic information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Domestic $ 29,499 $ 39,253 $ 107,023 $ 117,169 International 1,982 3,853 7,494 11,402 Total $ 31,481 $ 43,106 $ 114,517 $ 128,571 September 30, 2024 December 31, 2023 Long-lived Assets (a) Domestic $ 748,489 $ 1,025,078 International (b) 54,535 146,747 Total $ 803,024 $ 1,171,825 __________ (a) Consists of Net investments in real estate. (b) We sold two international properties during the nine months ended September 30, 2024 ( Note 4 , Note 5 , Note 13 ).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dispositions In October 2024, we sold a property located in Houghton le Spring, United Kingdom, for gross proceeds of $3.9 million. Repayments of NLOP Financing Arrangements In October 2024, we repaid $10.0 million of outstanding principal on the NLOP Mortgage Loan using disposition proceeds and excess cash from operations ( Note 9 ).

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Parent Investment	Net Parent Investment In the consolidated statements of equity, the net parent investment represents WPC’s historical investment in NLOP prior to the Spin-Off, accumulated net earnings after taxes, and the net effect of transactions between NLOP and WPC.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted-average number of shares of common shares outstanding during the year. Diluted earnings per share reflects potentially dilutive securities using the treasury stock method, except when the effect would be anti-dilutive.
Intangible Assets and Liabilities and Goodwill	In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate caps ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIE included in our consolidated balance sheets (in thousands): September 30, 2024 December 31, 2023 Land, buildings and improvements $ 37,917 $ 37,917 In-place lease intangible assets and other 9,685 9,685 Above-market rent intangible assets 4,338 4,338 Accumulated depreciation and amortization (5,623) (3,679) Total assets 47,845 49,410 Total liabilities $ 304 $ 304
Schedule of Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 36,102 $ 16,269 Restricted cash (a) 49,370 51,560 Total cash and cash equivalents and restricted cash $ 85,472 $ 67,829 __________ (a) Amounts as of September 30, 2024 and December 31, 2023 include approximately $48.1 million and $48.4 million, respectively, related to certain reserve requirements pursuant to the NLOP Financing Arrangements ( Note 9 ).
Schedule of Reconciliation of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 36,102 $ 16,269 Restricted cash (a) 49,370 51,560 Total cash and cash equivalents and restricted cash $ 85,472 $ 67,829 __________ (a) Amounts as of September 30, 2024 and December 31, 2023 include approximately $48.1 million and $48.4 million, respectively, related to certain reserve requirements pursuant to the NLOP Financing Arrangements ( Note 9 ).

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid and expenses we reimbursed to our Advisor in accordance with the terms of the NLOP Advisory Agreements (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Asset management fees (a) $ 1,465 $ 4,868 Administrative reimbursements (b) 1,000 3,000 $ 2,465 $ 7,868 __________ (a) Included within Asset management fees in the consolidated statements of operations. (b) Included within General and administrative expenses in the consolidated statements of operations. The following table presents amounts of shared costs that were allocated to NLOP (in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 General and administrative (a) $ 3,426 $ 9,970 Interest expense (b) 5,945 16,376 Total $ 9,371 $ 26,346 __________ (a) General and administrative fees are inclusive of expenses such as employee compensation and benefits, stock-based compensation and professional fees. (b) NLOP’s income statement prior to the Spin-Off includes an allocation of interest expense associated with WPC unsecured debt utilized partially to fund property assets of NLOP.
Schedule of Balances Due to and from Related Party	The following table presents a summary of amounts due to affiliates, which are included within Accounts payable, accrued expenses and other liabilities in the consolidated financial statements (in thousands): September 30, 2024 December 31, 2023 Asset management fees payable $ 480 $ 1,245 Administrative reimbursements payable and other 344 676 $ 824 $ 1,921

Land, Buildings and Improveme_2

Land, Buildings and Improvements (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate	Land and buildings leased to others, which are subject to operating leases, are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Land $ 117,000 $ 168,200 Buildings and improvements 750,072 1,035,791 Less: Accumulated depreciation (174,572) (213,034) $ 692,500 $ 990,957
Schedule of Operating Lease Income	Lease income related to operating leases recognized and included in the consolidated statements of operations is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease income — fixed $ 22,781 $ 34,184 $ 81,325 $ 102,109 Lease income — variable (a) 7,194 7,793 22,113 22,863 Total operating lease income $ 29,975 $ 41,977 $ 103,438 $ 124,972 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Net Investments in Direct Financing Leases	Net investments in sales-type leases is summarized in the table below (in thousands): September 30, 2024 December 31, 2023 Lease payments receivable $ — $ 10,614 — 10,614 Less: unearned income — (92) $ — $ 10,522

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Intangible assets and liabilities are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets In-place lease $ 236,286 $ (142,574) $ 93,712 $ 353,525 $ (212,456) $ 141,069 Above-market rent 40,104 (25,311) 14,793 57,954 (32,940) 25,014 Total intangible assets $ 276,390 $ (167,885) $ 108,505 $ 411,479 $ (245,396) $ 166,083 Finite-Lived Intangible Liabilities Below-market rent $ (19,419) $ 11,925 $ (7,494) $ (26,801) $ 16,158 $ (10,643) Total intangible liabilities $ (19,419) $ 11,925 $ (7,494) $ (26,801) $ 16,158 $ (10,643)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	Our material financial instruments had the following carrying values and fair values as of the dates shown (in thousands): September 30, 2024 December 31, 2023 Level Carrying Value Fair Value Carrying Value Fair Value NLOP Mortgage Loan, net (a) (b) (c) 3 $ 47,767 $ 49,599 $ 266,844 $ 291,358 NLOP Mezzanine Loan, net (a) (b) (c) 3 75,810 80,513 106,299 113,797 Non-recourse mortgages, net (a) (b) (c) 3 115,835 104,932 168,836 165,077 __________ (a) The carrying value of the NLOP Mortgage Loan, net ( Note 9 ) includes unamortized deferred financing costs of $0.4 million and $6.7 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of the NLOP Mezzanine Loan, net ( Note 9 ) includes unamortized deferred financing costs of $1.2 million and $2.4 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at December 31, 2023. There were no unamortized deferred financing costs on our Non-recourse mortgages, net as of September 30, 2024. (b) The carrying value of the NLOP Mortgage Loan, net ( Note 9 ) includes unamortized discount of $0.9 million and $15.3 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of the NLOP Mezzanine Loan, net ( Note 9 ) includes unamortized discount of $2.7 million and $5.6 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized premium of $0.2 million and unamortized discount of $0.7 million at September 30, 2024 and December 31, 2023, respectively. (c) We determined the estimated fair value of our NLOP Mortgage Loan, NLOP Mezzanine Loan, and non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
Schedule of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis	The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Three Months Ended September 30, 2024 2023 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate $ 25,196 $ 34,164 $ — $ — $ 34,164 $ — Nine Months Ended September 30, 2024 2023 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate $ 113,661 $ 46,451 $ — $ — $ 46,451 $ —

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Asset Derivatives Fair Value at Derivatives Designated as Hedging Instruments Balance Sheet Location September 30, 2024 December 31, 2023 Interest rate cap Other assets, net $ — $ 433 — 433 Derivatives Not Designated as Hedging Instruments Interest rate cap Other assets, net 10 10 — Total derivatives $ 10 $ 433
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Interest rate cap $ 407 $ — $ 1,191 $ — Total $ 407 $ — $ 1,191 $ — Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest rate cap Other gains and (losses) $ (412) $ — $ (951) $ — Interest rate cap Interest expense (96) — (477) — Total $ (508) $ — $ (1,428) $ —
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest rate cap Interest expense $ — $ — $ (17) $ — Derivatives Not in Cash Flow Hedging Relationships Interest rate cap Other gains and (losses) (431) — (431) — Total $ (431) $ — $ (448) $ —
Schedule of Derivative Instruments	The interest rate caps that our consolidated subsidiaries had outstanding at September 30, 2024 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at Not Designated as Cash Flow Hedging Instruments Interest rate cap 1 150,904 USD $ 10 $ 10

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents a summary of our NLOP Financing Arrangements (dollars in thousands): NLOP Financing Arrangements Original Principal Balance Interest Rate at September 30, 2024 Maturity Date at September 30, 2024 Principal Outstanding Balance at September 30, 2024 December 31, 2023 NLOP Mortgage Loan (a) (b) (c) $ 335,000 9.8% 11/9/2025 $ 49,108 $ 288,895 NLOP Mezzanine Loan (d) 120,000 14.5% 11/9/2028 79,715 114,336 $ 128,823 $ 403,231 __________ (a) Interest rate is based on SOFR plus 5.0%. The interest rate is subject to an interest rate cap that limits our SOFR rate exposure at 5.35%. (b) The NLOP Mortgage Loan is subject to two separate one-year extension options. (c) Balance excludes unamortized discount of $0.9 million and $15.3 million at September 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.4 million and $6.7 million at September 30, 2024 and December 31, 2023, respectively. (d)
Scheduled Mortgage Debt Principal Payments	Scheduled mortgage debt principal payments as of September 30, 2024 are as follows (in thousands): Years Ending December 31, Total 2024 (remainder) $ 334 2025 157,015 2026 7,379 2027 — 2028 79,716 Total principal payments 244,444 Unamortized discount, net (3,399) Unamortized deferred financing costs (1,633) Total $ 239,412

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net (loss) income — basic and diluted $ (40,295) $ 2,764 $ (55,686) $ 10,332 Weighted-average shares outstanding – basic and diluted 14,785,020 14,620,919 14,785,085 14,620,919
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (407) $ (36,635) $ (37,042) Other comprehensive income before reclassifications (101) 1,348 1,247 Amounts reclassified from accumulated other comprehensive loss to: Other gains (losses) 412 — 412 Interest expense 96 — 96 Total 508 — 508 Net current period other comprehensive income 407 1,348 1,755 Ending balance $ — $ (35,287) $ (35,287) Three Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ — $ (42,807) $ (42,807) Net current period other comprehensive income — 1,282 1,282 Ending balance $ — $ (41,525) $ (41,525) Nine Months Ended September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,191) $ (34,409) $ (35,600) Other comprehensive loss before reclassifications (237) (878) (1,115) Amounts reclassified from accumulated other comprehensive loss to: Other gains (losses) 951 — 951 Interest expense 477 — 477 Total 1,428 — 1,428 Net current period other comprehensive income 1,191 (878) 313 Ending balance $ — $ (35,287) $ (35,287) Nine Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ — $ (42,464) $ (42,464) Net current period other comprehensive income — 939 939 Ending balance $ — $ (41,525) $ (41,525)

Geographic Information (Tables)

Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenues by Geographic Areas	The following tables present the geographic information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Domestic $ 29,499 $ 39,253 $ 107,023 $ 117,169 International 1,982 3,853 7,494 11,402 Total $ 31,481 $ 43,106 $ 114,517 $ 128,571
Schedule of Long-Lived Assets by Geographic Areas	September 30, 2024 December 31, 2023 Long-lived Assets (a) Domestic $ 748,489 $ 1,025,078 International (b) 54,535 146,747 Total $ 803,024 $ 1,171,825 __________ (a) Consists of Net investments in real estate. (b) We sold two international properties during the nine months ended September 30, 2024 ( Note 4 , Note 5 , Note 13 ).

Business and Organization (Deta

Business and Organization (Details) $ in Thousands, a in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) a property tenant	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) a property tenant segment	Sep. 30, 2023 USD ($)	Nov. 01, 2023 property
Real Estate Properties
Number of real estate properties (property) | property	45		45
Spin-Off, stock dividend rate					0.0667
Number of business segments | segment			1
Number of corporate tenants (tenant) | tenant	48		48
Area of real estate property | a	7.1		7.1
Separation and distribution related costs and other | $	$ 0	$ 1,343	$ 16	$ 2,882
Office | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Net Lease Office Properties
Real Estate Properties
Number of real estate properties (property) | property					59
Parking Garage
Real Estate Properties
Separation and distribution related costs and other | $			$ 600
Operating lease term (in years)	4 years 3 months 18 days		4 years 3 months 18 days

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) - vie	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of entities	1	1

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity
Land, buildings and improvements		$ 867,072	$ 1,203,991
In-place lease intangible assets and other		238,305	357,788
Above-market rent intangible assets		40,104	57,954
Accumulated depreciation and amortization		(342,457)	(458,430)
Total assets	[1]	919,915	1,305,089
Total liabilities	[1]	293,812	623,659
Variable Interest Entity
Variable Interest Entity
Land, buildings and improvements		37,917	37,917
In-place lease intangible assets and other		9,685	9,685
Above-market rent intangible assets		4,338	4,338
Accumulated depreciation and amortization		(5,623)	(3,679)
Total assets		47,845	49,410
Total liabilities		$ 304	$ 304
[1] See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Cash an

Basis of Presentation - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 36,102	$ 16,269
Restricted cash	49,370	51,560
Total cash and cash equivalents and restricted cash	85,472	67,829	$ 6,199	$ 5,998
Debt covenant, cash requirements	$ 48,100	$ 48,400

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) $ in Millions	Nov. 01, 2023 USD ($)	Sep. 30, 2024 investment
Related Party Transaction
Number of jointly owned investments | investment		1
Related Party
Related Party Transaction
Asset management fees, annual expense	$ 7.5
Administrative fees, annual expense rate	$ 4

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Related Party Transaction
Transactions with related party	$ 2,465	$ 7,868
Asset management fees
Related Party Transaction
Transactions with related party	1,465	4,868
Administrative reimbursements
Related Party Transaction
Transactions with related party	$ 1,000	$ 3,000

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction
Due from affiliates	$ 43,788	$ 59,527
Related Party
Related Party Transaction
Asset management fees payable	480	1,245
Administrative reimbursements payable and other	344	676
Due from affiliates	$ 824	$ 1,921

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction
General and administrative	$ 1,823	$ 3,435	$ 5,604	$ 10,034
Interest expense	$ 11,744	8,053	$ 60,342	24,433
Related Party
Related Party Transaction
General and administrative		3,426		9,970
Interest expense		5,945		16,376
Total operating expenses		$ 9,371		$ 26,346

Land, Buildings and Improveme_3

Land, Buildings and Improvements - Assets Subject To Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (174,572)	$ (213,034)
Net property subject to operating lease	692,500	990,957
Land
Real Estate Investment Property At Cost
Net operating lease subject to operating lease, gross	117,000	168,200
Buildings and improvements
Real Estate Investment Property At Cost
Net operating lease subject to operating lease, gross	$ 750,072	$ 1,035,791

Land, Buildings and Improveme_4

Land, Buildings and Improvements - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 property
Real Estate Properties
PPE decrease related to foreign exchange			$ (2.3)
Depreciation	$ 5.3	$ 7.8	18.6	$ 23.3
Number of properties sold (property) | property					10
Lease termination income	0.7		8.5
Other income	$ 0.5	$ 0.5	$ 1.5	$ 1.4
Properties Disposed of by Sale
Real Estate Properties
Number of properties sold (property) | property	2		8
Properties Disposed of by Sale | Land, buildings and improvements
Real Estate Properties
Number of properties sold (property) | property			9
Increase (decrease) in carrying value of real estate			$ (245.5)

Land, Buildings and Improveme_5

Land, Buildings and Improvements - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 22,781	$ 34,184	$ 81,325	$ 102,109
Lease income – variable	7,194	7,793	22,113	22,863
Total operating lease income	$ 29,975	$ 41,977	$ 103,438	$ 124,972

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable
Loss on sale of real estate, net	$ 644		$ 0	$ (21,303)	$ 0
Income from finance leases				$ 100
Number of properties reclassified (property) | property			4
Interest income from direct financing leases			$ 300		1,200
Adjustments
Financing Receivable
Land investment building and building improvements			14,600		14,600
Net investments in direct financing leases			$ 14,600		$ 14,600
Property Located in the United Kingdom
Financing Receivable
Loss on sale of real estate, net		$ 8,300
Reclassification of net-lease assets to net investments						$ 10,500

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Lease payments receivable	$ 0	$ 10,614
Net investment in finance leases, excluding unearned income	0	10,614
Less: unearned income	0	(92)
Net investments in finance leases and loans receivable	$ 0	$ 10,522

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets, Liabilities and Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 276,390	$ 411,479
Accumulated Amortization	(167,885)	(245,396)
Net Carrying Amount	108,505	166,083
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(19,419)	(26,801)
Accumulated Amortization	11,925	16,158
Net Carrying Amount	(7,494)	(10,643)
Below-market rent
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(19,419)	(26,801)
Accumulated Amortization	11,925	16,158
Net Carrying Amount	(7,494)	(10,643)
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	236,286	353,525
Accumulated Amortization	(142,574)	(212,456)
Net Carrying Amount	93,712	141,069
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	40,104	57,954
Accumulated Amortization	(25,311)	(32,940)
Net Carrying Amount	$ 14,793	$ 25,014

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Decrease in carrying value of net intangible assets due to foreign currency translation adjustments			$ (0.3)
Amortization of intangible assets	$ 7.4	$ 10.8	$ 28.9	$ 32.3

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions
Unamortized deferred financing costs	$ 1,633,000
Unamortized discount (premium)	3,399,000
Senior Secured Mortgage Loan | Loans Payable
Fair Value Balance Sheet Grouping Financial Statement Captions
Unamortized deferred financing costs	400,000	$ 6,700,000
Unamortized discount (premium)	900,000	15,300,000
Mezzanine Loan Facility | Loans Payable
Fair Value Balance Sheet Grouping Financial Statement Captions
Unamortized deferred financing costs	1,200,000	2,400,000
Unamortized discount (premium)	2,700,000	5,600,000
Non-Recourse Mortgages
Fair Value Balance Sheet Grouping Financial Statement Captions
Unamortized deferred financing costs	0	100,000
Unamortized discount (premium)	(200,000)	700,000
Level 3 | Carrying Value | Senior Secured Mortgage Loan
Fair Value Balance Sheet Grouping Financial Statement Captions
Debt instrument, fair value	47,767,000	266,844,000
Level 3 | Carrying Value | Mezzanine Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions
Debt instrument, fair value	75,810,000	106,299,000
Level 3 | Carrying Value | Non-Recourse Mortgages
Fair Value Balance Sheet Grouping Financial Statement Captions
Debt instrument, fair value	115,835,000	168,836,000
Level 3 | Fair Value | Senior Secured Mortgage Loan
Fair Value Balance Sheet Grouping Financial Statement Captions
Debt instrument, fair value	49,599,000	291,358,000
Level 3 | Fair Value | Mezzanine Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions
Debt instrument, fair value	80,513,000	113,797,000
Level 3 | Fair Value | Non-Recourse Mortgages
Fair Value Balance Sheet Grouping Financial Statement Captions
Debt instrument, fair value	$ 104,932,000	$ 165,077,000

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Impairment Disclosure
Impairment Charges	$ 34,164	$ 0	$ 46,451	$ 0
Fair Value, Measurements, Nonrecurring | Level 3
Impairment Disclosure
Fair Value Measurements	25,196	0	113,661	0
Impairment Charges	$ 34,164	$ 0	$ 46,451	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property $ / ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property $ / ft²	Sep. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate	$ 34,164	$ 0	$ 46,451	$ 0
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate	$ 34,164	$ 0	$ 46,451	$ 0
Level 3 | Fair Value, Measurements, Nonrecurring | Land, Building and Improvements and Intangibles | Measurement Input, Cashflow Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)	0.140		0.140
Level 3 | Fair Value, Measurements, Nonrecurring | Two Properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate	$ 21,900
Number of impaired real estate properties (property) | property	2
Level 3 | Fair Value, Measurements, Nonrecurring | One Impaired Property
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges	$ 12,200		$ 12,200
Level 3 | Fair Value, Measurements, Nonrecurring | One Impaired Property | Land, Building and Improvements and Intangibles | Measurement Input, Terminal Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)	0.090		0.090
Level 3 | Fair Value, Measurements, Nonrecurring | One Impaired Property | Land, Building and Improvements and Intangibles | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²	7		7
Level 3 | Fair Value, Measurements, Nonrecurring | One Impaired Property | Land, Building and Improvements and Intangibles | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²	15		15
Level 3 | Fair Value, Measurements, Nonrecurring | Six Properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate			$ 34,200
Number of impaired real estate properties (property) | property			6

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0	$ 0
Total credit exposure on derivatives	100,000
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 100,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value
Derivative assets, fair value	$ 10	$ 433
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	0	433
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	10	0
Other assets, net | Interest rate cap | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	0	433
Other assets, net | Interest rate cap | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	$ 10

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 407	$ 0	$ 1,191	$ 0
Interest rate cap | Cash Flow Hedging
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 407	$ 0	$ 1,191	$ 0

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ (508)	$ 0	$ (1,428)	$ 0
Cash Flow Hedging | Interest rate cap | Other gains and (losses)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	(412)	0	(951)	0
Cash Flow Hedging | Interest rate cap | Interest expense
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ (96)	$ 0	$ (477)	$ 0

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Total	$ (431)	$ 0	$ (448)	$ 0
Interest rate cap | Derivatives Designated as Hedging Instruments | Interest expense
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Gain (loss) on hedging activity	0	0	(17)	0
Interest rate cap | Derivatives Not Designated as Hedging Instruments | Other gains and (losses)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Gain (loss) on hedging activity	$ (431)	$ 0	$ (431)	$ 0

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) $ in Thousands	Sep. 30, 2024 USD ($) derivative
Derivative Disclosure
Fair value	$ 10
Interest rate cap | Cash Flow Hedging | Derivatives Not Designated as Hedging Instruments
Derivative Disclosure
Derivative, number of instruments held | derivative	1
Derivative, notional amount	$ 150,904
Fair value	$ 10

Debt - Narratives (Details)

Debt - Narratives (Details)		1 Months Ended	9 Months Ended		21 Months Ended
	Sep. 20, 2023 USD ($) option property	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) property option	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) option property
Debt Instrument
Debt instrument, extension term	1 year
Payments of distributions to affiliates	$ 343,900,000
Number of encumbered property | property	40		30		30
Number of properties sold (property) | property					10
Prepayment of debt			$ 296,806,000	$ 25,772,000
Number of real estate properties (property) | property			45		45
Decrease in the value of debt related to foreign currency			$ 1,400,000
Fixed Interest Rate
Debt Instrument
Weighted average interest rate (as a percent)			4.40%		4.40%
Senior Secured Mortgage Loan | Loans Payable
Debt Instrument
Principal amount	$ 335,000,000		$ 335,000,000		$ 335,000,000
Number of extension option | option	2		2		2
Debt instrument, extension term	1 year		1 year		1 year
Floor rate (as a percent)	3.85%
Variable interest rate (as a percent)	5%		5%
Stated interest rate (as a percent)			9.80%		9.80%
Debt Instrument, first periodic payment threshold, percentage	15%
Debt Instrument, first periodic payment threshold, amount	$ 50,300,000
Debt Instrument, second periodic payment threshold, percentage	25%
Debt instrument, second periodic payment threshold, amount	$ 83,800,000
Debt instrument, second period periodic payment threshold percentage	40%
Debt instrument, third periodic payment threshold, percentage	30%
Debt instrument, third periodic payment threshold, amount	$ 100,500,000
Debt instrument, third period periodic payment threshold percentage	70%
Prepayment of debt			$ 239,800,000
Senior Secured Mortgage Loan | Loans Payable | Subsequent events
Debt Instrument
Prepayment of debt		$ 10,000,000
Senior Secured Mortgage Loan | Loans Payable | Maximum
Debt Instrument
Variable interest rate (as a percent)	5.35%		5.35%
Mezzanine Loan Facility | Loans Payable
Debt Instrument
Principal amount	$ 120,000,000		$ 120,000,000		$ 120,000,000
Stated interest rate (as a percent)	14.50%		14.50%		14.50%
Stated interest rate, cash (as a percent)	10%
Stated interest rate, payment-in-kind (as a percent)	4.50%
Prepayment of debt			$ 34,600,000
Non-Recourse Mortgages
Debt Instrument
Prepayment of debt			$ 19,200,000
Number of real estate properties (property) | property			7		7
Weighted average interest rate (as a percent)			4.50%		4.50%
Loss on extinguishment of debt			$ 300,000
Weighted-average interest rate on respective dates of prepayment and repayment (as a percent)			5.20%
Non-Recourse Mortgages | Maximum
Debt Instrument
Weighted average interest rate (as a percent)			4.80%		4.80%
Parent Debt
Debt Instrument
Prepayment of debt				$ 4,600,000

Debt - Financing Arrangements (

Debt - Financing Arrangements (Details)		9 Months Ended
	Sep. 20, 2023 USD ($) option	Sep. 30, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Debt Instrument
Debt instrument, extension term	1 year
Unamortized discount (premium)		$ 3,399,000
Unamortized deferred financing costs		1,633,000
Loans Payable
Debt Instrument
Principal outstanding		128,823,000	$ 403,231,000
Senior Secured Mortgage Loan | Loans Payable
Debt Instrument
Principal amount	$ 335,000,000	$ 335,000,000
Stated interest rate (as a percent)		9.80%
Principal outstanding		$ 49,108,000	288,895,000
Variable interest rate (as a percent)	5%	5%
Number of extension option | option	2	2
Debt instrument, extension term	1 year	1 year
Unamortized discount (premium)		$ 900,000	15,300,000
Unamortized deferred financing costs		400,000	6,700,000
Mezzanine Loan Facility | Loans Payable
Debt Instrument
Principal amount	$ 120,000,000	$ 120,000,000
Stated interest rate (as a percent)	14.50%	14.50%
Principal outstanding		$ 79,715,000	114,336,000
Unamortized discount (premium)		2,700,000	5,600,000
Unamortized deferred financing costs		$ 1,200,000	$ 2,400,000

Debt - Debt Principal Payments

Debt - Debt Principal Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-term Debt, by Maturity
2024 (remainder)	$ 334
2025	157,015
2026	7,379
2027	0
2028	79,716
Total principal payments	244,444
Unamortized discount, net	(3,399)
Unamortized deferred financing costs	(1,633)
Total	$ 239,412

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 100		$ 225	$ 2,566
Dividends declared (in dollars per share)		$ 0.34
Stock dividends, shares		164,199
Payments of dividends		$ 1,100
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, nonvested (in shares)	28,653	28,653	28,653
Share-based compensation arrangement by share-based payment award, nonvested, weighted average grant date fair value (in dollars per share)	$ 10.47	$ 10.47	$ 10.47
Total unrecognized compensation expense	$ 100		$ 100
Weighted-average remaining term (in years)			1 month 6 days

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share Reconciliation
Net (loss) income — basic	$ (40,295)	$ 2,764	$ (55,686)	$ 10,332
Net (loss) income — diluted	$ (40,295)	$ 2,764	$ (55,686)	$ 10,332
Weighted-average shares outstanding – basic (in shares)	14,785,020	14,620,919	14,785,085	14,620,919
Weighted-average shares outstanding – diluted (in shares)	14,785,020	14,620,919	14,785,085	14,620,919

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	$ 664,640	$ 1,083,405	$ 681,430	$ 1,109,519
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	395	(25)	(94)	26
Interest expense	11,744	8,053	60,342	24,433
Net current period other comprehensive income (loss)	1,755	1,282	313	939
Balance - end of period	626,103	1,088,149	626,103	1,088,149
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(37,042)	(42,807)	(35,600)	(42,464)
Other comprehensive income (loss) before reclassifications	1,247		(1,115)
Amounts reclassified from accumulated other comprehensive loss to:
Balance - end of period	(35,287)	(41,525)	(35,287)	(41,525)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(407)	0	(1,191)	0
Other comprehensive income (loss) before reclassifications	(101)		(237)
Amounts reclassified from accumulated other comprehensive loss to:
Balance - end of period	0	0	0	0
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(36,635)	(42,807)	(34,409)	(42,464)
Other comprehensive income (loss) before reclassifications	1,348		(878)
Amounts reclassified from accumulated other comprehensive loss to:
Balance - end of period	(35,287)	(41,525)	(35,287)	(41,525)
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive loss to:
Total	508		1,428
Net current period other comprehensive income (loss)	407	0	1,191	0
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	412		951
Interest expense	96		477
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive loss to:
Total	0		0
Net current period other comprehensive income (loss)	1,348	1,282	(878)	939
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	0		0
Interest expense	0		0
AOCI Including Portion Attributable to Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive loss to:
Total	508		1,428
Net current period other comprehensive income (loss)	1,755	$ 1,282	313	$ 939
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	412		951
Interest expense	$ 96		$ 477

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current income tax (expense) benefit	$ (600)	$ (400)	$ (1,300)	$ (1,100)
Deferred income tax benefit	$ 100	$ 100	$ 371	$ 821

Property Dispositions (Details)

Property Dispositions (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		21 Months Ended
	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property						10
Proceeds from sales of real estate				$ 263,987	$ 0
Gain (loss) on sale of real estate, net		$ (644)	$ 0	21,303	$ 0
Investment in real estate		$ 1,145,481		1,145,481		$ 1,145,481	$ 1,630,255
Non-Recourse Mortgages
Discontinued Operation Additional Disclosures
Loss on extinguishment of debt				$ 300
Warrensville, Illinois | Non-Recourse Mortgages
Discontinued Operation Additional Disclosures
Investment in real estate	$ 19,300
Debt transferred	19,800
Loss on extinguishment of debt	1,000
Working capital, write off	1,400
Tempe Arizona | Non-Recourse Mortgages
Discontinued Operation Additional Disclosures
Investment in real estate	13,300
Debt transferred	13,200
Loss on extinguishment of debt	1,300
Working capital, write off	$ 1,200
Properties Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property		2		8
Proceeds from sales of real estate		$ 79,100		$ 274,300
Gain (loss) on sale of real estate, net		$ (600)		23,600
Loss on sales of investment real estate, tax				$ 100

Geographic Information - Narrat

Geographic Information - Narrative (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lease Revenues | One Domestic Tenant
Concentration Risk
Concentration risk percentage	25.20%	18.20%	21.80%	17.80%
Lease Revenues | Two Domestic Tenant
Concentration Risk
Concentration risk percentage	13.10%	9.80%	11.80%	9.70%
Long-lived Assets | One Domestic Tenant
Concentration Risk
Concentration risk percentage			20.10%		14.40%

Geographic Information - Revenu

Geographic Information - Revenues and Long-Lived Assets (Details) $ in Thousands	3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets
Revenues	$ 31,481	$ 43,106	$ 114,517	$ 128,571
Long-lived assets	803,024		803,024		$ 803,024	$ 1,171,825
Number of properties sold (property) | property					10
Domestic
Revenues from External Customers and Long-Lived Assets
Revenues	29,499	39,253	107,023	117,169
Long-lived assets	748,489		748,489		$ 748,489	1,025,078
International
Revenues from External Customers and Long-Lived Assets
Revenues	1,982	$ 3,853	7,494	$ 11,402
Long-lived assets	$ 54,535		$ 54,535		$ 54,535	$ 146,747
Number of properties sold (property) | property			2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event
Proceeds from sales of real estate		$ 263,987	$ 0
Repayment of debt		296,806	$ 25,772
Senior Secured Mortgage Loan | Loans Payable
Subsequent Event
Repayment of debt		$ 239,800
Subsequent events
Subsequent Event
Proceeds from sales of real estate	$ 3,900
Subsequent events | Senior Secured Mortgage Loan | Loans Payable
Subsequent Event
Repayment of debt	$ 10,000