v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate investments    
Property owned $ 2,422,435 $ 2,480,741
Less accumulated depreciation (612,827) (625,980)
Total real estate investments 1,809,608 1,854,761
Cash and cash equivalents 12,378 12,030
Restricted cash 5,815 1,099
Other assets 48,072 45,817
Assets held for sale, net 137,366 0
TOTAL ASSETS 2,013,239 1,913,707
LIABILITIES    
Accounts payable and accrued expenses 56,070 59,319
Revolving lines of credit 216,030 47,359
Notes payable, net 299,550 299,520
Mortgages payable, net 595,668 608,506
Liabilities held for sale, net 1,029 0
TOTAL LIABILITIES 1,168,347 1,014,704
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 113 units issued and outstanding at June 30, 2025 and 166 units issued and outstanding at December 31, 2024, aggregate liquidation preference of $11,310 at June 30, 2025) 11,310 16,560
EQUITY    
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,757 shares issued and outstanding at June 30, 2025 and 16,719 shares issued and outstanding at December 31, 2024) 1,369,376 1,367,637
Accumulated distributions in excess of net income (659,266) (615,242)
Accumulated other comprehensive loss (58) (407)
Total shareholders’ equity 710,052 751,988
Noncontrolling interests – Operating Partnership and Series E preferred units 121,439 129,782
Noncontrolling interests – consolidated real estate entities 2,091 673
TOTAL EQUITY 833,582 882,443
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 2,013,239 $ 1,913,707