v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue from tenants $ 85,332 $ 88,817 $ 171,775 $ 177,116
Operating expenses:        
Property operating and maintenance 53,848 55,005 111,388 110,150
Impairment charges 15,212 2,409 27,111 2,669
Operating fees to related parties 0 6,424 0 12,790
Termination fees to related parties 0 98,241 0 98,241
Acquisition and transaction related 497 357 548 499
General and administrative 5,406 4,668 10,618 11,436
Depreciation and amortization 18,539 21,928 42,245 42,666
Total expenses 93,502 189,032 191,910 278,451
Operating gain/(loss) before gain on sale of real estate investments (8,170) (100,215) (20,135) (101,335)
Gain (loss) on sale of real estate investments 2,652 (225) 27,641 (225)
Operating (loss) income (5,518) (100,440) 7,506 (101,560)
Other expense:        
Interest expense (15,836) (17,752) (30,365) (34,135)
Interest and other income 231 457 216 529
Gain on extinguishment of debt 257 0 257 0
Gain on non-designated derivatives 32 882 31 2,833
Total other expenses, net (15,316) (16,413) (29,861) (30,773)
Loss before income taxes (20,834) (116,853) (22,355) (132,333)
Income tax expense (benefit) 0 (65) 6 (135)
Net loss (20,834) (116,918) (22,349) (132,468)
Net loss (income) attributable to non-controlling interests 31 452 (23) 452
Allocation for preferred stock (3,386) (3,450) (6,836) (6,900)
Net loss attributable to common stockholders (24,189) (119,916) (29,208) (138,916)
Other comprehensive loss:        
Unrealized (loss) gain on designated derivatives (2,205) (1,276) (7,199) 1,004
Comprehensive loss attributable to common stockholders $ (26,394) $ (121,192) $ (36,407) $ (137,912)
Weighted-average shares outstanding - Basic (in shares) [1] 28,296,439 28,296,438 28,296,439 28,291,789
Weighted-average shares outstanding - Diluted (in shares) [1] 28,296,439 28,296,438 28,296,439 28,291,789
Net loss per share attributable to common stockholders - Basic (in usd per share) [1] $ (0.85) $ (4.24) $ (1.03) $ (4.91)
Net loss per share attributable to common stockholders - Diluted (in usd per share) [1] $ (0.85) $ (4.24) $ (1.03) $ (4.91)
[1] Retroactively adjusted for the effects of previous stock dividends (see Note 1 — Organization).