Supplemental disclosure of non-cash investing and financing information (dollars in thousands):

On January 15, 2025, the Company issued 61,551 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2024. On January 16, 2024, the Company issued 43,670 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2023.

As of June 30, 2025, the Company had accrued distributions payable of $6,670. As of June 30, 2024, the Company had accrued distributions payable of $5,481.

Accrued share-based compensation of $259 and $281 is included in accounts payable and accrued expenses as of June 30, 2025 and 2024, respectively.

Accrued capital improvements of $609 and $749 are included in accounts payable and accrued expenses as of June 30, 2025 and 2024, respectively.