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 $ 12,222 $ 15,754 $ 24,530 $ 31,235
Operating expenses:        
Asset and property management fees to related parties 1,682 1,927 3,550 3,830
Property operating 7,987 8,461 16,124 16,843
Impairments of real estate investments 30,558 84,724 30,558 84,724
Equity-based compensation 92 186 184 240
General and administrative 2,172 1,964 5,307 4,765
Depreciation and amortization 3,545 5,151 7,136 10,412
Total operating expenses 46,036 102,413 62,859 120,814
Operating loss (33,814) (86,659) (38,329) (89,579)
Other income (expense):        
Interest expense (7,850) (5,201) (11,933) (9,898)
Other income (expense) 4 9 10 18
Total other expense (7,846) (5,192) (11,923) (9,880)
Net loss and Net loss attributable to common stockholders (41,660) (91,851) (50,252) (99,459)
Other comprehensive income (loss):        
Change in unrealized (loss) gain on derivative 0 0 0 (406)
Other comprehensive (loss) income 0 0 0 (406)
Comprehensive loss $ (41,660) $ (91,851) $ (50,252) $ (99,865)
Weighted-average shares outstanding — Basic (in shares) 2,541,402 2,518,176 2,537,501 2,420,385
Weighted-average shares outstanding — Diluted (in shares) 2,541,402 2,518,176 2,537,501 2,420,385
Net loss per share attributable to common stockholders - Basic (in dollars per share) $ (16.39) $ (36.48) $ (19.80) $ (41.09)
Net loss per share attributable to common stockholders - Diluted (in dollars per share) $ (16.39) $ (36.48) $ (19.80) $ (41.09)