v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 10 Months Ended 21 Months Ended
Oct. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 31,715  
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 11,460  
Straight-line rental income (533)  
Other amortization 1,924  
Amortization of right-of-use asset 151  
Share-based compensation 9,102  
Loss on asset impairment 49,250  
Net gain on sale of properties (857) $ (857)
Change in assets and liabilities:    
Rents receivable and other assets (1,209)  
Accounts payable, accrued expenses and other (2,074)  
Rent collected in advance 201  
Net cash provided by operating activities 99,130  
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (13,469)  
Proceeds from sale of properties, net 27,392  
Net cash provided by investing activities 13,923  
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchase and retirement of common shares (3,056)  
Distributions to common shareholders (2,036)  
Distributions to preferred shareholders (5,991)  
Distributions to holders of noncontrolling interest (50)  
Net cash used in financing activities (11,133)  
Increase in cash and cash equivalents 101,920  
Cash and cash equivalents at beginning of period 2,160,535 2,160,535
Cash and cash equivalents at end of period 2,262,455  
SUPPLEMENTAL CASH FLOW INFORMATION:    
Taxes paid, net 182  
NON-CASH INVESTING ACTIVITIES:    
Recognition of right-of-use asset and lease liability 873  
Accrued capital expenditures 1,513  
NON-CASH FINANCING ACTIVITIES:    
Distributions payable 4,608 $ 0
OP Unit redemption $ 1,569