v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate:    
Land $ 197,889 $ 211,205
Buildings and improvements 1,641,268 1,824,366
Tenant origination and absorption costs 22,309 24,431
Total real estate held for investment, cost 1,861,466 2,060,002
Less accumulated depreciation and amortization (559,269) (627,942)
Total real estate held for investment, net 1,302,197 1,432,060
Real estate held for sale, net 0 131,471
Total real estate, net 1,302,197 1,563,531
Real estate equity securities 46,773 40,600
Total real estate and real estate-related investments, net 1,348,970 1,604,131
Cash and cash equivalents 23,659 30,484
Restricted cash 38,557 11,090
Rents and other receivables, net 96,150 94,549
Above-market leases, net 52 120
Assets related to real estate held for sale, net 0 15,209
Prepaid expenses and other assets 55,721 67,862
Total assets 1,563,109 1,823,445
Liabilities and equity    
Notes payable, net 1,282,652 1,290,216
Notes payable related to real estate held for sale, net 0 152,445
Total notes payable, net 1,282,652 1,442,661
Accounts payable and accrued liabilities 31,223 46,911
Due to affiliate 19,817 19,520
Below-market leases, net 230 544
Liabilities related to real estate held for sale, net 0 2,999
Other liabilities 51,384 54,251
Total liabilities 1,385,306 1,566,886
Commitments and contingencies (Note 13)
Redeemable common stock 0 0
Stockholders’ equity:    
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $.01 par value per share; 1,000,000,000 shares authorized, 148,516,246 and 148,516,246 shares issued and outstanding as of December 31, 2025 and 2024, respectively 1,485 1,485
Additional paid-in capital 1,313,297 1,313,297
Cumulative distributions in excess of net income (1,136,979) (1,058,223)
Total stockholders’ equity 177,803 256,559
Total liabilities and equity $ 1,563,109 $ 1,823,445