v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Rental income $ 232,234 $ 258,459 $ 270,158
Dividend income from real estate equity securities 1,116 967 11,850
Other operating income 16,611 18,239 18,669
Total revenues 249,961 277,665 300,677
Expenses:      
Operating, maintenance and management 68,919 72,872 75,914
Real estate taxes and insurance 42,714 49,992 52,789
Asset management fees to affiliate 17,966 19,568 20,839
General and administrative expenses 7,470 18,544 7,297
Depreciation and amortization 95,901 111,206 115,235
Interest expense 114,289 126,588 120,475
Net loss (gain) on derivative instruments 126 (17,634) (14,907)
Impairment charges on real estate 65,475 6,847 45,459
Total expenses 412,860 387,983 423,101
Other income (loss):      
Unrealized gain (loss) on real estate equity securities 6,173 (11,202) (35,614)
Gain from extinguishment of debt 0 56,372 0
Gain on sale of real estate, net 77,401 53,064 0
Other interest income 569 1,233 505
Total other income (loss), net 84,143 99,467 (35,109)
Net loss $ (78,756) $ (10,851) $ (157,533)
Net loss per common share, basic (in dollars per share) $ (0.53) $ (0.07) $ (1.06)
Net loss per common share, diluted (in dollars per share) $ (0.53) $ (0.07) $ (1.06)
Weighted-average number of common shares outstanding, basic (in shares) 148,516,246 148,516,246 148,738,748
Weighted-average number of common shares outstanding, diluted (in shares) 148,516,246 148,516,246 148,738,748