v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate, at cost:    
Land $ 145,104 $ 146,320
Buildings and improvements 2,269,439 2,269,597
Construction in progress 40,311 40,593
Total real estate, at cost 2,454,854 2,456,510
Less accumulated depreciation (361,093) (343,062)
Net real estate held for investment 2,093,761 2,113,448
Life science investments 153,980 152,665
Construction loan receivable 22,800 22,800
Cash and cash equivalents 89,117 47,597
In-place lease intangible assets, net 6,155 6,366
Other assets, net 28,167 27,982
Total assets 2,393,980 2,370,858
Liabilities:    
Notes due 2026, net 290,981 290,602
Revolving credit facilities 75,000 102,500
Building improvements and construction funding payable 851 2,964
Accounts payable and accrued expenses 14,702 10,870
Dividends payable 57,100 54,913
Rent received in advance and tenant security deposits 50,060 50,307
Other liabilities 10,746 10,698
Total liabilities 499,440 522,854
Commitments and contingencies (Notes 6, 7 and 12)
Stockholders’ equity:    
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 4,718,048 and 2,019,525 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 108,081 47,780
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,314,520 and 28,022,975 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 28 28
Additional paid-in capital 2,123,710 2,113,184
Dividends in excess of earnings (337,279) (312,988)
Total stockholders’ equity 1,894,540 1,848,004
Total liabilities and stockholders’ equity $ 2,393,980 $ 2,370,858