v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 109,728 $ 138,673
Restricted cash 6,572 7,767
Real estate:    
Land 388,229 381,824
Building and improvements 819,937 810,112
In-place lease intangible assets 110,969 109,852
Construction in progress 837 4,233
Total real estate 1,319,972 1,306,021
Less: accumulated depreciation and amortization (224,194) (211,099)
Total real estate, net 1,095,778 1,094,922
Above-market lease intangible assets, net 1,238 1,257
Deferred rent receivable 18,867 18,173
Deferred leasing costs, net 5,665 3,885
Goodwill 68,373 68,373
Right-of-use lease assets 5,231 1,325
Other assets 16,735 18,449
Total assets 1,328,187 1,352,824
LIABILITIES AND EQUITY    
Debt, net 475,113 474,006
Interest rate swap liability, at fair value 509 2,444
Distributions payable 0 3,818
Below-market lease intangible liabilities, net 31,744 34,261
Right-of-use lease liabilities 5,248 1,334
Accrued expenses and other liabilities 52,247 58,258
Total liabilities 564,861 574,121
Commitments and contingencies (Note 12)
Shareholders’ equity:    
Common shares, $0.001 par value; 800,000,000 shares authorized; 37,187,359 and 37,176,167 shares outstanding in the aggregate as of March 31, 2026 and December 31, 2025, respectively 37 37
Additional paid-in capital 3,027,481 3,025,954
Cumulative distributions (1,133,542) (1,133,542)
Accumulated earnings (1,163,479) (1,145,986)
Accumulated other comprehensive income (loss) 794 (1,038)
Total shareholders’ equity 731,291 745,425
Noncontrolling interests 32,035 33,278
Total equity 763,326 778,703
Total liabilities and equity $ 1,328,187 $ 1,352,824