v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Net Real Estate Investments    
Land $ 119,485 $ 123,260
Buildings and improvements 742,835 755,813
Furniture, fixtures and equipment 29,157 28,934
Construction in process 13,152 10,050
Total gross operating real estate investments 904,629 918,057
Accumulated depreciation (70,340) (65,318)
Total net operating real estate investments 834,289 852,739
Operating real estate held for sale, net 13,031 15,647
Total Net Real Estate Investments 847,320 868,386
Cash and cash equivalents 170,097 169,561
Restricted cash 21,453 24,901
Investment in unconsolidated real estate funds 25,778 25,692
Accounts receivable, prepaids and other assets, net 28,116 21,966
Preferred equity investments, net 43,577 35,738
Other intangible assets, net 5,938 7,494
Due from affiliates $ 633 $ 653
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] Related Party [Member] Related Party [Member]
Non-real estate assets associated with operating real estate held for sale $ 33 $ 14
TOTAL ASSETS 1,142,945 1,154,405
LIABILITIES AND EQUITY    
Mortgages payable 416,810 428,392
Accounts payable 756 1,130
Other accrued liabilities 20,591 20,643
Due to affiliates $ 7,573 $ 9,782
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Distributions payable $ 2,548 $ 2,504
Liabilities associated with operating real estate held for sale 123 114
Total Liabilities 448,401 462,565
Stockholders' Equity    
Preferred stock, $0.01 par value, 206,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025
Additional paid-in-capital 121,504 121,489
Cumulative earnings in excess of distributions 3,260 7,200
Accumulated other comprehensive gain 38 11
Total Stockholders' Equity 124,842 128,740
Noncontrolling Interests    
Operating partnership units 285,667 292,817
Partially owned properties 134,796 128,166
Total Noncontrolling Interests 420,463 420,983
Total Equity 545,305 549,723
TOTAL LIABILITIES AND EQUITY 1,142,945 1,154,405
Series A Redeemable Preferred Stock    
LIABILITIES AND EQUITY    
Redeemable Preferred Stock 146,945 142,117
Series B Redeemable Preferred Stock    
LIABILITIES AND EQUITY    
Redeemable Preferred Stock 2,294  
Class A common stock    
Stockholders' Equity    
Common stock 40 40
Class C common stock    
Stockholders' Equity    
Common stock