Presentation of Financial Statements and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	March 31, 2026		December 31, 2025
Straight-line rent receivables	$	100,168	$	96,975
Tenant receivables	2,982		5,512
Related-party receivables	20,636		18,640
Other receivables	7,773		12,995
Accounts receivable, net (a)	$	131,559	$	134,122

(a)As of March 31, 2026, the total reserve balance for amounts considered uncollectible was $8.0 million, comprised of $7.9 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2025, the total reserve balance was $7.2 million, comprised of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivables.

Summary of impacts of the Asc 842 and Asc 450 reserves in the accompanying condensed consolidated statement of operations

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended March 31,
Statements of Operations Location		2026		2025
Rental revenue		$	1,358	$	771
Provision for (recovery of) doubtful accounts		(59)		(156)
Total (income) expense impact		$	1,299	$	615

Summary of condensed consolidated balance sheets

The Company’s Condensed Consolidated Balance Sheets included the following amounts related to ‘Ilima.


thousands	March 31, 2026		December 31, 2025

Buildings and equipment	$	7,184	$	7,161
Less: accumulated depreciation	(1,954)		(1,354)

Developments	16,150		14,684
Net investment in real estate	21,380		20,491

Cash and cash equivalents	22,406		21,690
Restricted cash	150,584		136,418
Accounts receivable, net	63		65

Deferred expenses, net	16,010		13,571

Other assets, net	—		565

Total assets	$	210,443	$	192,800






Accounts payable and other liabilities	$	170,030	$	153,430
Total liabilities	$	170,030	$	153,430

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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