Accounts Payable, Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2026

The following table summarizes the components of accounts payable, accrued expenses and other liabilities:


in thousands	March 31, 2026		December 31, 2025
Intangible liabilities, net	$	7,835	$	8,454
Subscriptions received in advance(1)	4,626		401
Accounts payable and accrued expenses	3,324		2,005
Real estate taxes payable	2,450		4,059
Tenant security deposits	2,242		2,204
Accrued interest expense	1,767		1,382
Common stock repurchases	982		1,499
Prepaid rental income	942		588
Distributions payable	706		688
Deferred tax liability	363		536
Derivative instruments	159		524
Total	$	25,396	$	22,340

(1)Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.