v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate properties:    
Land $ 706,623 $ 711,039
Buildings and improvements 2,960,000 2,946,520
Total real estate properties, gross 3,666,623 3,657,559
Accumulated depreciation (698,898) (618,650)
Total real estate properties, net 2,967,725 3,038,909
Assets of properties held for sale 6,015 32,199
Investment in unconsolidated joint venture 16,875 17,370
Acquired real estate leases, net 160,345 193,739
Cash and cash equivalents 44,609 261,318
Restricted cash 14,550 13,847
Rents receivable 162,630 155,668
Deferred leasing costs, net 95,538 97,642
Other assets, net 33,098 11,594
Total assets 3,501,385 3,822,286
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Unsecured debt, net 488,708 662,277
Secured debt, net 1,879,478 1,872,357
Liabilities of properties held for sale 712 765
Accounts payable and other liabilities 119,561 118,689
Due to related persons 4,477 5,869
Assumed real estate lease obligations, net 8,649 9,525
Total liabilities 2,501,585 2,669,482
Commitments and contingencies
Shareholders’ equity:    
Common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,943,439 and 69,824,743 shares issued and outstanding, respectively 739 698
Additional paid in capital 2,658,302 2,656,548
Cumulative net loss (189,325) (35,933)
Cumulative common distributions (1,469,916) (1,468,509)
Total shareholders’ equity 999,800 1,152,804
Total liabilities and shareholders’ equity $ 3,501,385 $ 3,822,286