v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments    
Property owned $ 2,261,220 $ 2,524,020
Less accumulated depreciation (605,402) (660,124)
Total real estate investments 1,655,818 1,863,896
Cash and cash equivalents 8,560 12,833
Restricted cash 1,883 2,818
Other assets 38,993 46,620
Assets held for sale, net 135,111 0
TOTAL ASSETS 1,840,365 1,926,167
LIABILITIES    
Accounts payable and accrued expenses 51,370 59,247
Revolving lines of credit 176,000 154,925
Notes payable, net 299,608 299,579
Mortgages payable, net 513,975 566,660
Liabilities held for sale, net 1,460 0
TOTAL LIABILITIES 1,042,413 1,080,411
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at June 30, 2026 and December 31, 2025, aggregate liquidation preference of $5,940 at June 30, 2026) 5,940 5,940
EQUITY    
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,792 shares issued and outstanding at June 30, 2026 and 16,761 shares issued and outstanding at December 31, 2025) 1,369,753 1,368,834
Accumulated distributions in excess of net income (689,530) (649,678)
Total shareholders’ equity 680,223 719,156
Noncontrolling interests – Operating Partnership and Series E preferred units 111,789 120,660
TOTAL EQUITY 792,012 839,816
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,840,365 $ 1,926,167