v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate, at cost:    
Land $ 141,289 $ 146,320
Buildings and improvements 2,189,885 2,269,597
Construction in progress 34,769 40,593
Total real estate, at cost 2,365,943 2,456,510
Less accumulated depreciation (369,450) (343,062)
Net real estate held for investment 1,996,493 2,113,448
Life science investments 275,888 152,665
Loans receivable 71,800 22,800
Cash and cash equivalents 204,734 47,597
Restricted cash 2,903 0
In-place lease intangible assets, net 5,515 6,366
Other assets, net 24,308 27,982
Total assets 2,581,641 2,370,858
Liabilities:    
Notes due 2026, net 0 290,602
Exchangeable notes, net 391,163 0
Term loans, net 125,370 0
Revolving credit facilities 92,500 102,500
Building improvements and construction funding payable 789 2,964
Accounts payable and accrued expenses 8,354 10,870
Dividends payable 56,314 54,913
Rent received in advance and tenant security deposits 44,710 50,307
Other liabilities 10,842 10,698
Total liabilities 730,042 522,854
Commitments and contingencies (Notes 6, 7 and 13)
Stockholders’ equity:    
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 5,666,082 and 2,019,525 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 128,995 47,780
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 27,571,349 and 28,022,975 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 28 28
Additional paid-in capital 2,072,317 2,113,184
Dividends in excess of earnings (349,741) (312,988)
Total stockholders’ equity 1,851,599 1,848,004
Total liabilities and stockholders’ equity $ 2,581,641 $ 2,370,858