v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land $ 181,140 $ 174,535
Buildings, fixtures and improvements 1,859,780 1,785,952
Acquired intangible assets 250,440 246,544
Construction in progress 7,170 2,994
Total real estate investments, at cost 2,298,530 2,210,025
Less: accumulated depreciation and amortization (706,002) (691,200)
Total real estate investments, net 1,592,528 1,518,825
Cash and cash equivalents 245,695 57,620
Restricted cash 56,681 50,832
Derivative assets, at fair value 2,367 569
Straight-line rent receivable, net 21,924 21,486
Operating lease right-of-use assets 7,299 7,377
Prepaid expenses and other assets, net 22,417 23,019
Accounts receivable, net 7,157 9,252
Deferred costs, net 20,201 22,792
Total assets 1,976,269 1,711,772
Liabilities    
Mortgage notes payable, net 367,629 367,629
Market lease intangible liabilities, net 4,381 4,851
Derivative liabilities, at fair value 0 188
Accounts payable and accrued expenses 48,249 44,381
Operating lease liabilities 8,417 8,467
Deferred rent 7,038 9,247
Distributions payable 2,808 3,340
Total liabilities 919,050 1,107,247
Commitments and Contingencies
Equity    
Additional paid-in capital 3,001,481 2,531,315
Accumulated other comprehensive income 4,810 5,604
Distributions in excess of accumulated earnings (1,953,804) (1,938,060)
Total stockholders’ equity 1,054,124 600,064
Non-controlling interests 3,095 4,461
Total equity 1,057,219 604,525
Total liabilities and equity 1,976,269 1,711,772
Series A Preferred Stock    
Equity    
Preferred stock 33 38
Series B Preferred Stock    
Equity    
Preferred stock 29 35
Common Stock    
Equity    
Common stock 1,132 1,132
Class A Common Stock    
Equity    
Common stock 443 0
Secured Debt | Fannie Mae Secured Debt    
Liabilities    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net 331,854 334,739
Secured Debt | 2025 Credit Agreement    
Liabilities    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net 148,674 148,405
Revolving Credit Facility | 2025 Credit Agreement    
Liabilities    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net $ 0 $ 186,000