v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Series A Convertible Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest
Beginning balance at Dec. 31, 2024 $ 522,678   $ 173 $ 331,482 $ (6,834)   $ 197,857
Conversion of OP Units to shares of common stock     2 4,711     (4,713)
Stock-based compensation 615     615      
Dividends and distributions declared to common stock and OP Units (6,178)       (3,767)   (2,411)
Distributions declared to Preferred Units (8)           (8)
Reallocation of non-controlling interests       (773)     773
Change in fair value of interest rate swaps (179)         $ (112) (67)
Net income (loss) (1,337)       (833)   (504)
Ending balance at Mar. 31, 2025 515,591   175 336,035 (11,434) (112) 190,927
Beginning balance at Dec. 31, 2024 522,678   173 331,482 (6,834)   197,857
Net income (loss) (5,867)            
Ending balance at Jun. 30, 2025 503,951   204 389,378 (18,727) (965) 134,061
Beginning balance at Mar. 31, 2025 515,591   175 336,035 (11,434) (112) 190,927
Conversion of OP Units to shares of common stock     29 60,464     (60,493)
Stock-based compensation 200     200      
Dividends and distributions declared to common stock and OP Units (5,970)       (4,392)   (1,578)
Distributions declared to Preferred Units (8)           (8)
Reallocation of non-controlling interests       (7,321)     7,321
Change in fair value of interest rate swaps (1,332)         (853) (479)
Net income (loss) (4,530)       (2,901)   (1,629)
Ending balance at Jun. 30, 2025 503,951   204 389,378 (18,727) (965) 134,061
Beginning balance at Dec. 31, 2025 493,224   221 420,024 (28,149) (901) 102,029
Conversion of OP Units to shares of common stock     3 6,132     (6,135)
Issuance of common stock in public offerings, net of issuance costs / Issuance of shares of Series A Convertible Preferred Stock 23,869 $ 3   23,866      
Stock-based compensation 1,061     1,061      
Dividends and distributions declared to common stock and OP Units (6,155)       (4,818)   (1,337)
Dividends declared to Series A Convertible Preferred Stock (239)       (239)    
Distributions declared to Preferred Units (8)           (8)
Reallocation of non-controlling interests       (1,046)     1,046
Change in fair value of interest rate swaps 2,057         1,644 413
Realized loss on interest rate swaps (50)         (40) (10)
Net income (loss) 400       320   80
Ending balance at Mar. 31, 2026 514,159 3 224 450,037 (32,886) 703 96,078
Beginning balance at Dec. 31, 2025 493,224   221 420,024 (28,149) (901) 102,029
Net income (loss) 1,917            
Ending balance at Jun. 30, 2026 528,623 3 236 471,987 (37,161) 2,257 91,301
Beginning balance at Mar. 31, 2026 514,159 3 224 450,037 (32,886) 703 96,078
Conversion of OP Units to shares of common stock     3 5,602     (5,605)
Issuance of common stock in public offerings, net of issuance costs / Issuance of shares of Series A Convertible Preferred Stock 17,164   9 17,155      
Stock-based compensation 655     13     642
Dividends and distributions declared to common stock and OP Units (6,354)       (5,085)   (1,269)
Dividends declared to Series A Convertible Preferred Stock (422)       (422)    
Distributions declared to Preferred Units (8)           (8)
Reallocation of non-controlling interests       (820)     820
Change in fair value of interest rate swaps 1,912         1,554 358
Net income (loss) 1,517       1,232   285
Ending balance at Jun. 30, 2026 $ 528,623 $ 3 $ 236 $ 471,987 $ (37,161) $ 2,257 $ 91,301