v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments:    
Income producing property $ 1,784,337 $ 1,801,279
Held for development 0 5,683
Construction in progress 14,239 13,028
Real estate investments, at cost 1,798,576 1,819,990
Accumulated depreciation (422,439) (410,565)
Net real estate investments 1,376,137 1,409,425
Real estate investments held for sale 0 4,800
Assets of discontinued operations 189,913 800,536
Cash and cash equivalents 20,662 [1] 40,743 [2]
Restricted cash [4] 1,547 [3] 1,622 [5]
Accounts receivable, net 62,482 64,747
Notes receivable, net 9,233 0
Equity method investments 58,444 47,926
Operating lease right-of-use assets 22,491 22,610
Finance lease right-of-use assets 76,884 77,539
Acquired lease intangible assets 69,954 76,408
Other assets 40,217 50,154
Total Assets 1,927,964 2,596,510
LIABILITIES AND EQUITY    
Indebtedness, net 955,862 1,283,987
Accounts payable and accrued liabilities 30,340 36,810
Operating lease liabilities 31,108 31,198
Finance lease liabilities 85,243 84,835
Other liabilities 29,397 43,986
Total Liabilities 1,212,961 1,767,318
Stockholders’ equity:    
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized; 6,843,418 shares issued and outstanding as of June 30, 2026 and December 31, 2025 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 74,594,185 and 80,166,778 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 749 805
Additional paid-in capital 691,746 724,667
Distributions in excess of earnings (335,100) (269,484)
Accumulated other comprehensive income 848 703
Total stockholders’ equity 529,328 627,776
Noncontrolling interests in investment entities 12,134 8,532
Noncontrolling interests in Operating Partnership 173,541 192,884
Total Equity 715,003 829,192
Total Liabilities and Equity 1,927,964 2,596,510
Liabilities of discontinued operations    
Real estate investments:    
Assets of discontinued operations 189,913 800,536
LIABILITIES AND EQUITY    
Liabilities of discontinued operations $ 81,011 $ 286,502
[1] Excludes cash and cash equivalents from discontinued operations as of June 30, 2026 and June 30, 2025 of $7.8 million and $30.2 million, respectively.
[2] Excludes cash and cash equivalents from discontinued operations as of December 31, 2025 and December 31, 2024 of $10.2 million and $48.7 million, respectively.
[3] Excludes restricted cash from discontinued operations as of June 30, 2026 and June 30, 2025 of $5.5 million and $1.6 million, respectively.
[4] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements
[5] Excludes restricted cash from discontinued operations as of December 31, 2025 and December 31, 2024 of $1.6 million and $1.5 million, respectively.