v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate properties:    
Land $ 607,033  
Buildings and improvements 500,182  
Total real estate properties, gross 1,107,215  
Accumulated depreciation (746)  
Total real estate properties, net 1,106,469  
Assets of properties held for sale 294,960 $ 0
Investment in unconsolidated joint venture 12,856  
Acquired real estate leases, net 826,305  
Cash and cash equivalents 50,751  
Restricted cash 54,038  
Deferred leasing costs, net 2,688  
Other assets, net 8,909  
Total assets 2,374,530  
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Secured debt, net 1,683,556  
Liabilities of properties held for sale 10,261 0
Accounts payable and other liabilities 132,098  
Due to related persons 4,751  
Assumed real estate lease obligations, net 32,409  
Total liabilities not subject to compromise 1,863,075  
Liabilities subject to compromise 0  
Total liabilities 1,863,075  
Commitments and contingencies  
Shareholders’ equity:    
Predecessor common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 shares issued and outstanding in 2025 220  
Additional paid in capital 514,322  
Cumulative net loss (3,087)  
Cumulative common distributions 0  
Total shareholders’ equity 511,455  
Total liabilities and shareholders’ equity 2,374,530  
Predecessor    
Real estate properties:    
Land   706,623
Buildings and improvements   2,970,072
Total real estate properties, gross   3,676,695
Accumulated depreciation   (729,543)
Total real estate properties, net   2,947,152
Investment in unconsolidated joint venture   16,965
Acquired real estate leases, net   150,254
Cash and cash equivalents   29,486
Restricted cash   51,175
Deferred leasing costs, net   98,268
Other assets, net   30,951
Total assets   3,488,596
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Secured debt, net   889,557
Accounts payable and other liabilities   126,856
Due to related persons   4,689
Assumed real estate lease obligations, net   8,374
Total liabilities not subject to compromise   1,029,476
Liabilities subject to compromise   1,578,133
Total liabilities   2,607,609
Commitments and contingencies  
Shareholders’ equity:    
Predecessor common shares of beneficial interest, $.01 par value: 250,000,000 shares authorized, 73,941,128 shares issued and outstanding in 2025   739
Additional paid in capital   2,658,471
Cumulative net loss   (308,307)
Cumulative common distributions   (1,469,916)
Total shareholders’ equity   880,987
Total liabilities and shareholders’ equity   3,488,596
Nonrelated Party    
Real estate properties:    
Rents receivable 17,147  
Nonrelated Party | Predecessor    
Real estate properties:    
Rents receivable   164,114
Related Party    
Real estate properties:    
Rents receivable $ 407  
Related Party | Predecessor    
Real estate properties:    
Rents receivable   $ 231