v3.26.1
Fresh Start Accounting - Schedule of Debtors' Condensed Combined Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Jun. 18, 2026
Jun. 17, 2026
Jun. 16, 2026
Apr. 21, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Real estate properties:                    
Land $ 607,033   $ 607,033              
Buildings and improvements 500,182   497,111              
Total real estate properties, gross 1,107,215   1,104,144              
Accumulated depreciation (746)   0              
Total real estate properties, net 1,106,469   1,104,144              
Investment in unconsolidated joint venture 12,856   12,764              
Assets of properties held for sale 294,960   295,114       $ 0      
Acquired real estate leases, net 826,305   833,733              
Cash and cash equivalents 50,751   45,799              
Restricted cash 54,038   49,426              
Deferred leasing costs, net 2,688   0              
Other assets, net 8,909   10,089              
Total assets 2,374,530   2,364,978   $ 2,364,978          
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Secured debt, net 1,683,556   1,683,321              
Liabilities of properties held for sale     10,633              
Accounts payable and other liabilities 132,098   120,527              
Due to related persons 4,751   3,324              
Assumed real estate lease obligations, net 32,409   32,631              
Total liabilities not subject to compromise 1,863,075   1,850,436              
Liabilities subject to compromise 0   0              
Total liabilities 1,863,075   1,850,436              
Commitments and contingencies                
Shareholders’ equity:                    
Common shares of beneficial interest 220   220              
Additional paid in capital 514,322   514,322              
Cumulative net loss (3,087)   0              
Cumulative common distributions 0   0              
Total shareholders’ equity 511,455 $ 514,542 514,542              
Total liabilities and shareholders’ equity 2,374,530   2,364,978              
Nonrelated Party                    
Real estate properties:                    
Rents receivable 17,147   12,985              
Related Party                    
Real estate properties:                    
Rents receivable $ 407   924              
Predecessor                    
Real estate properties:                    
Land       $ 706,623     706,623      
Buildings and improvements       2,955,273     2,970,072      
Total real estate properties, gross       3,661,896     3,676,695      
Accumulated depreciation       777,430     (729,543)      
Total real estate properties, net       2,884,466     2,947,152      
Investment in unconsolidated joint venture       17,457     16,965      
Assets of properties held for sale       0            
Acquired real estate leases, net       134,160     150,254      
Cash and cash equivalents       68,349     29,486 $ 78,176    
Restricted cash       45,094     51,175      
Deferred leasing costs, net       91,953     98,268      
Other assets, net       23,668     30,951      
Total assets       3,431,920     3,488,596      
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Secured debt, net       1,010,588     889,557      
Liabilities of properties held for sale       0            
Accounts payable and other liabilities       151,873     126,856      
Due to related persons             4,689      
Assumed real estate lease obligations, net       7,867     8,374      
Total liabilities not subject to compromise       1,173,652     1,029,476      
Liabilities subject to compromise       1,565,485     1,578,133      
Total liabilities       2,739,137     2,607,609      
Commitments and contingencies                
Shareholders’ equity:                    
Common shares of beneficial interest       739     739      
Additional paid in capital       2,659,524     2,658,471      
Cumulative net loss       (497,564)     (308,307)      
Cumulative common distributions       (1,469,916)     (1,469,916)      
Total shareholders’ equity     514,542 692,783   $ 788,131 880,987 $ 1,065,928 $ 1,106,663 $ 1,152,804
Total liabilities and shareholders’ equity       3,431,920     3,488,596      
Predecessor | Nonrelated Party                    
Real estate properties:                    
Rents receivable       165,849     164,114      
Predecessor | Related Party                    
Real estate properties:                    
Rents receivable       924     $ 231      
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Due to related persons       $ 3,324            
Reorganization Adjustment                    
Real estate properties:                    
Land     (218,408)              
Buildings and improvements     (608,900)              
Total real estate properties, gross     (827,308)              
Accumulated depreciation     (146,687)              
Total real estate properties, net     (680,621)              
Investment in unconsolidated joint venture     0              
Assets of properties held for sale     707,854              
Acquired real estate leases, net     (7,409)              
Cash and cash equivalents     (22,550)              
Restricted cash     4,332              
Deferred leasing costs, net     (6,919)              
Other assets, net     (235)              
Total assets     (17,051)              
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Secured debt, net     677,188              
Liabilities of properties held for sale     8,050              
Accounts payable and other liabilities     (20,964)              
Due to related persons     0              
Assumed real estate lease obligations, net     (352)              
Total liabilities not subject to compromise     663,922              
Liabilities subject to compromise     (1,565,485)              
Total liabilities     (901,563)              
Commitments and contingencies                  
Shareholders’ equity:                    
Common shares of beneficial interest     (739)              
Additional paid in capital     (2,659,524)              
Cumulative net loss     1,560,317              
Cumulative common distributions     1,469,916              
Total shareholders’ equity     884,512              
Total liabilities and shareholders’ equity     (17,051)              
Reorganization Adjustment | Nonrelated Party                    
Real estate properties:                    
Rents receivable     (11,503)              
Reorganization Adjustment | Related Party                    
Real estate properties:                    
Rents receivable     0              
Reorganization Adjustment | Reorganization, Chapter 11, Debtor-in-Possession                    
Shareholders’ equity:                    
Common shares of beneficial interest     220              
Additional paid in capital     514,322              
Fresh Start Adjustment                    
Real estate properties:                    
Land     118,818              
Buildings and improvements     (1,849,262)              
Total real estate properties, gross     (1,730,444)              
Accumulated depreciation     (630,743)              
Total real estate properties, net     (1,099,701)              
Investment in unconsolidated joint venture     (4,693)              
Assets of properties held for sale     (412,740)              
Acquired real estate leases, net     706,982              
Cash and cash equivalents     0              
Restricted cash     0              
Deferred leasing costs, net     (85,034)              
Other assets, net     (13,344)              
Total assets     (1,049,891)              
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Secured debt, net     (4,455)              
Liabilities of properties held for sale     2,583              
Accounts payable and other liabilities     (10,382)              
Due to related persons     0              
Assumed real estate lease obligations, net     25,116              
Total liabilities not subject to compromise     12,862              
Liabilities subject to compromise     0              
Total liabilities     12,862              
Commitments and contingencies                  
Shareholders’ equity:                    
Cumulative net loss     (1,062,753)              
Cumulative common distributions     0              
Total shareholders’ equity     (1,062,753)              
Total liabilities and shareholders’ equity     (1,049,891)              
Fresh Start Adjustment | Nonrelated Party                    
Real estate properties:                    
Rents receivable     (141,361)              
Fresh Start Adjustment | Related Party                    
Real estate properties:                    
Rents receivable     $ 0