v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate:    
Investment properties $ 593,030 $ 607,512
Less accumulated depreciation (126,216) (122,837)
Real estate, net 466,814 484,675
Cash and cash equivalents 31,873 23,656
Restricted cash 27,914 24,973
Receivables, net 14,255 15,759
Investment securities - related party 29,958 24,406
Assets held for sale 0 4,549
Above market lease intangibles, net 589 706
Operating lease right-of-use assets 7,461 7,546
Deferred costs and other assets, net 14,512 15,464
Total Assets 593,376 601,734
LIABILITIES:    
Loans payable, net 458,109 468,157
Liabilities associated with assets held for sale 0 1,383
Below market lease intangibles, net 6,534 7,370
Derivative liabilities 3,047 7,243
Operating lease liabilities 8,132 8,221
Series D Preferred Stock redemptions 335 30
Accounts payable, accrued expenses and other liabilities 14,342 14,639
Total Liabilities 490,499 507,043
Commitments and contingencies (Note 8)
EQUITY:    
Common Stock ($0.01 par value, 200,000,000 shares authorized, 167,781 and 10,530 shares, respectively, issued and outstanding) 2 0
Additional paid-in capital 316,831 311,983
Accumulated deficit (348,998) (350,879)
Accumulated other comprehensive income 2,933 2,381
Total Shareholders’ Equity 5,697 234
Noncontrolling interests 26,981 31,253
Total Equity 32,678 31,487
Total Liabilities and Equity 593,376 601,734
 Series D Cumulative Convertible Preferred Stock    
LIABILITIES:    
Series D Preferred Stock redemptions 300  
Series D Cumulative Convertible Preferred Stock 70,199 63,204
Series A Preferred Stock    
EQUITY:    
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized; 2,659,916 and 2,714,618 shares, respectively, issued and outstanding; $66.5 million and $67.9 million aggregate liquidation preference, respectively) 453 453
 Series B Convertible Preferred Stock    
EQUITY:    
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized; 2,659,916 and 2,714,618 shares, respectively, issued and outstanding; $66.5 million and $67.9 million aggregate liquidation preference, respectively) 34,476 36,296
Land and land improvements    
Real estate:    
Investment properties 119,880 123,444
Buildings and improvements    
Real estate:    
Investment properties $ 473,150 $ 484,068