v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Net Real Estate Investments    
Land $ 116,033 $ 123,260
Buildings and improvements 731,777 755,813
Furniture, fixtures and equipment 29,766 28,934
Construction in process 15,294 10,050
Total gross operating real estate investments 892,870 918,057
Accumulated depreciation (74,495) (65,318)
Total net operating real estate investments 818,375 852,739
Operating real estate held for sale, net 18,382 15,647
Total Net Real Estate Investments 836,757 868,386
Cash and cash equivalents 172,107 169,561
Restricted cash 22,679 24,901
Investment in unconsolidated real estate fund 25,805 25,692
Accounts receivable, prepaids and other assets, net 28,731 21,966
Preferred equity investments, net 55,565 35,738
Other intangible assets, net 5,221 7,494
Due from affiliates $ 610 $ 653
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] Related Party [Member] Related Party [Member]
Non-real estate assets associated with operating real estate held for sale $ 16 $ 14
TOTAL ASSETS 1,147,491 1,154,405
LIABILITIES AND EQUITY    
Mortgages payable 421,919 428,392
Accounts payable 1,100 1,130
Other accrued liabilities 21,837 20,643
Due to affiliates $ 7,341 $ 9,782
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Distributions payable $ 2,600 $ 2,504
Liabilities associated with operating real estate held for sale 110 114
Total Liabilities 454,907 462,565
Stockholders' Equity    
Preferred stock, $0.01 par value, 206,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Additional paid-in-capital 121,595 121,489
Accumulated (deficit) earnings (737) 7,200
Accumulated other comprehensive income 50 11
Total Stockholders' Equity 120,949 128,740
Noncontrolling Interests    
Operating partnership units 276,722 292,817
Partially-owned properties 139,175 128,166
Total Noncontrolling Interests 415,897 420,983
Total Equity 536,846 549,723
TOTAL LIABILITIES AND EQUITY 1,147,491 1,154,405
Series A Redeemable Preferred Stock    
LIABILITIES AND EQUITY    
Redeemable Preferred Stock 148,009 142,117
Series B Redeemable Preferred Stock    
LIABILITIES AND EQUITY    
Redeemable Preferred Stock 7,729  
Class A common stock    
Stockholders' Equity    
Common stock 41 40
Class C common stock    
Stockholders' Equity    
Common stock