v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net loss $ (8,959) $ (5,826) $ (19,256) $ (13,156)  
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization     18,124 15,924  
Amortization of fair value adjustments     220 162  
Income from preferred equity investments (2,033) (2,306) (3,564) (5,416)  
Share of net earnings of equity method investment (307)   (603)    
Gain on sale of real estate investments, net (318) (929) (902) (1,757)  
Impairment of real estate investments 520 71 1,121 196  
Gain on sale of available-for-sale investments, net   (1,450)   (1,450)  
Fair value adjustment of interest rate caps and swaps     200 1,234  
Recovery of credit losses, net       (104)  
Loss on extinguishment of debt costs 1 5 37 9  
Noncash operating lease expense     316 302  
Distributions of income from preferred equity investments       10,743  
Distributions of income from investments in unconsolidated real estate funds     540    
Share-based compensation attributable to equity incentive plan     2,257 2,212  
Share-based compensation to Manager - C-LTIP Units     420 455  
Changes in operating assets and liabilities:          
Due (from) to affiliates, net     (2,448) 1,828  
Accounts receivable, prepaids and other assets     (3,234) (1,309)  
Notes and accrued interest receivable       470  
Accounts payable and other accrued liabilities     1,094 4,670  
Net cash (used in) provided by operating activities     (5,678) 15,013  
Cash flows from investing activities:          
Acquisitions of real estate investments     (10,699) (58,650)  
Capital expenditures     (9,111) (8,929)  
Investment in preferred equity investments     (19,700) (8,051)  
Purchase of interest rate cap     (691) (1,564)  
Proceeds from sale of real estate investments     36,817 13,735  
Proceeds from sale and redemption of preferred equity investments       30,779  
Investment in unconsolidated real estate fund       (25,000)  
Repayments on notes receivable       31,700  
Net cash used in investing activities     (3,384) (25,980)  
Cash flows from financing activities:          
Distributions to common stockholders     (1,014) (496)  
Distributions to noncontrolling interests     (2,301) (1,133)  
Distributions to partially owned properties' noncontrolling interests     (4,805) (525)  
Distributions to preferred stockholders     (5,264) (4,110)  
Contributions from noncontrolling interests     19,909 41,463  
Borrowings on mortgages payable     19,196 30,739  
Repayments on mortgages payable     (26,498) (4,000)  
Proceeds from revolving credit facilities       20,000  
Repayments on revolving credit facilities       (81,000)  
Payments of deferred financing fees     (582) (1,711)  
Shares withheld for employee taxes upon vesting of awards     (311) (200)  
Payments to redeem Operating Partnership Units       (4)  
Net cash provided by financing activities     9,386 24,827  
Net increase in cash, cash equivalents and restricted cash     324 13,860  
Cash, cash equivalents and restricted cash, beginning of year     194,462 131,241 $ 131,241
Cash, cash equivalents and restricted cash, end of period 194,786 145,101 194,786 145,101 194,462
Reconciliation of cash, cash equivalents and restricted cash          
Cash and cash equivalents 172,107 127,602 172,107 127,602 169,561
Restricted cash 22,679 17,499 22,679 17,499 24,901
Total cash, cash equivalents and restricted cash, end of period $ 194,786 $ 145,101 194,786 145,101 $ 194,462
Supplemental disclosure of cash flow information          
Cash paid for interest (net of interest capitalized)     11,076 9,212  
Cash paid for income taxes     536    
Supplemental disclosure of non-cash investing and financing activities          
Distributions payable to common stockholders - declared and unpaid     514 509  
Distributions payable to noncontrolling interests - declared and unpaid     1,169 1,145  
Distributions payable to preferred stockholders - declared and unpaid     917 771  
Repayment of revolving credit facility with borrowings on mortgages payable       60,000  
Capital expenditures held in accounts payable and other accrued liabilities     1,630 1,410  
Series A Redeemable Preferred Stock          
Cash flows from financing activities:          
Net proceeds from issuance of Redeemable Preferred Stock     4,172 26,030  
Payments to redeem 6.0% Series A Redeemable Preferred Stock     (514) $ (226)  
Series B Redeemable Preferred Stock          
Cash flows from financing activities:          
Net proceeds from issuance of Redeemable Preferred Stock     $ 7,398