v3.26.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Investments in real estate, net $ 693,740,000 $ 698,087,000
Investments in unconsolidated entities 26,463,000 31,095,000
Cash and cash equivalents 12,768,000 15,439,000
Restricted cash 23,942,000 22,246,000
Accounts receivable, net 3,048,000 2,598,000
Deferred rent receivable and charges, net 16,901,000 18,692,000
Other intangible assets, net 378,000 439,000
Prepaid expenses and other assets 5,698,000 4,732,000
Assets held for sale, net (Note 5) 0 65,859,000
TOTAL ASSETS 782,938,000 859,187,000
LIABILITIES:    
Debt, net 498,770,000 509,768,000
Accounts payable and accrued expenses 24,074,000 26,979,000
Due to related parties 1,631,000 22,819,000
Other liabilities 12,507,000 11,406,000
Liabilities associated with assets held for sale, net (Note 5) 0 21,966,000
Total liabilities 536,982,000 592,938,000
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:    
Common stock, $0.001 par value; 900,000,000 shares authorized; 2,947,493 shares issued and outstanding as of June 30, 2026 and 26,997 shares issued and outstanding as of December 31, 2025 3,000 3,000
Additional paid-in capital 1,287,344,000 1,019,044,000
Distributions in excess of earnings (1,109,784,000) (1,064,132,000)
Total stockholders’ equity 245,266,000 265,361,000
Noncontrolling interests 690,000 888,000
Total equity 245,956,000 266,249,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY 782,938,000 859,187,000
Series A Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 41,828,000 91,906,000
Series A1 Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 25,322,000 217,451,000
Series D Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock $ 553,000 $ 1,089,000