Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:


Land	Not depreciated
Buildings	27.5 years
Improvements and other assets	2.5 - 15 years
Acquired improvements and fixtures	1 - 8 years
Intangible lease assets	6 months

Schedule of Impairment Charges

For the three and six months ended June 30, 2026 and 2025, respectively, the Company recorded the following impairment charges (dollars in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Impairment of real estate assets not held for sale	$	(1,106	)	$	—		$	(9,385	)	$	(995	)
Impairment of real estate assets held for sale (1)		(15,744	)		(3,911	)		(20,861	)		(7,431	)
Total impairment charges	$	(16,850	)	$	(3,911	)	$	(30,246	)	$	(8,426	)
Gains on sales of real estate, net		24,954			6,756			35,857			10,807
Gain on sales and impairment of real estate, net	$	8,104		$	2,845		$	5,611		$	2,381

(1)

Impairment charges include approximately $0.5 million and $0.4 million of casualty related impairment for the three months ended June 30, 2026 and 2025, respectively and approximately $0.8 million and $0.7 million of casualty related impairment for the six months ended June 30, 2026 and 2025, respectively.

Schedule of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands):


	June 30,
	2026		2025
Cash	$	24,477	$	24,524
Restricted cash		69,853		53,109
Total cash and restricted cash	$	94,330	$	77,633