v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Real estate, at cost $ 3,927,273 $ 3,908,485
Real estate - intangible assets 331,709 305,841
Land held for development 64,789 82,971
Investments in real estate under construction 129,943 41,769
Real estate, gross 4,453,714 4,339,066
Less: accumulated depreciation and amortization (1,259,051) (1,151,513)
Real estate, net 3,194,663 3,187,553
Right-of-use assets, net 5,842 8,721
Cash and cash equivalents 110,310 170,394
Restricted cash 175 257
Investments in non-consolidated entities 28,749 31,430
Deferred expenses, net 49,031 35,068
Rent receivable - current 3,155 3,454
Rent receivable - deferred 88,055 84,631
Other assets 23,889 15,514
Total assets 3,503,869 3,537,022
Liabilities:    
Mortgages and notes payable, net 45,365 49,541
Term loan payable, net 247,968 249,053
Senior notes payable, net 953,925 952,693
Trust preferred securities, net 100,172 100,113
Dividends payable 2,724 44,715
Operating lease liabilities 6,095 9,134
Accounts payable and other liabilities 75,520 54,553
Accrued interest payable 11,546 9,218
Deferred revenue - including below-market leases, net 1,703 3,030
Prepaid rent 14,222 16,594
Total liabilities 1,459,240 1,488,644
Commitments and contingencies
Equity:    
Series C Cumulative Convertible Preferred, liquidation preference $96,769 and $96,770, respectively; 1,935,375 and 1,935,400 shares issued and outstanding in 2026 and 2025, respectively (cumulative dividends in arrears of $0.8125 per share or $1,573 in the aggregate in 2026) 94,014 94,016
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 58,957,264 and 59,077,234 shares issued and outstanding in 2026 and 2025, respectively 6 6
Additional paid-in-capital 3,306,871 3,313,884
Accumulated distributions in excess of net income (1,365,515) (1,371,654)
Accumulated other comprehensive income 1,972 427
Total shareholders’ equity 2,037,348 2,036,679
Noncontrolling interests 7,281 11,699
Total equity 2,044,629 2,048,378
Total liabilities and equity $ 3,503,869 $ 3,537,022