v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate investments    
Property owned $ 2,266,599 $ 2,524,020
Less accumulated depreciation (628,285) (660,124)
Total real estate investments 1,638,314 1,863,896
Cash and cash equivalents 116,235 12,833
Restricted cash 2,846 2,818
Other assets 36,635 46,620
TOTAL ASSETS 1,794,030 1,926,167
LIABILITIES    
Accounts payable and accrued expenses 54,048 59,247
Revolving lines of credit 0 154,925
Notes payable, net 299,623 299,579
Mortgages payable, net 512,984 566,660
TOTAL LIABILITIES 866,655 1,080,411
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at September 30, 2026 and December 31, 2025, aggregate liquidation preference of $5,940 at September 30, 2026) 5,940 5,940
EQUITY    
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,824 shares issued and outstanding at September 30, 2026 and 16,761 shares issued and outstanding at December 31, 2025) 1,371,928 1,368,834
Accumulated distributions in excess of net income (579,173) (649,678)
Total shareholders’ equity 792,755 719,156
Noncontrolling interests – Operating Partnership and Series E preferred units 128,680 120,660
TOTAL EQUITY 921,435 839,816
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,794,030 $ 1,926,167