v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]        
REVENUE $ 59,515,000 $ 71,399,000 $ 190,366,000 $ 207,041,000
EXPENSES        
Property operating expenses, excluding real estate taxes 17,506,000 21,210,000 53,373,000 59,131,000
Real estate taxes 6,157,000 7,165,000 20,511,000 22,506,000
Property management expense 1,986,000 2,489,000 6,459,000 7,315,000
Casualty loss, net of recoveries (441,000) 127,000 (668,000) 1,058,000
Depreciation and amortization 23,127,000 29,056,000 74,700,000 83,807,000
Impairment of real estate investments 0 8,676,000 9,700,000 23,219,000
General and administrative expenses 4,995,000 4,997,000 16,986,000 14,376,000
Merger related costs 5,020,000 0 5,020,000 0
TOTAL EXPENSES 58,350,000 73,720,000 186,081,000 211,412,000
Gain on sale of real estate and other investments 150,308,000 79,531,000 150,579,000 79,531,000
Operating income 151,473,000 77,210,000 154,864,000 75,160,000
Interest expense (8,412,000) (12,989,000) (29,505,000) (33,348,000)
Loss on extinguishment of debt (526,000) (3,000) (526,000) (3,000)
Interest and other income 1,112,000 1,190,000 2,711,000 2,633,000
NET INCOME 143,647,000 65,408,000 127,544,000 44,442,000
Distributions to Series D preferred unitholders (57,000) (109,000) (172,000) (429,000)
Net income attributable to noncontrolling interests – Operating Partnership and Series E preferred units (20,262,000) (9,197,000) (17,953,000) (6,071,000)
Net income attributable to noncontrolling interests – consolidated real estate entities 0 (2,319,000) 0 (2,408,000)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS 123,328,000 53,783,000 109,419,000 35,534,000
NET INCOME 143,647,000 65,408,000 127,544,000 44,442,000
Other comprehensive loss        
Loss on derivative instrument reclassified into earnings 0 58,000 0 407,000
TOTAL COMPREHENSIVE INCOME 143,647,000 65,466,000 127,544,000 44,849,000
Net comprehensive income attributable to noncontrolling interests – Operating Partnership and Series E preferred units (20,262,000) (9,188,000) (17,953,000) (6,011,000)
Net income attributable to noncontrolling interests – consolidated real estate entities 0 (2,319,000) 0 (2,408,000)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ 123,385,000 $ 53,959,000 $ 109,591,000 $ 36,430,000
NET INCOME PER COMMON SHARE – BASIC (in dollars per share) $ 7.32 $ 3.22 $ 6.49 $ 2.12
NET INCOME PER COMMON SHARE – DILUTED (in dollars per share) $ 7.28 $ 3.19 $ 6.46 $ 2.12
Weighted average shares - basic (in shares) 16,796 16,726 16,793 16,731
Weighted average shares - diluted (in shares) 16,883 19,771 17,780 19,835