v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate, at cost    
Land $ 141,289 $ 146,320
Buildings and improvements 2,191,688 2,269,597
Construction in progress 35,041 40,593
Total real estate, at cost 2,368,018 2,456,510
Less accumulated depreciation (387,234) (343,062)
Net real estate held for investment 1,980,784 2,113,448
Life science investments 417,416 152,665
Loans receivable 71,800 22,800
Cash and cash equivalents 142,352 47,597
Restricted cash 2,908 0
In-place lease intangible assets, net 3,727 6,366
Other assets, net 31,728 27,982
Total assets 2,650,715 2,370,858
Liabilities    
Notes due 2026, net 0 290,602
Exchangeable notes, net 389,749 0
Term loans, net 118,710 0
Revolving credit facilities 187,500 102,500
Accounts payable and accrued expenses 13,358 10,870
Dividends payable 56,314 54,913
Rent received in advance and tenant security deposits 41,525 50,307
Other liabilities 13,077 13,662
Total liabilities 820,233 522,854
Commitments and contingencies (Notes 6, 7 and 13)
Stockholders’ equity    
Preferred stock, par value $0.001 per share, 75,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 5,666,082 and 2,019,525 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 128,995 47,780
Common stock, par value $0.001 per share, 100,000,000 shares authorized: 27,570,861 and 28,022,975 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 28 28
Additional paid-in capital 2,075,619 2,113,184
Dividends in excess of earnings (374,160) (312,988)
Total stockholders’ equity 1,830,482 1,848,004
Total liabilities and stockholders’ equity $ 2,650,715 $ 2,370,858