v3.26.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Common Shares
Paid-in Capital
Accumulated Distributions in Excess of Earnings
Total Beneficial Interest
Noncontrolling Interest in Operating Partnership
Noncontrolling Interest in Partially Owned Properties
Accumulated Comprehensive Income (Loss)
Total
Beginning Balance at Dec. 31, 2024   $ 205,020 $ (51,186) $ 153,834 $ 154,353 $ 9,290 $ 11,461 $ 328,938
Beginning Balance (in shares) at Dec. 31, 2024 12,829              
Shares/units redeemed   (1,146)   (1,146) (1,434)     (2,580)
Shares/units redeemed (in shares) (50)              
Dividends and distributions declared     (3,867) (3,867) (5,565)     (9,432)
Dividends reinvested - stock dividend   2,066   2,066       2,066
Dividends reinvested - stock dividend (in shares) 91              
Issuance of shares under optional purchase plan   529   529       529
Issuance of shares under optional purchase plan (in shares) 22              
Owner contribution reclassification           1,000   1,000
Total other comprehensive income (loss)             (2,782) (2,782)
Net income (loss)     2,106 2,106 3,031 (230)   4,907
Ending balance at Mar. 31, 2025   206,469 (52,947) 153,522 150,385 10,060 8,679 322,646
Ending balance (in shares) at Mar. 31, 2025 12,892              
Beginning Balance at Dec. 31, 2024   205,020 (51,186) 153,834 154,353 9,290 11,461 328,938
Beginning Balance (in shares) at Dec. 31, 2024 12,829              
Total other comprehensive income (loss)               (4,886)
Net income (loss)               14,498
Ending balance at Sep. 30, 2025   209,399 (56,765) 152,634 153,230 9,982 6,575 322,421
Ending balance (in shares) at Sep. 30, 2025 13,018              
Beginning Balance at Mar. 31, 2025   206,469 (52,947) 153,522 150,385 10,060 8,679 322,646
Beginning Balance (in shares) at Mar. 31, 2025 12,892              
Shares/units redeemed   (2,040)   (2,040) (1,155)     (3,195)
Shares/units redeemed (in shares) (89)              
Dividends and distributions declared     (3,878) (3,878) (5,550)     (9,428)
Dividends reinvested - stock dividend   2,131   2,131       2,131
Dividends reinvested - stock dividend (in shares) 93              
Issuance of shares under optional purchase plan   663   663       663
Issuance of shares under optional purchase plan (in shares) 28              
Total other comprehensive income (loss)             (1,456) (1,456)
Net income (loss)     2,858 2,858 4,083 (26)   6,915
Ending balance at Jun. 30, 2025   207,223 (53,967) 153,256 147,763 10,034 7,223 318,276
Ending balance (in shares) at Jun. 30, 2025 12,924              
Shares issued pursuant to trustee compensation plan   61   61       61
Shares issued pursuant to trustee compensation plan (in shares) 3              
Contribution of assets in exchange for UPREIT partnership units         10,518     10,518
Shares/units redeemed   (896)   (896) (1,005)     (1,901)
Shares/units redeemed (in shares) (39)              
Dividends and distributions declared     (3,905) (3,905) (5,668)     (9,573)
Dividends reinvested - stock dividend   2,130   2,130       2,130
Dividends reinvested - stock dividend (in shares) 93              
Issuance of shares under optional purchase plan   881   881       881
Issuance of shares under optional purchase plan (in shares) 37              
Total other comprehensive income (loss)             (648) (648)
Net income (loss)     1,107 1,107 1,622 (52)   2,677
Ending balance at Sep. 30, 2025   209,399 (56,765) 152,634 153,230 9,982 6,575 322,421
Ending balance (in shares) at Sep. 30, 2025 13,018              
Beginning Balance at Dec. 31, 2025   212,282 (52,899) 159,383 159,935 9,849 6,425 335,592
Beginning Balance (in shares) at Dec. 31, 2025 13,140              
Contribution of assets in exchange for UPREIT partnership units         8,551     8,551
Shares/units redeemed   (391)   (391) (1,533)     (1,924)
Shares/units redeemed (in shares) (16)              
Dividends and distributions declared     (4,224) (4,224) (6,088)     (10,312)
Dividends reinvested - stock dividend   2,080   2,080       2,080
Dividends reinvested - stock dividend (in shares) 86              
Issuance of shares under optional purchase plan   982   982       982
Issuance of shares under optional purchase plan (in shares) 39              
Owner contribution reclassification         (2,688) 2,688    
Total other comprehensive income (loss)             285 285
Net income (loss)     2,394 2,394 3,437 (61)   5,770
Ending balance at Mar. 31, 2026   214,953 (54,729) 160,224 161,614 12,476 6,710 341,024
Ending balance (in shares) at Mar. 31, 2026 13,249              
Beginning Balance at Dec. 31, 2025   212,282 (52,899) 159,383 159,935 9,849 6,425 335,592
Beginning Balance (in shares) at Dec. 31, 2025 13,140              
Total other comprehensive income (loss)               4,120
Net income (loss)               20,504
Ending balance at Sep. 30, 2026   220,368 (57,166) 163,202 158,966 12,985 10,546 345,699
Ending balance (in shares) at Sep. 30, 2026 13,475              
Beginning Balance at Mar. 31, 2026   214,953 (54,729) 160,224 161,614 12,476 6,710 341,024
Beginning Balance (in shares) at Mar. 31, 2026 13,249              
Contribution of assets in exchange for UPREIT partnership units         1,494     1,494
Shares/units redeemed   (618)   (618) (489)     (1,107)
Shares/units redeemed (in shares) (26)              
Dividends and distributions declared     (4,254) (4,254) (6,100)     (10,354)
Dividends reinvested - stock dividend   2,240   2,240       2,240
Dividends reinvested - stock dividend (in shares) 94              
Issuance of shares under optional purchase plan   723   723       723
Issuance of shares under optional purchase plan (in shares) 28              
Distributions paid to consolidated real estate entity noncontrolling interests           (198)   (198)
Contributions from consolidated real estate entity noncontrolling interest           800   800
Total other comprehensive income (loss)             917 917
Net income (loss)     2,555 2,555 3,659 (50)   6,164
Ending balance at Jun. 30, 2026   217,298 (56,428) 160,870 160,178 13,028 7,627 341,703
Ending balance (in shares) at Jun. 30, 2026 13,345              
Shares issued pursuant to trustee compensation plan   69   69       69
Shares issued pursuant to trustee compensation plan (in shares) 3              
Shares/units redeemed   (515)   (515) (169)     (684)
Shares/units redeemed (in shares) (21)              
Dividends and distributions declared     (4,293) (4,293) (6,098)     (10,391)
Dividends reinvested - stock dividend   2,355   2,355       2,355
Dividends reinvested - stock dividend (in shares) 100              
Issuance of shares under optional purchase plan   1,161   1,161       1,161
Issuance of shares under optional purchase plan (in shares) 48              
Total other comprehensive income (loss)             2,919 2,919
Net income (loss)     3,555 3,555 5,055 (43)   8,567
Ending balance at Sep. 30, 2026   $ 220,368 $ (57,166) $ 163,202 $ 158,966 $ 12,985 $ 10,546 $ 345,699
Ending balance (in shares) at Sep. 30, 2026 13,475