v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue from tenants $ 342,279 $ 353,794 $ 345,925
Operating expenses:      
Property operating and maintenance 218,898 221,452 217,792
Impairment charges 44,914 24,881 4,676
Termination fees to related parties 0 106,650 0
Operating fees to related parties 0 19,203 25,527
Acquisition and transaction related 516 7,949 545
General and administrative 24,190 22,440 18,928
Depreciation and amortization 78,261 84,067 82,873
Total expenses 366,779 486,642 350,341
Operating loss before gain (loss) on sale of real estate investments (24,500) (132,848) (4,416)
Gain (loss) on sale of real estate investments 27,800 9,307 (322)
Operating income (loss) 3,300 (123,541) (4,738)
Other (expense) income:      
Interest expense (61,281) (69,447) (66,078)
Interest and other income, net 272 1,051 734
Gain on extinguishment of debt 257 392 0
(Loss) gain on non-designated derivatives (72) 1,544 (1,995)
Total other expense, net (60,824) (66,460) (67,339)
Loss before income taxes (57,524) (190,001) (72,077)
Income tax expense (161) (262) (303)
Net loss (57,685) (190,263) (72,380)
Net loss attributable to non-controlling interests 64 567 82
Allocation for preferred stock (13,446) (13,799) (13,799)
Net loss attributable to common stockholders (71,067) (203,495) (86,097)
Other comprehensive loss:      
Unrealized loss on designated derivatives (11,036) (6,824) (13,446)
Comprehensive loss attributable to common stockholders $ (82,103) $ (210,319) $ (99,543)
Weighted-average common shares outstanding - Basic (in shares) [1] 28,304 28,286 28,280
Weighted-average common shares outstanding - Diluted (in shares) [1] 28,304 28,286 28,280
Net loss attributable to common stockholders per common share — Basic (in usd per share) [1] $ (2.51) $ (7.19) $ (3.04)
Net loss attributable to common stockholders per common share - Diluted (in usd per share) [1] $ (2.51) $ (7.19) $ (3.04)
[1] Retroactively adjusted for the effects of previous stock dividends (see Note 1 — Organization ). Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.