v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate assets:    
Land [1] $ 601,553 $ 588,153
Buildings and improvements [1] 1,619,988 1,505,232
Real estate assets [1] 2,221,541 2,093,385
Accumulated depreciation [1] (355,900) (283,785)
Net investment in real estate assets [1] 1,865,641 1,809,600
Held-for-sale [1]   56,075
Developments in progress [1] 10,533 5,817
Net investment in real estate assets [1] 1,876,174 1,871,492
Cash and cash equivalents [1] 42,287 40,791
Restricted cash [1] 110,665 112,938
Available-for-sale securities - at fair value (amortized cost of $292,646 and $242,881 as of December 31, 2025 and December 31, 2024, respectively) [1] 293,087 243,148
Receivables:    
Tenant [1] 46,489 45,594
Other [1] 1,562 2,356
Investments in unconsolidated affiliates [1] 85,941 83,465
In-place leases, net [1] 144,046 186,561
Intangible lease assets and other assets [1] 128,848 160,846
Total assets [1] 2,729,099 2,747,191
LIABILITIES AND EQUITY    
Mortgage and other indebtedness, net 2,170,785 2,212,680
Accounts payable and accrued liabilities 193,640 221,647
Total liabilities [1] 2,364,425 2,434,327
Shareholders' equity:    
Common stock, $.001 par value, 200,000,000 shares authorized, 30,322,052 and 30,711,227 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively (in each case, excluding 34 treasury shares) 30 31
Additional paid-in capital 687,424 694,566
Accumulated other comprehensive income 443 782
Accumulated deficit (312,961) (371,833)
Total shareholders' equity 374,936 323,546
Noncontrolling interests (10,262) (10,682)
Total equity 364,674 312,864
Total liabilities, redeemable noncontrolling interests and equity $ 2,729,099 $ 2,747,191
[1] As of December 31, 2025, includes $166,314 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $213,442 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.