v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUE      
Property rental $ 416,801 $ 456,950 $ 483,159
Third-party real estate services, including reimbursements 62,227 69,465 92,051
Other revenue 19,570 20,897 28,988
Total revenue 498,598 547,312 604,198
EXPENSES      
Depreciation and amortization 190,064 208,180 210,195
Property operating 141,714 146,609 144,049
Real estate taxes 48,863 52,606 57,668
General and administrative:      
Corporate and other 59,169 58,790 54,838
Third-party real estate services 60,594 74,264 88,948
Share-based compensation related to Formation Transaction and special equity awards     549
Transaction and other costs 6,223 5,317 8,737
Total expenses 506,627 545,766 564,984
OTHER INCOME (EXPENSE)      
Loss from unconsolidated real estate ventures, net (4,420) (7,122) (26,999)
Interest and other income, net 4,211 11,598 15,781
Interest expense (142,037) (134,068) (108,660)
Gain (loss) on the sale of real estate, net 46,633 (2,753) 79,335
Gain (loss) on the extinguishment of debt, net (2,402) 9,235 (450)
Impairment loss (65,847) (55,427) (90,226)
Total other income (expense) (163,862) (178,537) (131,219)
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT (171,891) (176,991) (92,005)
Income tax (expense) benefit 3,830 (762) 296
NET LOSS (168,061) (177,753) (91,709)
Net loss attributable to redeemable noncontrolling interests 28,998 22,202 10,596
Net loss attributable to noncontrolling interests   12,025 1,135
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (139,063) $ (143,526) $ (79,978)
LOSS PER COMMON SHARE:      
LOSS PER COMMON SHARE - BASIC $ (2.09) $ (1.65) $ (0.78)
LOSS PER COMMON SHARE - DILUTED $ (2.09) $ (1.65) $ (0.78)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 67,361 88,330 105,095
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 67,361 88,330 105,095