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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments    
Real estate property $ 1,687,619 $ 1,670,879
Accumulated depreciation (281,510) (255,641)
Real estate property, net 1,406,109 1,415,238
Real estate developments 41,566 46,423
Investments in sales-type leases, net of allowances (credit losses) of $45 as of December 31, 2025 23,913 0
Investments in real estate joint ventures and partnerships 5,907 5,907
Real estate intangible assets, net 25,684 31,176
Real estate investments, net 1,503,179 1,498,744
Cash and cash equivalents 11,303 33,436
Restricted cash 236 236
Accounts receivable, net of allowances (credit losses and doubtful accounts) of $1,219 and $1,701 as of December 31, 2025 and 2024, respectively 5,101 3,697
Operating lease right-of-use assets 15,067 148
Goodwill 8,729 8,729
Other receivables, net of allowance (credit losses) of $2,336 and $2,393 as of December 31, 2025 and 2024, respectively 6,477 16,696
Straight-line rent receivable 45,268 44,547
Investments in other joint ventures and partnerships 30,883 33,126
Prepaid expenses and other assets 25,021 31,073
Assets held for sale 8,273 0
Total assets 1,659,537 1,670,432
Liabilities:    
Notes payable and other debt 491,585 474,837
Accounts payable 12,419 4,529
Operating lease liabilities 14,345 123
Accrued post-retirement benefits 7,757 7,582
Refund liability 45,300 0
Deferred revenue 12,356 72,462
Accrued dividends 26,753 17,032
Real estate intangible liabilities, net 13,939 15,278
Accrued and other liabilities 47,881 75,046
Total liabilities 672,335 666,889
Commitments and Contingencies (Note 10)
Equity:    
Common stock - no par value; authorized, 225,000,000 shares; outstanding 72,820,075 and 72,633,866 shares at December 31, 2025 and 2024, respectively 1,812,619 1,811,582
Accumulated other comprehensive income (loss) 18 6,134
Distributions in excess of accumulated earnings (825,435) (814,173)
Total shareholders' equity 987,202 1,003,543
Total liabilities and equity $ 1,659,537 $ 1,670,432