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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate investments    
Property owned $ 2,428,290 $ 2,420,146
Less accumulated depreciation (578,691) (530,703)
Total real estate investments 1,849,599 1,889,443
Cash and cash equivalents 14,328 8,630
Restricted cash 1,084 639
Other assets 34,414 27,649
TOTAL ASSETS 1,899,425 1,926,361
LIABILITIES    
Accounts payable and accrued expenses 52,885 62,754
Revolving lines of credit 48,000 30,000
Notes payable, net 299,490 299,459
Mortgages payable, net 584,193 586,563
TOTAL LIABILITIES 984,568 978,776
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $0 par value, 166 units issued and outstanding at June 30, 2024 and December 31, 2023, aggregate liquidation preference of $16,560) 16,560 16,560
EQUITY    
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $0 per share liquidation preference, 3,881 shares issued and outstanding at June 30, 2024 and December 31, 2023, aggregate liquidation preference of $97,036) 93,530 93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,057 shares issued and outstanding at June 30, 2024 and 14,963 shares issued and outstanding at December 31, 2023) 1,167,055 1,165,694
Accumulated distributions in excess of net income (579,139) (548,273)
Accumulated other comprehensive loss (749) (1,119)
Total shareholders’ equity 680,697 709,832
Noncontrolling interests – Operating Partnership and Series E preferred units 216,901 220,544
Noncontrolling interests – consolidated real estate entities 699 649
TOTAL EQUITY 898,297 931,025
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,899,425 $ 1,926,361