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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate investments    
Property owned $ 2,536,166 $ 2,480,741
Less accumulated depreciation (638,217) (625,980)
Total real estate investments 1,897,949 1,854,761
Cash and cash equivalents 12,896 12,030
Restricted cash 52,943 1,099
Other assets 47,516 45,817
Assets held for sale, net 86,302 0
TOTAL ASSETS 2,097,606 1,913,707
LIABILITIES    
Accounts payable and accrued expenses 66,124 59,319
Revolving lines of credit 222,500 47,359
Notes payable, net 299,564 299,520
Mortgages payable, net 622,074 608,506
Liabilities held for sale, net 420 0
TOTAL LIABILITIES 1,210,682 1,014,704
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at September 30, 2025 and 166 units issued and outstanding at December 31, 2024, aggregate liquidation preference of $5,940 at September 30, 2025) 5,940 16,560
EQUITY    
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,703 shares issued and outstanding at September 30, 2025 and 16,719 shares issued and outstanding at December 31, 2024) 1,366,980 1,367,637
Accumulated distributions in excess of net income (618,341) (615,242)
Accumulated other comprehensive loss 0 (407)
Total shareholders’ equity 748,639 751,988
Noncontrolling interests – Operating Partnership and Series E preferred units 128,038 129,782
Noncontrolling interests – consolidated real estate entities 4,307 673
TOTAL EQUITY 880,984 882,443
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 2,097,606 $ 1,913,707