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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | A summary of the immaterial corrections to the Company’s previously reported audited and unaudited consolidated financial statements follows. Corrected Consolidated Balance Sheet as of December 31, 2024 (in thousands)
| December 31, 2024
| Previously Reported |  | Corrections | As Corrected
Common Shares of Beneficial Interest | $ | 1,269,549 |  |  | $ | 98,088 |  | $ | 1,367,637 |
Total shareholders’ equity | 653,900 |  |  | 98,088 |  | 751,988 |
Noncontrolling interests – Operating Partnership and Series E preferred units | 227,870 |  |  | (98,088) |  | 129,782 |
Corrected Consolidated Statements of Cash Flows (in thousands)
| Three Months Ended March 31, 2025
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (1,002) |  |  | $ | 1,337 |  | $ | 335 |
Series E preferred units converted to common shares | (43) |  |  | 57 |  | 14 |
| Year Ended December 31, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (2,663) |  |  | $ | 5,881 |  | $ | 3,218 |
Series E preferred units converted to common shares | (8,938) |  |  | 16,722 |  | 7,784 |
| Year Ended December 31, 2023
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (1,910) |  |  | $ | 7,134 |  | $ | 5,224 |
Series E preferred units converted to common shares | (1,390) |  |  | 2,947 |  | 1,557 |
Corrected Consolidated Statements of Equity (in thousands)
Years Ended | Previously Reported COMMON SHARES | Corrections | As Corrected COMMON SHARES | Previously Reported NONCONTROLLING INTERESTS | Corrections | As Corrected NONCONTROLLING INTERESTS
Balance at December 31, 2022 | $ | 1,177,484 |  | $ | 74,658 |  | $ | 1,252,142 |  | $ | 220,759 |  | $ | (74,658) |  | $ | 146,101 |
Redemption of Units for common shares | (1,910) |  | 7,134 |  | 5,224 |  | 1,910 |  | (7,134) |  | (5,224) |
Redemption of Series E preferred units for common shares | (1,390) |  | 2,947 |  | 1,557 |  | 1,390 |  | (2,947) |  | (1,557) |
Equity rebalancing | — |  | (933) |  | (933) |  | — |  | 933 |  | 933 |
Other | (246) |  | (60) |  | (306) |  | (682) |  | 60 |  | (622) |
Balance at December 31, 2023 | $ | 1,165,694 |  | $ | 83,746 |  | $ | 1,249,440 |  | $ | 221,193 |  | $ | (83,746) |  | $ | 137,447 |
Issuance of Units | 5,296 |  | (911) |  | 4,385 |  | 8,579 |  | 911 |  | 9,490 |
Redemption of Units for common shares | (2,663) |  | 5,881 |  | 3,218 |  | 2,663 |  | (5,881) |  | (3,218) |
Redemption of Series E preferred units for common shares | (8,938) |  | 16,722 |  | 7,784 |  | 8,938 |  | (16,722) |  | (7,784) |
Equity rebalancing | — |  | (7,350) |  | (7,350) |  | — |  | 7,350 |  | 7,350 |
Balance at December 31, 2024 | $ | 1,269,549 |  | $ | 98,088 |  | $ | 1,367,637 |  | $ | 228,543 |  | $ | (98,088) |  | $ | 130,455 |
Three Months Ended March 31, 2025 |  |  |  |  |  |
Redemption of Units for common shares | (1,002) |  | 1,337 |  | 335 |  | 1,002 |  | (1,337) |  | (335) |
Redemption of Series E preferred units for common shares | (43) |  | 57 |  | 14 |  | 43 |  | (57) |  | (14) |
Equity rebalancing | — |  | (94) |  | (94) |  | — |  | 94 |  | 94 |
Balance at March 31, 2025 | $ | 1,268,888 |  | $ | 99,388 |  | $ | 1,368,276 |  | $ | 226,639 |  | $ | (99,388) |  | $ | 127,251 |
Schedule of Recent Accounting Pronouncements | The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses | This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. | This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. | The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities | This ASU establishes authoritative guidance on the accounting for government grants received by business entities. | This ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. | This ASU is not expected to have a material impact on the Consolidated Financial Statements.
ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements | This ASU is intended to provide clarity on the current interim reporting disclosure requirements. | This ASU is effective for interim reporting periods within annual periods beginning after December 15, 2027. | This ASU may require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
ASU 2025-12, Codification Improvements | This ASU is intended to provide technical corrections, clarifications, and minor improvements to the FASB Accounting Standards Codification. | This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. | This ASU is not expected to have a material impact on the Consolidated Financial Statements.
Schedule of Future Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2025, was as follows:
|  | (in thousands)
2026 |  | $ | 3,195 |
2027 |  | 2,898 |
2028 |  | 2,545 |
2029 |  | 2,205 |
2030 |  | 2,108 |
Thereafter |  | 5,861 |
Total scheduled lease income - operating leases |  | $ | 18,812 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the years ended December 31, 2025, 2024, and 2023:
|  |  | (in thousands)
|  |  | Year ended December 31,
Revenue Stream | Applicable Standard |  | 2025 | 2024 | 2023
Fixed lease income - operating leases | Leases |  | $ | 252,918 |  | $ | 243,008 |  | $ | 243,931 |
Variable lease income - operating leases | Leases |  | 15,887 |  | 13,419 |  | 12,433 |
Other property revenue | Revenue from contracts with customers |  | 4,857 |  | 4,556 |  | 4,945 |
Total revenue |  |  | $ | 273,662 |  | $ | 260,983 |  | $ | 261,309 |
Schedule of Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2025, 2024, and 2023:
CALENDAR YEAR |  | 2025 | 2024 | 2023
Tax status of distributions |  |  |  |
Capital gain |  | 69.55 | % | — | % | 48.79 | %
Ordinary income |  | 30.45 | % | 41.71 | % | 28.46 | %
Return of capital |  | — | % | 58.29 | % | 22.75 | %
Schedule of Other Assets | As of December 31, 2025 and 2024, other assets consisted of the following amounts:
| in thousands
| December 31, 2025 | December 31, 2024
Receivable arising from straight line rents | $ | 1,645 |  | $ | 408 |
Accounts receivable, net of allowance | 524 |  | 384 |
Real estate related notes receivable | 26,394 |  | 25,092 |
Prepaid assets | 7,166 |  | 8,271 |
Other assets(1) | 5,715 |  | 4,626 |
Intangible assets, net of accumulated amortization | 2,015 |  | 1,977 |
Property and equipment, net of accumulated depreciation | 526 |  | 2,543 |
Goodwill | 316 |  | 491 |
Deferred charges and leasing costs | 2,319 |  | 2,025 |
Total Other Assets | $ | 46,620 |  | $ | 45,817 |
(1)See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here.

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