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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets [Abstract]    
Real Estate Investment Property, Net $ 1,127,044 $ 1,197,518
Cash and cash equivalents 13,226 20,195
Restricted cash 8,144 9,649
Operating lease assets, net 17,076 17,547
Hotel receivables (net of allowance for doubtful accounts of $281 and $300, respectively) 3,914 2,921
Deferred costs, net 6,368 4,038
Prepaid expenses and other assets 6,768 2,813
Total assets 1,182,540 1,254,681
Liabilities and Equity:    
Mortgage debt, net 141,419 157,211
Revolving credit facility 0 110,000
Unsecured term loan, net 197,427 139,638
Accounts payable and accrued expenses (including $617 and $490 due to related parties, respectively) 31,278 29,621
Operating and Finance Lease, Liabilities 20,211 20,634
Distributions payable 6,722 5,580
Total liabilities 397,057 462,684
Commitments and contingencies (Note 13)
Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,744,901 and 48,912,293 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 487 489
Additional paid-in capital 1,046,762 1,046,812
Accumulated deficit (297,857) (289,130)
Total shareholders’ equity 749,440 758,219
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 36,043 33,778
Total equity 785,483 791,997
Total liabilities and equity $ 1,182,540 $ 1,254,681