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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Partners' Capital
Beginning balance at Dec. 31, 2023 $ 197,071           $ 197,071
Accretion of non-controlling interests (2,532)           (2,532)
Distributions (4)           (4)
Net loss (2,452)           (2,452)
Ending balance at Mar. 31, 2024 192,083           192,083
Beginning balance at Dec. 31, 2023 197,071           197,071
Net income (loss) [1] (9,721)            
Net loss [1] (7,069)            
Ending balance at Sep. 30, 2024 180,974           180,974
Beginning balance at Mar. 31, 2024 192,083           192,083
Accretion of non-controlling interests (2,442)           (2,442)
Distributions (1,504)           (1,504)
Net loss (2,186)           (2,186)
Ending balance at Jun. 30, 2024 185,951           185,951
Accretion of non-controlling interests (2,542)           (2,542)
Distributions (4)           (4)
Net income (loss) [1] (3,339)            
Net loss (2,431) [1]           (2,431)
Ending balance at Sep. 30, 2024 180,974           $ 180,974
Beginning balance at Dec. 31, 2024 522,678 $ 173 $ 331,482 $ (6,834)   $ 197,857  
Conversion of OP Units to shares of Common Stock   2 4,711     (4,713)  
Stock-based compensation 615   615        
Distributions declared ($0.215 per share and OP Unit) (6,178)     (3,767)   (2,411)  
Distributions declared to Preferred Units (8)         (8)  
Reallocation of non-controlling interests 0   (773)     773  
Change in fair value of interest rate swaps (179)       $ (112) (67)  
Net income (loss) (1,337)     (833)   (504)  
Ending balance at Mar. 31, 2025 515,591 175 336,035 (11,434) (112) 190,927  
Beginning balance at Dec. 31, 2024 522,678 173 331,482 (6,834)   197,857  
Net income (loss) (320)            
Net loss 281            
Ending balance at Sep. 30, 2025 504,151 212 405,222 (19,285) (938) 118,940  
Beginning balance at Mar. 31, 2025 515,591 175 336,035 (11,434) (112) 190,927  
Conversion of OP Units to shares of Common Stock   29 60,464     (60,493)  
Stock-based compensation 200   200        
Distributions declared ($0.215 per share and OP Unit) (5,970)     (4,392)   (1,578)  
Distributions declared to Preferred Units (8)         (8)  
Reallocation of non-controlling interests     (7,321)     7,321  
Change in fair value of interest rate swaps (1,332)       (853) (479)  
Net income (loss) (4,530)     (2,901)   (1,629)  
Ending balance at Jun. 30, 2025 503,951 204 389,378 (18,727) (965) 134,061  
Conversion of OP Units to shares of Common Stock   8 17,339     (17,347)  
Stock-based compensation 750   750        
Distributions declared ($0.215 per share and OP Unit) (6,126)     (4,573)   (1,553)  
Distributions declared to Preferred Units (8)         (8)  
Reallocation of non-controlling interests     (2,245)     2,245  
Change in fair value of interest rate swaps 37       27 10  
Net income (loss) 5,547     4,015   1,532  
Net loss 4,015            
Ending balance at Sep. 30, 2025 $ 504,151 $ 212 $ 405,222 $ (19,285) $ (938) $ 118,940  
[1] The Company determined that earnings per unit in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor.