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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Distributions in Excess of Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Balance at beginning of period (in shares) at Dec. 31, 2022   206,108        
Beginning Balances at Dec. 31, 2022 $ 1,193,867 $ 2,061 $ 1,898,510 $ (973,395) $ 16,083 $ 250,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (excludes portion attributable to redeemable noncontrolling interests) (82,616)     (62,427)   (20,189)
Change from securities and cash flow hedging activities (excluding redeemable noncontrolling interests) (11,388)       (7,747) (3,641)
Issuance of common stock (in shares)   13,900        
Issuance of common stock 120,743 $ 139 120,604      
Share-based compensation (in shares)   35        
Share-based compensation 271   271      
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs (4,314)   (4,314)      
Trailing distribution fees $ (5,737)   (232) 5,741   (11,246)
Redemptions of common stock (in shares) (22,815) (22,815)        
Redemptions of common stock $ (193,859) $ (228) (193,631)      
Issuances of OP Units for DST Interests 228,301         228,301
Other noncontrolling interests net distributions (14)         (14)
Distributions declared (excludes portion attributable to redeemable noncontrolling interests) (102,949)     (78,742)   (24,207)
Redemption value allocation adjustment to redeemable noncontrolling interests 14   14      
Redemptions of noncontrolling interests (excludes portion attributable to redeemable noncontrolling interests) (30,903)   (3,354)     (27,549)
Reallocation of stockholders' equity and noncontrolling interests 0   77,921   (1,977) (75,944)
Balance at end of period (in shares) at Dec. 31, 2023   197,228        
Ending Balances at Dec. 31, 2023 1,111,416 $ 1,972 1,895,789 (1,108,823) 6,359 316,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (excludes portion attributable to redeemable noncontrolling interests) (57,070)     (37,135)   (19,935)
Change from securities and cash flow hedging activities (excluding redeemable noncontrolling interests) (1,889)       (890) (999)
Issuance of common stock (in shares)   7,982        
Issuance of common stock 61,847 $ 80 61,767      
Share-based compensation (in shares)   38        
Share-based compensation 281   281      
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs (4,436)   (4,436)      
Trailing distribution fees $ (3,266)   1,768 4,959   (9,993)
Redemptions of common stock (in shares) (24,937) (24,937)        
Redemptions of common stock $ (191,630) $ (249) (191,381)      
Issuances of OP Units for DST Interests 639,102         639,102
Consolidation of joint venture partnership 4,033         4,033
Other noncontrolling interests net distributions 385         385
Distributions declared (excludes portion attributable to redeemable noncontrolling interests) (121,475)     (75,345)   (46,130)
Redemption value allocation adjustment to redeemable noncontrolling interests 41   41      
Redemptions of noncontrolling interests (excludes portion attributable to redeemable noncontrolling interests) (31,368)         (31,368)
Reallocation of stockholders' equity and noncontrolling interests 0   192,817   (1,750) (191,067)
Balance at end of period (in shares) at Dec. 31, 2024   180,311        
Ending Balances at Dec. 31, 2024 1,405,971 $ 1,803 1,956,646 (1,216,344) 3,719 660,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (excludes portion attributable to redeemable noncontrolling interests) (125,122)     (66,371)   (58,751)
Change from securities and cash flow hedging activities (excluding redeemable noncontrolling interests) (7,086)       (3,780) (3,306)
Issuance of common stock (in shares)   17,449        
Issuance of common stock 135,515 $ 173 135,342      
Share-based compensation (in shares)   42        
Share-based compensation 326   326      
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs (3,784)   (3,784)      
Trailing distribution fees $ (3,052)   (1,171) 4,594   (6,475)
Redemptions of common stock (in shares) (15,911) (15,911)        
Redemptions of common stock $ (122,486) $ (157) (122,329)      
Issuances of OP Units for DST Interests 220,738         220,738
Other noncontrolling interests net distributions (182)         (182)
Distributions declared (excludes portion attributable to redeemable noncontrolling interests) (137,137)     (72,966)   (64,171)
Redemption value allocation adjustment to redeemable noncontrolling interests (7,939)   (7,939)      
Redemptions of noncontrolling interests (excludes portion attributable to redeemable noncontrolling interests) (44,782)         (44,782)
Reallocation of stockholders' equity and noncontrolling interests 0   47,856   (171) (47,685)
Balance at end of period (in shares) at Dec. 31, 2025   181,891        
Ending Balances at Dec. 31, 2025 $ 1,310,980 $ 1,819 $ 2,004,947 $ (1,351,087) $ (232) $ 655,533