CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Rental income		$ 26,556	$ 30,223	$ 83,574	$ 92,045
Total revenues		28,494	32,437	92,068	101,247
Expenses:
Operating, maintenance, and management		11,277	11,791	34,888	33,877
Real estate taxes and insurance		4,564	5,618	15,466	18,649
Hotel expenses		1,245	1,363	4,619	5,016
Asset management fees to affiliate		2,298	3,901	7,694	11,875
General and administrative expenses		2,315	2,314	8,525	10,108
Foreign currency transaction loss (gain), net		5,906	4,556	30,063	(6,724)
Depreciation and amortization		7,694	10,276	27,742	31,405
Interest expense, net	[1]	19,815	20,585	53,109	55,366
Impairment charges on real estate and related intangibles		76,797	15,800	128,776	76,090
Impairment charges on goodwill		949	0	949	0
Total expenses		132,860	76,204	311,831	235,662
Other (loss) income:
Loss from unconsolidated entities, net		(8,558)	(9,801)	(22,824)	(26,531)
Other income		252	379	1,268	1,117
Gain (loss) on real estate equity securities, net		642	8,726	1,604	(7,905)
Loss on sale of real estate, net		(7,636)	(1,243)	(6,392)	(624)
Loss on extinguishment of debt, net		(1,045)	0	(1,045)	0
Total other loss, net		(16,345)	(1,939)	(27,389)	(33,943)
Net loss before income taxes		(120,711)	(45,706)	(247,152)	(168,358)
Income tax benefit		830	0	0	0
Net loss		(119,881)	(45,706)	(247,152)	(168,358)
Net loss attributable to noncontrolling interests		2,165	1,981	3,003	3,939
Net loss attributable to common stockholders		$ (117,716)	$ (43,725)	$ (244,149)	$ (164,419)
Net loss per common share, basic (in dollars per share)		$ (1.14)	$ (0.42)	$ (2.37)	$ (1.59)
Net loss per common share, diluted (in dollars per share)		$ (1.14)	$ (0.42)	$ (2.37)	$ (1.59)
Weighted-average number of common shares outstanding, basic (in shares)		102,951,395	102,969,498	102,951,395	103,128,083
Weighted-average number of common shares outstanding, diluted (in shares)		102,951,395	102,969,498	102,951,395	103,128,083
Hotel revenues
Revenues:
Revenues		$ 1,000	$ 1,186	$ 5,622	$ 6,225
Other operating income
Revenues:
Revenues		$ 938	$ 1,028	$ 2,872	$ 2,977

[1] Includes related party interest expense of $0.3 million and $0.6 million for the three and nine months ended September 30, 2025. There was no related party interest expense for the three and nine months ended September 30, 2024. Refer to Note 6 for additional details.