Supplemental Disclosure of Non-cash Investing and Financing Information

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental disclosure of non-cash investing and financing information (dollars in thousands):

On January 15, 2025, the Company issued 61,551 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2024. On January 16, 2024, the Company issued 43,670 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2023.

As of March 31, 2025, the Company had accrued distributions payable of $6,595. As of March 31, 2024, the Company had accrued distributions payable of $5,580.

Accrued share-based compensation of $141 and $141 is included in accounts payable and accrued expenses as of March 31, 2025 and 2024, respectively.

Accrued capital improvements of $3,125 and $1,364 are included in accounts payable and accrued expenses as of March 31, 2025 and 2024, respectively.

The accompanying notes are an integral part of these consolidated financial statements.