CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Rental income	$ 53,903	$ 60,264
Dividend income from real estate equity securities	594	261
Other operating income	3,892	3,863
Total revenues	58,389	64,388
Expenses:
Operating, maintenance and management	15,253	17,050
Real estate taxes and insurance	9,946	11,860
Asset management fees to affiliate	4,155	4,584
General and administrative expenses	1,648	2,539
Depreciation and amortization	21,200	26,406
Interest expense	25,005	28,347
Net (gain) loss on derivative instruments	(737)	1,835
Impairment charges on real estate	10,639	0
Total expenses	87,109	92,621
Other income (loss):
Unrealized loss on real estate equity securities	(6,173)	(5,223)
Gain on sale of real estate, net	22,754	0
Other interest income	90	184
Total other income (loss), net	16,671	(5,039)
Net loss	$ (12,049)	$ (33,272)
Net loss per common share, basic (in dollars per share)	$ (0.08)	$ (0.22)
Net loss per common share, diluted (in dollars per share)	$ (0.08)	$ (0.22)
Weighted-average number of common shares outstanding, basic (in shares)	148,516,246	148,516,246
Weighted-average number of common shares outstanding, diluted (in shares)	148,516,246	148,516,246