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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue from tenants $ 61,570 $ 62,710 $ 64,005
Operating expenses:      
Asset and property management fees to related parties 7,751 7,680 7,082
Property operating 34,185 33,797 33,927
Impairment of real estate investments 112,541 66,565 0
Equity-based compensation 408 5,863 8,782
General and administrative 9,216 9,375 12,493
Depreciation and amortization 18,408 26,532 28,666
Total operating expenses 182,509 149,812 90,950
Operating loss before gain (loss) on sale of real estate investments (120,939) (87,102) (26,945)
Gain (loss) on sale of real estate investments (276) 0 0
Operating loss (121,215) (87,102) (26,945)
Other income (expenses):      
Interest expense (19,488) (18,858) (18,924)
Other income (expense) 112 36 (27)
Total other expenses (19,376) (18,822) (18,951)
Net loss before income taxes (140,591) (105,924) (45,896)
Net loss and Net loss attributable to common stockholders (140,591) (105,924) (45,896)
Other comprehensive loss:      
Change in unrealized gain/(loss) on derivative (406) (1,231) 3,190
Comprehensive loss $ (140,997) $ (107,155) $ (42,706)
Weighted average common shares outstanding — basic (in shares) [1] 2,487,827 2,226,721 1,729,264
Weighted average common shares outstanding — diluted (in shares) [1] 2,487,827 2,226,721 1,729,264
Net loss per common share attributable to common stockholders — basic (in dollars per share) [1] $ (56.51) $ (47.57) $ (26.59)
Net loss per common share attributable to common stockholders — diluted (In dollars per share) [1] $ (56.51) $ (47.57) $ (26.59)
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization for additional information).