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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
Revenue:        
Rental income $ 25,800 $ 26,731 $ 79,993 $ 86,570
Expenses:        
Property operating expense 1,250 3,383 4,202 10,648
Property tax expense 2,030 2,610 5,997 7,554
General and administrative expenses 8,122 9,122 25,122 27,918
Corporate operating expenses to related parties 144 141 426 476
Real estate impairment provision 0 42,894 18,195 50,774
Depreciation and amortization 13,102 10,730 38,828 33,690
Total expenses 24,648 68,880 92,770 131,060
Income (loss) before other income (expenses) 1,152 (42,149) (12,777) (44,490)
Other income (expenses):        
Interest expense (16,654) (12,613) (44,584) (41,589)
Other income, net 1,884 3,591 5,339 12,801
Gain from disposition of assets 6,641 16,125 6,407 25,245
Extinguishment of debt 0 (508) 0 (508)
Goodwill impairment provision 0 0 0 (4,594)
Transaction expenses (56) (578) (433) (578)
Net loss from continuing operations (7,033) (36,132) (46,048) (53,713)
Discontinued Operations:        
(Loss) income from discontinued operations (13,954) 9,583 (313,789) 28,533
Gain from disposition of assets 24,767 0 23,456 0
Net income (loss) from discontinued operations 10,813 9,583 (290,333) 28,533
Net income (loss) 3,780 (26,549) (336,381) (25,180)
Net loss attributable to noncontrolling interests from continuing operations 524 2,931 3,449 4,356
Net (income) loss attributable to noncontrolling interests from discontinued operations (805) (777) 21,749 (2,314)
Net (income) loss attributable to noncontrolling interests (281) 2,154 25,198 2,042
Net income (loss) attributable to common shareholders $ 3,499 $ (24,395) $ (311,183) $ (23,138)
Basis and diluted earnings per common share:        
Net loss per share from continuing operations, basic (in usd per share) $ (0.18) $ (0.91) $ (1.17) $ (1.36)
Net loss per share from continuing operations, diluted (in usd per share) (0.18) (0.91) (1.17) (1.36)
Net income (loss) per share from discontinued operations, basic (in usd per share) 0.27 0.24 (7.31) 0.72
Net income (loss) per share from discontinued operations, diluted (in usd per share) 0.27 0.24 (7.31) 0.72
Net income (loss) attributable to common shareholders per share, basic (in usd per share) 0.09 (0.67) (8.48) (0.64)
Net income (loss) attributable to common shareholders per share, diluted (in usd per share) $ 0.09 $ (0.67) $ (8.48) $ (0.64)
Weighted-average number of common shares outstanding, basic (in shares) 36,789,785 36,374,407 36,754,625 36,344,568
Weighted-average number of common shares outstanding, diluted (in shares) 36,789,785 36,374,407 36,754,625 36,344,568