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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Rental income $ 105,981 $ 116,357 $ 143,838
Expenses:      
Property operating expense 6,006 13,664 19,313
Property tax expense 8,289 9,918 13,437
General and administrative expenses 34,918 36,973 42,843
Corporate operating expenses to related parties 570 617 1,154
Real estate impairment provision 18,195 53,313 283,804
Depreciation and amortization 52,182 47,503 61,169
Total expenses 120,160 161,988 421,720
Loss before other income (expenses) (14,179) (45,631) (277,882)
Other income (expenses):      
Interest expense (56,565) (55,978) (59,371)
Loss from investment in unconsolidated entities 0 0 (176,767)
Other income, net 7,351 14,479 13,107
Gain from disposition of assets 6,407 38,368 29,164
(Loss) gain on extinguishment of debt (2,482) 10,466 0
Goodwill impairment provision 0 (10,274) (16,031)
Transaction expenses (555) (821) (24,961)
Net loss from continuing operations (60,023) (49,391) (512,741)
Discontinued Operations:      
(Loss) income from discontinued operations (305,081) 38,028 (92,361)
Gain from disposition of assets 32,471 0 0
Net (loss) income from discontinued operations (272,610) 38,028 (92,361)
Net loss (332,633) (11,363) (605,102)
Net loss attributable to noncontrolling interests from continuing operations 4,498 4,077 46,228
Net loss (income) attributable to noncontrolling interests from discontinued operations 20,428 (3,139) 8,327
Net loss attributable to noncontrolling interests 24,926 938 54,555
Distributions to redeemable preferred unit holders 0 0 (2,376)
Preferred units redemption charge 0 0 (4,970)
Net loss attributable to controlling interest (307,707) (10,425) (557,893)
Distributions to redeemable noncontrolling interests attributable to common stockholders 0 0 (36)
Net loss attributable to common shareholders $ (307,707) $ (10,425) $ (557,929)
Basis and diluted earnings per common share:      
Net loss per share from continuing operations, basic (in usd per share) $ (1.52) $ (1.26) $ (13.17)
Net loss per share from continuing operations, diluted (in usd per share) (1.52) (1.26) (13.17)
Net (loss) income per share from discontinued operations, basic (in usd per share) (6.85) 0.96 (2.33)
Net (loss) income per share from discontinued operations, diluted (in usd per share) (6.85) 0.96 (2.33)
Net loss per share attributable to common shareholders, basic (in usd per share) (8.37) (0.30) (15.50)
Net loss per share attributable to common shareholders, diluted (in usd per share) $ (8.37) $ (0.30) $ (15.50)
Weighted-average number of common shares outstanding, basic (in shares) 36,798,234 36,375,053 35,988,231
Weighted-average number of common shares outstanding, diluted (in shares) 36,798,234 36,375,053 35,988,231