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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Rental revenues $ 140,715 $ 133,919
Debt-related income 13,328 10,483
Total revenues 154,043 144,402
Operating expenses:    
Rental expenses 37,580 34,211
Real estate-related depreciation and amortization 79,309 77,576
General and administrative expenses 4,881 4,868
Advisory fees 17,666 16,555
Acquisition costs and reimbursements 1,582 591
Total operating expenses 141,018 133,801
Other income (expenses):    
Equity in income (loss) from unconsolidated joint venture partnerships 28 (24)
Interest expense (70,511) (69,888)
Loss on financing obligations (6,548) (835)
Loss on financial assets (27) 0
Loss on extinguishment of debt and financing obligations, net 0 (161)
Gain on derivative instruments 0 12
Other income and expenses 462 1,665
Total other income (expenses) (76,596) (69,231)
Net loss (63,571) (58,630)
Net loss attributable to redeemable noncontrolling interests 1,296 1,404
Net loss attributable to noncontrolling interests 16,057 10,592
Net loss attributable to common stockholders $ (46,218) $ (46,634)
Weighted-average shares outstanding-basic (in shares) 278,586 271,030
Weighted-average shares outstanding-diluted (in shares) 383,253 340,746
Net loss attributable to common stockholders per common share - basic (in dollars per share) $ (0.17) $ (0.17)
Net loss attributable to common stockholders per common share - diluted (in dollars per share) $ (0.17) $ (0.17)