Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Total Revenue to consolidated Net Loss

The table below reconciles total segment revenues to consolidated net loss and includes the significant segment expenses regularly provided to and reviewed by the CODM as part of their decision making process (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Total revenue	$	4,653		$	4,216		$	9,252		$	9,989
Real estate taxes		(692	)		(1,238	)		(1,645	)		(2,631	)
Common area maintenance		(1,459	)		(2,193	)		(3,118	)		(3,890	)
Property insurance		(1,454	)		(1,276	)		(2,387	)		(3,077	)
Personnel expenses (1)		(3,641	)		(4,005	)		(16,404	)		(9,831	)
Interest expense		(5,139	)		(6,282	)		(10,369	)		(13,293	)
Other segment items (2)		(20,659	)		(88,975	)		(26,112	)		(95,994	)
Net loss	$	(28,391	)	$	(99,753	)	$	(50,783	)	$	(118,727	)

(1)Personnel expenses include expenses related to employee base compensation, bonuses, cash payments in lieu of equity, share based compensation and third-party consulting fees.

(2)Other segment items include expenses included in the measure of segment loss that are not considered significant. Items that are not considered significant include the following: property utilities, audit and tax fees, office expenses, trustee fees, information and technology costs, legal fees, corporate insurance and other miscellaneous expenses. Other segment items also include the following: depreciation and amortization, gain on sale of real estate, loss on sale of interests in unconsolidated entities, impairment of real estate assets and equity in income (loss) of unconsolidated entities, interest and other income, net and provision for income taxes.