Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Real estate, at cost:
Land	$ 146,469	$ 146,772
Buildings and improvements	2,249,408	2,230,807
Construction in progress	57,487	62,393
Total real estate, at cost	2,453,364	2,439,972
Less accumulated depreciation	(306,594)	(271,190)
Net real estate held for investment	2,146,770	2,168,782
Construction loan receivable	22,800	22,800
Cash and cash equivalents	99,666	146,245
Investments	5,258	5,000
Right of use office lease asset	731	946
In-place lease intangible assets, net	6,955	7,385
Other assets, net	22,875	26,889
Total assets	2,305,055	2,378,047
Liabilities:
Notes due 2026, net	289,861	297,865
Building improvements and construction funding payable	5,647	10,230
Accounts payable and accrued expenses	10,183	10,561
Dividends payable	54,661	54,817
Rent received in advance and tenant security deposits	51,647	57,176
Other liabilities	12,650	11,338
Total liabilities	424,649	441,987
Commitments and contingencies (Notes 6 and 11)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 1,561,654 and 1,002,673 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	36,843	23,632
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,017,520 and 28,331,833 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	28	28
Additional paid-in capital	2,107,963	2,124,113
Dividends in excess of earnings	(264,428)	(211,713)
Total stockholders’ equity	1,880,406	1,936,060
Total liabilities and stockholders’ equity	$ 2,305,055	$ 2,378,047