Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Buildings and equipment	$ 539,360	$ 522,667
Less: accumulated depreciation	(214,956)	(215,484)
Land	9,497	9,497
Developments	145,168	146,461
Net investment in real estate	479,069	463,141
Investments in unconsolidated ventures	19,461	28,326
Cash and cash equivalents	129,921	165,667
Restricted cash	2,079	2,178
Accounts receivable, net	11,336	5,246
Deferred expenses, net	4,410	4,515
Operating lease right-of-use assets, net	38,078	38,682
Other assets, net	34,060	35,801
Total assets	718,414	743,556
LIABILITIES
Mortgages payable, net	101,605	101,593
Operating lease obligations	47,308	47,470
Accounts payable and other liabilities	28,442	23,111
Total liabilities	177,355	172,174
Commitments and Contingencies (see Note 6)
EQUITY
Preferred stock, $0.01 par value, 20,000 shares authorized, none issued or outstanding
Common stock, $0.01 par value, 480,000 shares authorized, 12,699 issued and outstanding as of March 31, 2025 and 12,708 issued and outstanding as of December 31, 2024	127	127
Additional paid in capital	614,580	613,015
Accumulated deficit	(83,548)	(51,660)
Total stockholders' equity	531,159	561,482
Noncontrolling interest in subsidiary	9,900	9,900
Total equity	541,059	571,382
Total liabilities and equity	$ 718,414	$ 743,556