CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investment in real estate, net	$ 1,004,858	$ 1,040,428
Investment in unconsolidated joint ventures	66,052	66,454
Cash and cash equivalents	129,614	88,756
Other assets	73,782	80,318
Property and equipment, net	41,314	59,107
Investments held by special purpose entities	202,806	203,511
Total assets	1,518,426	1,538,574
Liabilities:
Debt, net	391,159	437,754
Accounts payable and other liabilities	48,297	53,969
Deferred revenue	58,663	59,274
Deferred tax liabilities, net	65,861	72,358
Senior Notes held by special purpose entity	178,821	178,484
Total liabilities	742,801	801,839
Commitments and contingencies (Note 19)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 57,547,307 and 58,326,521 issued and outstanding at December 31, 2025 and December 31, 2024, respectively	229,506	268,668
Retained earnings	536,190	454,193
Accumulated other comprehensive income	594	1,419
Total stockholders' equity	766,290	724,280
Non-controlling interest	9,335	12,455
Total equity	775,625	736,735
Total liabilities and equity	$ 1,518,426	$ 1,538,574