CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Real estate investments
Property owned	$ 2,484,111	$ 2,480,741
Less accumulated depreciation	(652,368)	(625,980)
Total real estate investments	1,831,743	1,854,761
Cash and cash equivalents	11,916	12,030
Restricted cash	6,144	1,099
Other assets	43,281	45,817
TOTAL ASSETS	1,893,084	1,913,707
LIABILITIES
Accounts payable and accrued expenses	57,631	59,319
Revolving lines of credit	48,734	47,359
Notes payable, net	299,535	299,520
Mortgages payable, net	607,184	608,506
TOTAL LIABILITIES	1,013,084	1,014,704
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at March 31, 2025 and December 31, 2024, aggregate liquidation preference of $16,560)	16,560	16,560
EQUITY
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,735 shares issued and outstanding at March 31, 2025 and 16,719 shares issued and outstanding at December 31, 2024)	1,268,888	1,269,549
Accumulated distributions in excess of net income	(631,855)	(615,242)
Accumulated other comprehensive loss	(232)	(407)
Total shareholders’ equity	636,801	653,900
Noncontrolling interests – Operating Partnership and Series E preferred units	225,985	227,870
Noncontrolling interests – consolidated real estate entities	654	673
TOTAL EQUITY	863,440	882,443
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,893,084	$ 1,913,707