CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate investments
Property owned	$ 2,524,020	$ 2,480,741
Less accumulated depreciation	(660,124)	(625,980)
Total real estate investments	1,863,896	1,854,761
Cash and cash equivalents	12,833	12,030
Restricted cash	2,818	1,099
Other assets	46,620	45,817
TOTAL ASSETS	1,926,167	1,913,707
LIABILITIES
Accounts payable and accrued expenses	59,247	59,319
Revolving lines of credit	154,925	47,359
Notes payable, net of unamortized loan costs of $421 and $480, respectively	299,579	299,520
Mortgages payable, net of unamortized loan costs of $2,937 and $3,262, respectively	566,660	608,506
TOTAL LIABILITIES	1,080,411	1,014,704
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at December 31, 2025 and 166 issued and outstanding at December 31, 2024, aggregate liquidation preference of $5,940 at December 31, 2025)	5,940	16,560
EQUITY
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,761 shares issued and outstanding at December 31, 2025 and 16,719 shares issued and outstanding at December 31, 2024)	1,368,834	1,367,637
Accumulated distributions in excess of net income	(649,678)	(615,242)
Accumulated other comprehensive loss	0	(407)
Total shareholders’ equity	719,156	751,988
Noncontrolling interests – Operating Partnership and Series E preferred units	120,660	129,782
Noncontrolling interests – consolidated real estate entities	0	673
TOTAL EQUITY	839,816	882,443
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,926,167	$ 1,913,707