CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate investments
Property owned	$ 2,518,162	$ 2,524,020
Less accumulated depreciation	(685,769)	(660,124)
Total real estate investments	1,832,393	1,863,896
Cash and cash equivalents	7,555	12,833
Restricted cash	2,710	2,818
Other assets	44,928	46,620
TOTAL ASSETS	1,887,586	1,926,167
LIABILITIES
Accounts payable and accrued expenses	55,872	59,247
Revolving lines of credit	150,429	154,925
Notes payable, net	299,594	299,579
Mortgages payable, net	565,611	566,660
TOTAL LIABILITIES	1,071,506	1,080,411
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at March 31, 2026 and December 31, 2025, aggregate liquidation preference of $5,940 at March 31, 2026)	5,940	5,940
EQUITY
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,803 shares issued and outstanding at March 31, 2026 and 16,761 shares issued and outstanding at December 31, 2025)	1,370,461	1,368,834
Accumulated distributions in excess of net income	(675,493)	(649,678)
Total shareholders’ equity	694,968	719,156
Noncontrolling interests – Operating Partnership and Series E preferred units	115,172	120,660
TOTAL EQUITY	810,140	839,816
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,887,586	$ 1,926,167