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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Preferred Shares
Common Shares
Additional Paid-in-Capital
Accumulated Distributions in Excess of Net Income
Accumulated Other Comprehensive Income/(Loss)
Noncontrolling Interests
Beginning balance at Dec. 31, 2022 [1] $ 2,391,003 $ 94,016 [2] $ 6 $ 3,320,110 $ (1,079,087) $ 17,689 $ 38,269
Number of Preferred Shares, beginning balance (in shares) at Dec. 31, 2022 [1],[2]   1,935,400          
Number of Common Shares, beginning balance (in shares) at Dec. 31, 2022 [1]     58,343,862        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Capital contributions 714           714
Redemption of noncontrolling OP units for common shares (in shares)     166,514        
Redemption of noncontrolling OP units for common shares (415)     3,393     (3,808)
Share-based compensation, net $ 6,908     6,903 5    
Share-based compensation, net (in shares) 256,940   179,441        
Dividends/ distributions $ (160,470)       (153,125)   (7,345)
Net income 35,923       30,383   5,540
Other comprehensive income (loss) (6,847)         (6,847)  
Company's share of other comprehensive loss of non-consolidated entities (1,359)         (1,359)  
Ending balance at Dec. 31, 2023 2,265,457 $ 94,016 [2] $ 6 3,330,406 (1,201,824) 9,483 33,370
Number of Preferred Shares, ending balance (in shares) at Dec. 31, 2023 [2]   1,935,400          
Number of Common Shares, ending balance (in shares) at Dec. 31, 2023     58,689,817        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Capital contributions 1,751           1,751
Purchase of noncontrolling interest in consolidated joint venture (27,898)     (23,843)     (4,055)
Change in control of a subsidiary (2,503)           (2,503)
Share-based compensation, net $ 8,572     8,564 8    
Share-based compensation, net (in shares) 333,842   210,141        
Dividends/ distributions $ (164,084)       (159,711)   (4,373)
Net income 42,835       44,534   (1,699)
Other comprehensive income (loss) (3,338)         (3,338)  
Company's share of other comprehensive loss of non-consolidated entities (9)         (9)  
Ending balance at Dec. 31, 2024 $ 2,120,783 $ 94,016 $ 6 3,315,127 (1,316,993) 6,136 22,491
Number of Preferred Shares, ending balance (in shares) at Dec. 31, 2024 1,935,400 1,935,400          
Number of Common Shares, ending balance (in shares) at Dec. 31, 2024 58,899,958 [3]   58,899,958        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Capital contributions $ 1,796           1,796
Share-based compensation, net $ 10,599   $ 1 10,598      
Share-based compensation, net (in shares) 391,758   258,887        
Repurchase of common shares $ (11,842)   $ (1) (11,841)      
Repurchase of common shares (in shares)     (81,611)        
Dividends/ distributions (184,859)       (167,821)   (17,038)
Net income 117,610       113,160   4,450
Other comprehensive income (loss) (5,646)         (5,646)  
Company's share of other comprehensive loss of non-consolidated entities (63)         (63)  
Ending balance at Dec. 31, 2025 $ 2,048,378 $ 94,016 $ 6 $ 3,313,884 $ (1,371,654) $ 427 $ 11,699
Number of Preferred Shares, ending balance (in shares) at Dec. 31, 2025 1,935,400 1,935,400          
Number of Common Shares, ending balance (in shares) at Dec. 31, 2025 59,077,234 [3]   59,077,234        
[1] As of December 31, 2022, the Company reclassified $23 from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Split
effective November 10, 2025.
[2]
Common share and per common share data have been adjusted for all periods presented to reflect the Reverse Split effective November 10, 2025. See Note 2 Summary of Significant Accounting Policies.
[3]
Share data has been adjusted for all periods presented to reflect the Reverse Split effective November 10, 2025. See Note 2 Summary of Significant Accounting Policies.