Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total revenues $ 147,647 $ 164,862 $ 195,041
Operating expenses:      
Property operating 64,828 65,151 60,783
General and administrative 20,313 20,094 18,720
Depreciation and amortization 58,746 100,820 109,111
Impairments 99,376 47,552 33,112
Transaction related 898 539 504
Total operating expenses 244,161 234,156 222,230
Other (expenses) income:      
Interest expense, net (31,525) (32,637) (29,669)
Gain on disposition of real estate assets 7,058 0 31
Loss on extinguishment of debt, net 0 (1,078) (504)
Other income 1,286 987 911
Other expenses (1,584) 0 0
Reserve on member loan to unconsolidated joint venture (5,926) 0 0
Equity in loss and impairment of investment in unconsolidated joint venture, net (11,822) (740) (435)
Total other (expenses) income, net (42,513) (33,468) (29,666)
Loss before taxes (139,027) (102,762) (56,855)
Provision for income taxes (259) (214) (456)
Net loss (139,286) (102,976) (57,311)
Net (income) loss attributable to non-controlling interest (23) (36) 9
Net loss attributable to common stockholders $ (139,309) $ (103,012) $ (57,302)
Weighted-average shares outstanding - basic (in shares) 56,232 55,903 56,410
Weighted-average shares outstanding - diluted (in shares) 56,232 55,903 56,410
Basic net loss per share attributable to common stockholders (in dollars per share) $ (2.48) $ (1.84) $ (1.02)
Diluted net loss per share attributable to common stockholders (in dollars per share) $ (2.48) $ (1.84) $ (1.02)
Rental      
Total revenues $ 146,827 $ 164,055 $ 194,241
Fee income from unconsolidated joint venture      
Total revenues $ 820 $ 807 $ 800