Owns and rents commercial real estate, including apartments, industrial and office buildings, to tenants, and also invests in real-estate loans and related securities.
10-K for FY2025, filed Mar 20, 2026We were formed on June 22, 2017 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) for U.S.…View ↗
To execute our investment strategy, we invest primarily in stabilized, income-oriented commercial real estate. Our portfolio is principally…View ↗
While our portfolio is principally comprised of properties, to a lesser extent, we may also invest in real estate debt, including loans…View ↗
Tenants pay fixed rent under leases over their lease terms; hospitality guests pay for occupied rooms and food and beverage when provided.
10-K for FY2025, filed Mar 20, 2026The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under…View ↗
10-K for FY2025, filed Mar 20, 2026
FY2025 revenue by product or service ↗$1.6B
10-K for FY2025, filed Mar 20, 2026
$1.6B ↗| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Rental Revenue
Recurring
10-K for FY2025, filed Mar 20, 2026 |
98%
FY2022: 96%
|
Rental Revenue, FY2025
$1.5B Sources
|
Recurring |
|
Other revenue
Usage-based
|
2.0%
FY2022: 3.7%
|
Other revenue, FY2025
$31.3M Sources
|
Usage-based |
Commercial-property tenants rent space under leases; hospitality guests pay for rooms and food and beverage services.
10-K for FY2025, filed Mar 20, 2026The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under…View ↗
No. It lost $691.6M in FY2025.
10-K for FY2025, filed Mar 20, 2026
10-Q for Q2 FY2026, filed Aug 12, 2026
−$144.2MView ↗
10-Q for Q2 FY2026, filed Aug 12, 2026
Open tableView ↗
Growing. Revenue grew 2.5x in 4 years, from $642.9M in FY2021 to $1.6B in FY2025, about 25% a year.
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