7 unchanged sentences
Estimated Per-Share Net Asset Value
−Removed: On March 27, 2024, we published a new Estimated Per-Share NAV equal to $13.00 as of December 31, 2023 (the “Valuation Date”) (and $52.00 after reflecting the Reverse Stock Split), which was unanimously adopted by the independent directors of the Board.
−Removed: The Estimated Per-Share NAV of $13.00 fell within the range of the values reported by Kroll, LLC (“Kroll”), an independent third-party real estate advisory firm engaged by us.
−Removed: The range of values provided by Kroll was based on the estimated fair value of our assets less the estimated fair value of our liabilities and the liquidation value of our Series A Preferred Stock and the liquidation value of our Series B Preferred Stock, divided by the number of shares of our common stock outstanding as of December 31, 2023.
−Removed: In determining the Estimated Per-Share NAV of $13.00, the independent directors of the Board considered various factors, including the information provided by Kroll, the impact of the stock dividend that was issued in January 2024 and the fact that properties under contract for sale at December 31, 2023 were valued based on their contract sale prices and without giving consideration to the reinvestment of the sale proceeds.
−Removed: The valuation was performed in compliance with the Institute of Portfolio Alternatives Practice Guideline 2013-01 titled “Valuations of Publicly Registered Non-Listed REITs,” issued April 29, 2013.
+Added: On March 26, 2025, we published a new Estimated Per-Share NAV equal to $32.15 as of December 31, 2024, which was unanimously adopted by the independent directors of our Board.
+Added: The Estimated Per-Share NAV of $32.15 fell within the range of the values reported by Kroll, LLC, an independent third-party real estate advisory firm engaged by us.
+Added: The range of values provided by Kroll, LLC was based on the estimated fair value of our assets less the estimated fair value of our liabilities and the liquidation value of our Series A Preferred Stock and Series B Preferred Stock, divided by the number of shares of our common stock outstanding as of December 31, 2024.
See our Current Report on Form 8-K filed with the SEC on March 26, 2025 for more information on the methodologies and assumptions used to determine, and the limitations and risks of, our updated Estimated Per-Share NAV.
4 unchanged sentences
As a REIT, we are required to distribute annually at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard for the deduction for dividends paid and excluding net capital gains.
−Removed: The amount of dividends and other distributions payable to our stockholders is determined by the Board and is dependent on a number of factors, including funds available for dividends and other distribution, our financial condition, provisions in our agreements that may restrict our ability to pay dividends and other distributions, capital expenditure requirements, as applicable, requirements of Maryland law and annual dividends and other distribution requirements needed to maintain our status as a REIT under the Code.
+Added: The amount of dividends and other distributions payable to our stockholders is determined by our Board and is dependent on a number of factors, including funds available for dividends and other distribution, our financial condition, provisions in our agreements that may restrict our ability to pay dividends and other distributions, capital expenditure requirements, as applicable, requirements of Maryland law and annual dividends and other distribution requirements needed to maintain our status as a REIT under the Code.
Our ability to make future cash distributions on our common stock will depend on our future cash flows and indebtedness and may further depend on our ability to obtain additional liquidity, which may not be available on favorable terms, or at all.
Dividends and other distribution payments are not assured.
−Removed: Other information concerning the dividends called for by this item is incorporated herein by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Dividends and Other Distributions.”.
+Added: Other information concerning the dividends called for by this item is incorporated herein by reference to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Dividends and Other Distributions.”
Tax Characteristics of Dividends
−Removed: All common dividends in the years ended December 31, 2024, 2023 and 2022 were issued as stock dividends, which do not represent taxable dividends to shareholders for U.S.
+Added: All common dividends in the years ended December 31, 2024 and 2023 were issued as stock dividends, which did not represent taxable dividends to shareholders for U.S.
federal income tax purposes.
−Removed: All dividends paid on the Series A Preferred Stock and Series B Preferred Stock (first payment was made in January 2022) were considered 100% return of capital for income for tax purposes for the years ended December 31, 2024, 2023 and 2022.
+Added: No cash or stock dividends were issued on our common stock during the year ended December 31, 2025.
+Added: All dividends paid on the Series A Preferred Stock and Series B Preferred Stock were considered 100% return of capital for income for tax purposes for the years ended December 31, 2025, 2024 and 2023.
Sales of Unregistered Securities
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: The Board suspended repurchases under the SRP effective August 14, 2020.
−Removed: No further repurchase requests under the SRP may be made unless and until the SRP is reactivated.
We did not repurchase any shares of our common stock during the year ended December 31, 2025.
−Removed: For additional information on the SRP, see Note 8 — Stockholders’ Equity to our Consolidated Financial Statements.
+Added: On May 8, 2025, we publicly announced our preferred stock repurchase program, which authorizes the repurchase of up to $50 million of our Series A Preferred Stock and Series B Preferred Stock.
+Added: All of the repurchases below were made during the fourth quarter of 2025 on the open market at prevailing market prices plus related expenses under the repurchase program (dollars in thousands, except per share information).
+Added: As of December 31, 2025, up to $44.6 million was available under our preferred stock repurchase program.
+Added: 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock
+Added: Month Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly announced Plans or Programs Maximum Dollar Value that May Yet be Purchased Under the Plans or Programs
+Added: October 1, 2025 to October 31, 2025 — $— — — $—
+Added: November 1, 2025 to November 30, 2025 — — — — —
+Added: December 1, 2025 to December 31, 2025 49,461 18.66 49,461 —
+Added: 49,461 $18.66 49,461 $—
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.