7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 
      
                                       
      real estate, at cost:
                                       
      land
    146,469,000 146,469,000 147,385,000 146,772,000 146,043,000 142,891,000 142,524,000 142,524,000 142,524,000 142,524,000 142,524,000 139,953,000 140,187,000 136,123,000 131,925,000 122,386,000 98,930,000 91,659,000 79,991,000 75,660,000 68,033,000 58,467,000 51,712,000 48,652,000 37,959,000 28,493,000 22,563,000 20,475,000 17,812,000 14,819,000 11,514,000 11,514,000 10,385,000 10,385,000 7,600,000 
      buildings and improvements
    2,252,137,000 2,249,408,000 2,244,156,000 2,230,807,000 2,209,720,000 2,161,261,000 2,119,566,000 2,108,218,000 2,100,662,000 2,081,731,000 2,054,859,000 1,305,306,000 1,261,651,000 1,220,821,000 1,070,431,000 979,417,000 816,099,000 763,266,000 691,529,000 644,932,000 575,529,000 530,274,000 464,267,000 382,035,000 231,252,000 183,226,000 123,927,000 109,425,000 78,049,000 57,105,000 51,315,000 51,315,000 30,885,000 27,881,000 22,475,000 
      construction in progress
    57,713,000 57,487,000 60,494,000 62,393,000 59,998,000 97,828,000 123,910,000 117,773,000 107,772,000 117,413,000 108,464,000 54,106,000 60,546,000 68,909,000   4,581,000 3,835,000 2,433,000        666,000 6,298,000 4,678,000 4,366,000      
      total real estate, at cost
    2,456,319,000 2,453,364,000 2,452,035,000 2,439,972,000 2,415,761,000 2,401,980,000 2,386,000,000 2,368,515,000 2,350,958,000 2,341,668,000 2,305,847,000 2,204,687,000 2,175,367,000 2,125,709,000 1,896,607,000 1,722,104,000 1,470,648,000 1,335,734,000 1,182,563,000 1,060,239,000 916,496,000 815,392,000 689,953,000 518,031,000 312,608,000 239,361,000 165,940,000 150,930,000 111,368,000 83,603,000 68,730,000 68,730,000 47,171,000 38,266,000 30,075,000 
      less accumulated depreciation
    -324,855,000 -306,594,000 -289,366,000 -271,190,000 -253,165,000 -235,436,000 -219,627,000 -202,692,000 -186,121,000 -169,658,000 -153,170,000 -138,405,000 -124,786,000 -109,100,000 -95,608,000 -81,938,000 -69,766,000 -58,875,000 -49,033,000 -40,195,000 -31,469,000 -23,823,000 -17,077,000 -12,170,000 -8,625,000 -6,404,000 -4,789,000 -3,571,000 -2,657,000 -1,954,000 -1,418,000 -942,000 -579,000 -363,000 -187,000 
      net real estate held for investment
    2,131,464,000 2,146,770,000 2,162,669,000 2,168,782,000 2,162,596,000 2,166,544,000 2,166,373,000 2,165,823,000 2,164,837,000 2,172,010,000 2,152,677,000 2,066,282,000 2,050,581,000 2,016,609,000 1,800,999,000 1,640,166,000 1,400,882,000 1,276,859,000 1,133,530,000 1,020,044,000 885,027,000 791,569,000 672,876,000 505,861,000 303,983,000 232,957,000 161,151,000 147,359,000 108,711,000 81,649,000 67,312,000 67,788,000 46,592,000 37,903,000 29,888,000 
      life science investments
    105,240,000                                   
      construction loan receivable
    22,800,000 22,800,000 22,800,000 22,800,000 22,000,000 22,000,000 22,000,000 22,000,000 21,556,000 20,917,000 18,407,000 18,021,000 17,698,000 17,698,000 15,525,000 12,916,000                    
      cash and cash equivalents
    36,671,000 99,666,000 128,010,000 146,245,000 147,128,000 120,835,000 153,502,000 140,249,000 117,034,000 92,602,000 37,654,000 87,122,000 76,943,000 45,432,000 43,094,000 81,096,000 127,298,000 156,314,000 122,133,000 126,006,000 161,074,000 50,174,000 108,261,000 82,244,000 99,917,000 47,432,000 59,224,000 13,050,000 53,019,000 21,185,000 42,076,000 11,758,000 22,204,000 25,756,000 33,351,000 
      investments
    5,258,000 5,258,000 5,258,000 5,000,000 25,315,000 40,111,000 20,026,000 21,948,000 41,885,000 72,726,000 163,969,000 200,935,000 239,674,000 309,442,000 209,935,000 324,889,000 554,420,000 649,352,000 539,323,000 619,275,000    119,595,000            
      right of use office lease asset
    621,000 731,000 839,000 946,000 1,051,000 1,154,000 1,255,000 1,355,000 1,453,000 1,550,000 1,645,000 1,739,000 1,831,000 1,921,000 2,011,000 1,068,000 811,000 866,000 922,000 980,000 1,035,000 1,091,000 1,147,000 1,202,000            
      in-place lease intangible assets
    6,577,000 6,955,000 7,170,000 7,385,000 7,600,000 7,815,000 8,030,000 8,245,000 8,460,000 8,675,000 8,890,000 9,105,000 9,320,000 9,535,000 9,215,000 9,148,000                    
      other assets
    29,283,000 22,875,000 25,841,000 26,889,000 29,641,000 25,716,000 28,327,000 30,020,000 32,748,000 26,325,000 28,544,000 30,182,000 33,107,000 24,515,000 25,399,000 9,996,000 9,749,000 1,457,000 2,022,000 1,776,000 1,536,000 1,591,000 2,247,000 1,883,000 1,068,000 1,579,000 2,304,000 614,000 499,000 1,446,000      
      total assets
    2,337,914,000 2,305,055,000 2,352,587,000 2,378,047,000 2,395,331,000 2,384,175,000 2,399,513,000 2,391,090,000 2,389,423,000 2,396,255,000 2,413,236,000 2,414,836,000 2,430,734,000 2,425,682,000 2,108,108,000 2,084,602,000 2,102,085,000 2,090,848,000 1,797,930,000 1,768,081,000 1,499,850,000 1,179,148,000 1,080,470,000 745,857,000 623,150,000 430,721,000 420,408,000 281,466,000 166,212,000 161,699,000 158,898,000 80,028,000 70,143,000 63,912,000 63,507,000 
      liabilities and stockholders’ equity
                                       
      liabilities:
                                       
      notes due 2026
    290,229,000 289,861,000 289,499,000 297,865,000 297,503,000 297,146,000 296,795,000 296,449,000 296,107,000 295,772,000 295,441,000 295,115,000 294,794,000 294,478,000 294,167,000 293,860,000                    
      revolving credit facility
    50,000,000                                   
      building improvements and construction funding payable
    4,298,000 5,647,000 9,009,000 10,230,000 9,204,000 7,367,000 10,448,000 9,591,000 12,724,000 21,479,000 31,088,000                         
      accounts payable and accrued expenses
    15,244,000 10,183,000 12,418,000 10,561,000 14,961,000 8,912,000 12,160,000 11,406,000 13,631,000 8,440,000 11,391,000 10,615,000 13,140,000 6,428,000 8,990,000 7,718,000 8,449,000 4,865,000 2,358,000 4,641,000 1,336,000 3,235,000 1,305,000 3,417,000 1,044,000 3,583,000 1,224,000 1,968,000 1,179,000 2,908,000 551,000 1,082,000 608,000   
      dividends payable
    54,793,000 54,661,000 55,244,000 54,817,000 54,817,000 54,591,000 52,295,000 51,827,000 51,079,000 51,080,000 51,063,000 50,840,000 50,841,000 49,439,000 46,168,000 38,847,000 36,321,000 33,922,000 31,998,000 30,065,000 26,325,000 20,108,000 17,407,000 12,975,000 9,204,000 6,223,000 4,750,000 3,759,000 2,713,000 2,034,000 2,034,000 1,198,000 525,000 525,000  
      rent received in advance and tenant security deposits
    51,196,000 51,647,000 53,403,000 57,176,000 61,084,000 58,805,000 60,151,000 59,358,000 59,120,000 58,482,000 58,663,000 58,716,000 61,488,000 59,899,000 56,801,000 52,805,000 51,222,000 41,846,000 41,666,000 34,153,000 34,323,000 26,243,000 25,236,000 20,631,000 16,199,000 12,236,000 9,661,000 9,014,000    4,158,000    
      other liabilities
    8,813,000 12,650,000 10,850,000 11,338,000 11,225,000 10,154,000 12,237,000 5,056,000 3,670,000 3,368,000 3,037,000 1,901,000 1,992,000 2,082,000 2,150,000 1,167,000 1,408,000 3,191,000                  
      total liabilities
    474,573,000 424,649,000 430,423,000 441,987,000 448,794,000 436,975,000 444,086,000 438,118,000 440,754,000 443,035,000 455,089,000 452,943,000 463,819,000 449,910,000 461,447,000 472,903,000 590,954,000 575,681,000 280,312,000 243,109,000 229,854,000 209,177,000 221,491,000 197,847,000 173,367,000 164,533,000 152,032,000 17,174,000 15,122,000 10,114,000 7,184,000 6,479,000 10,183,000 3,934,000 2,889,000 
      commitments and contingencies
                                       
      stockholders’ equity:
                                       
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, liquidation preference of 25.00 per share, 1,807,682 and 1,002,673 shares issued and outstanding at september 30, 2025 and december 31, 2024, respectively
    42,743,000                                   
      common stock
    28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 26,000 26,000 24,000 24,000 24,000 24,000 22,000 19,000 17,000 13,000 11,000 10,000 10,000 10,000 7,000 7,000 7,000 4,000 4,000 4,000 4,000 
      additional paid-in capital
    2,110,486,000 2,107,963,000 2,125,109,000 2,124,113,000 2,119,798,000 2,115,482,000 2,111,111,000 2,095,789,000 2,081,291,000 2,076,357,000 2,071,473,000 2,065,248,000 2,060,936,000 2,056,568,000 1,718,234,000 1,672,882,000 1,562,099,000 1,559,908,000 1,557,776,000 1,559,059,000 1,295,352,000 988,220,000 870,433,000  452,634,000 266,356,000 265,733,000  137,219,000 139,546,000 141,217,000  65,027,000 65,379,000  
      dividends in excess of earnings
    -289,916,000 -264,428,000 -235,791,000 -211,713,000 -196,921,000 -182,319,000 -169,721,000 -156,854,000 -146,659,000 -137,174,000 -127,363,000 -117,392,000 -108,058,000 -94,833,000 -85,608,000 -75,218,000 -65,001,000 -58,774,000 -54,191,000 -48,120,000 -39,387,000 -32,277,000 -25,480,000 -19,944,000 -16,871,000 -14,187,000 -11,376,000         
      total stockholders’ equity
    1,863,341,000 1,880,406,000 1,922,164,000 1,936,060,000 1,946,537,000 1,947,200,000 1,955,427,000 1,952,972,000 1,948,669,000 1,953,220,000 1,958,147,000 1,961,893,000 1,966,915,000 1,975,772,000 1,646,661,000 1,611,699,000 1,511,131,000 1,515,167,000 1,517,618,000 1,524,972,000  969,971,000 858,979,000 548,010,000 449,783,000  268,376,000         
      total liabilities and stockholders’ equity
    2,337,914,000 2,305,055,000 2,352,587,000 2,378,047,000 2,395,331,000 2,384,175,000 2,399,513,000 2,391,090,000 2,389,423,000 2,396,255,000 2,413,236,000 2,414,836,000 2,430,734,000 2,425,682,000 2,108,108,000 2,084,602,000 2,102,085,000 2,090,848,000 1,797,930,000 1,768,081,000  1,179,148,000 1,080,470,000 745,857,000 623,150,000  420,408,000         
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, liquidation preference of 25.00 per share, 1,561,654 and 1,002,673 shares issued and outstanding at june 30, 2025 and december 31, 2024, respectively
     36,843,000                                  
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, liquidation preference of 25.00 per share, 1,387,820 and 1,002,673 shares issued and outstanding at march 31, 2025 and december 31, 2024, respectively
      32,818,000                                 
      restricted cash
           1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,580,000 530,000 1,930,000 5,323,000      11,468,000 23,032,000 35,072,000 9,354,000 10,022,000          
      ​
                                       
      exchangeable senior notes
           4,431,000 4,423,000 4,414,000 4,406,000 6,380,000 6,369,000 6,374,000 9,369,000 32,232,000 138,287,000 137,749,000 137,218,000 136,693,000 136,174,000 135,661,000 135,154,000 134,654,000 134,158,000 133,668,000 133,196,000         
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, liquidation preference of 25.00 per share, 1,002,673 and 600,000 shares issued and outstanding at december 31, 2024 and december 31, 2023, respectively
       23,632,000                                
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, liquidation preference of 25.00 per share, 1,002,673 and 600,000 shares issued and outstanding at september 30, 2024 and december 31, 2023, respectively
        23,632,000                               
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2024 and december 31, 2023
         14,009,000                              
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2024 and december 31, 2023
          14,009,000                             
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at december 31, 2023 and december 31, 2022
           14,009,000                            
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at september 30, 2023 and december 31, 2022
            14,009,000                           
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2023 and december 31, 2022
             14,009,000                          
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2023 and december 31, 2022
              14,009,000                         
      tenant improvements
               705,322,000 712,983,000 699,856,000 694,251,000 620,301,000 551,038,000 476,974,000 408,610,000 339,647,000 272,934,000 226,651,000 173,974,000 87,344,000 43,397,000 27,642,000 18,784,000 14,732,000 10,829,000 7,313,000 5,901,000 5,901,000 5,901,000   
      tenant improvements and construction funding payable
               29,376,000 35,195,000 31,210,000 43,802,000 46,274,000 61,674,000 60,670,000 66,074,000 36,500,000 30,583,000 22,781,000 41,185,000 24,968,000 12,700,000 8,823,000 3,201,000 2,433,000        
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at december 31, 2022 and december 31, 2021
               14,009,000                        
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at september 30, 2022 and december 31, 2021
                14,009,000                       
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2022 and december 31, 2021
                 14,009,000                      
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2022 and december 31, 2021
                  14,009,000                     
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at december 31, 2021 and december 31, 2020
                   14,009,000                    
      construction loan
                    8,925,000 6,000,000                  
      unsecured senior notes
                    293,593,000 293,438,000                  
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at september 30, 2021 and december 31, 2020
                    14,009,000                   
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2021 and december 31, 2020
                     14,009,000                  
      office lease liability
                      998,000 1,057,000 1,113,000 1,149,000 1,204,000 1,202,000            
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2021 and december 31, 2020
                      14,009,000                 
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at december 31, 2020 and 2019
                       14,009,000                
      assets
                                       
      short-term investments
                        451,178,000 323,255,000 272,907,000  208,828,000 138,731,000 197,729,000 120,443,000 3,983,000 57,419,000 48,856,000     
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at september 30, 2020 and december 31, 2019
                        14,009,000               
      total stockholders' equity
                        1,269,996,000     266,188,000  264,292,000 151,090,000 151,585,000 151,714,000 73,549,000 59,960,000 59,978,000 60,618,000 
      total liabilities and stockholders' equity
                        1,499,850,000     430,721,000  281,466,000 166,212,000 161,699,000 158,898,000 80,028,000 70,143,000 63,912,000 63,507,000 
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2020 and december 31, 2019
                         14,009,000              
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2020 and december 31, 2019
                          14,009,000             
      stockholders’ equity
                                       
      preferred stock (par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at december 31, 2019 and 2018
                           14,009,000            
      additional paid-in-capital
                           553,932,000    250,273,000    64,000,000   65,597,000 
      offering cost liability
                            62,000    21,000 31,000  41,000 190,000   
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at september 30, 2019 and december 31, 2018
                            14,009,000           
      liabilities and stockholders' equity
                                       
      stockholders' equity:
                                       
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2019 and december 31, 2018
                             14,009,000          
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2019 and december 31, 2018
                              14,009,000         
      preferred stock (par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at december 31, 2018 and 2017
                               14,009,000        
      accumulated deficit
                                -145,000 -1,977,000 -3,519,000 -4,464,000 -5,071,000 -5,405,000 -4,983,000 
      tenant improvements and construction payable
                                4,341,000       
      rents received in advance and tenant security deposits
                                6,868,000 5,141,000 4,599,000  2,960,000 2,846,000  
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at september 30, 2018 and december 31, 2017
                                14,009,000       
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at june 30, 2018 and december 31, 2017
                                 14,009,000      
      prepaid insurance and other assets
                                  654,000 482,000  253,000 268,000 
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares issued and outstanding at march 31, 2018 and december 31, 2017
                                  14,009,000     
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized: 9.00% series a cumulative redeemable preferred stock, 15,000 liquidation preference (25.00 per share), 600,000 shares and no shares issued and outstanding at december 31, 2017 and 2016, respectively
                                   14,009,000    
      class a common stock
                                       
      class b common stock
                                       
      deposits and other assets
                                    1,347,000   
      tenant improvements payable
                                    5,900,000   
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized, no shares issued and outstanding as of september 30, 2017 and december 31, 2016
                                       
      accounts payable, accrued expenses and other liabilities
                                     563,000 344,000 
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized, no shares issued and outstanding as of june 30, 2017 and december 31, 2016
                                       
      rents received in advance and tenant security deposit
                                      2,545,000 
      preferred stock, par value 0.001 per share, 50,000,000 shares authorized, no shares issued and outstanding as of march 31, 2017 and december 31, 2016
                                       
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.