v3.25.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investment properties held and used:    
Land $ 330,456 $ 330,456
Building and other improvements 1,227,825 1,226,896
Total 1,558,281 1,557,352
Less accumulated depreciation (398,086) (385,932)
Net investment properties held and used 1,160,195 1,171,420
Cash and cash equivalents 8,051 6,416
Restricted cash 480 480
Accounts and rent receivable 23,470 23,355
Acquired lease intangible assets, net 46,408 49,052
Operating lease right-of-use asset, net 13,266 13,359
Other assets 25,444 30,743
Total assets 1,277,314 1,294,825
Liabilities:    
Mortgages and credit facility payable, net 835,957 835,746
Accounts payable and accrued expenses 10,913 10,792
Operating lease liability 25,362 25,286
Distributions payable 4,898 4,898
Acquired intangible liabilities, net 33,251 34,056
Due to related parties 2,842 2,668
Other liabilities 7,517 11,943
Total liabilities 920,740 925,389
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding
Common stock, $.001 par value, 1,460,000,000 shares authorized, 36,104,130 shares issued and outstanding as of March 31, 2025 and December 31, 2024 36 36
Additional paid in capital 816,183 816,149
Accumulated distributions and net loss (474,926) (467,427)
Accumulated other comprehensive income 15,281 20,678
Total stockholders’ equity 356,574 369,436
Total liabilities and stockholders’ equity $ 1,277,314 $ 1,294,825