v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 147,385 $ 146,772
Buildings and improvements 2,244,156 2,230,807
Construction in progress 60,494 62,393
Total real estate, at cost 2,452,035 2,439,972
Less accumulated depreciation (289,366) (271,190)
Net real estate held for investment 2,162,669 2,168,782
Construction loan receivable 22,800 22,800
Cash and cash equivalents 128,010 146,245
Investments 5,258 5,000
Right of use office lease asset 839 946
In-place lease intangible assets, net 7,170 7,385
Other assets, net 25,841 26,889
Total assets 2,352,587 2,378,047
Liabilities:    
Notes due 2026, net 289,499 297,865
Building improvements and construction funding payable 9,009 10,230
Accounts payable and accrued expenses 12,418 10,561
Dividends payable 55,244 54,817
Rent received in advance and tenant security deposits 53,403 57,176
Other liabilities 10,850 11,338
Total liabilities 430,423 441,987
Commitments and contingencies (Notes 6 and 11)
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, 1,387,820 and 1,002,673 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 32,818 23,632
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,378,181 and 28,331,833 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 28 28
Additional paid-in capital 2,125,109 2,124,113
Dividends in excess of earnings (235,791) (211,713)
Total stockholders’ equity 1,922,164 1,936,060
Total liabilities and stockholders’ equity $ 2,352,587 $ 2,378,047