v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land $ 129,517 $ 129,517
Buildings and improvements 341,386 341,314
Acquired intangible assets 17,203 19,063
Total real estate investments, at cost 488,106 489,894
Less accumulated depreciation and amortization (92,533) (91,135)
Total real estate investments, net 395,573 398,759
Cash and cash equivalents 7,083 9,776
Restricted cash 8,743 9,159
Operating lease right-of-use asset 54,458 54,514
Prepaid expenses and other assets 4,113 5,233
Straight-line rent receivable 22,940 23,060
Deferred leasing costs, net 6,467 6,565
Total assets 499,377 507,066
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Mortgage notes payable, net 347,637 347,384
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $267 and $317 at March 31, 2025 and December 31, 2024, respectively) 15,729 15,302
Operating lease liability 54,572 54,592
Below-market lease liabilities, net 992 1,161
Deferred revenue 3,361 3,041
Total liabilities 422,291 421,480
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,634,355 and 2,634,355 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 27 27
Additional paid-in capital 731,521 731,429
Accumulated other comprehensive income 0 0
Distributions in excess of accumulated earnings (654,462) (645,870)
Total equity 77,086 85,586
Total liabilities and equity $ 499,377 $ 507,066