v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 232,141 $ 230,457
Buildings and improvements 333,191 340,367
Total real estate, at cost 565,332 570,824
Less: accumulated depreciation and amortization (114,759) (114,526)
Net real estate held for investment 450,573 456,298
Cash and cash equivalents 27,540 29,380
Restricted cash 315 143
Rental income in excess of amount billed 16,391 16,227
Acquired lease intangible assets, net 5,512 5,707
Investment in unconsolidated affiliate 3,759 3,699
Asset held for sale 8,103  
Right-of-use asset - operating lease, net 2,217 2,285
Other assets 18,469 19,060
Total assets 532,879 532,799
Liabilities:    
Mortgage notes payable, net 474,100 475,172
Secured revolving credit facility 18,400 18,400
Accounts payable and accrued expenses 5,542 5,800
Dividends payable 12,946 1,601
Acquired lease intangible liabilities, net 601 534
Right-of-use liability - operating lease 2,420 2,486
Other liabilities 8,955 7,241
Total liabilities 522,964 511,234
Commitments and contingencies (Note 9)
Equity:    
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,345,980 shares issued and outstanding at March 31, 2025 and December 31, 2024 1 1
Additional paid-in capital 132,191 131,857
Distributions in excess of net income (125,263) (115,264)
Total stockholders’ equity 6,929 16,594
Noncontrolling interest 2,986 4,971
Total equity 9,915 21,565
Total liabilities and equity 532,879 532,799
Series A Preferred Stock [Member]    
Equity:    
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]    
Equity:    
Preferred stock, value