v3.25.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate properties, at cost:    
Land $ 140,831 $ 128,457
Building and improvements 554,644 512,248
Tenant improvements 7,874 7,501
Total real estate properties, at cost 703,349 648,206
Less: Accumulated depreciation (66,023) (58,175)
Total real estate properties, net 637,326 590,031
Investment in financing leases, net 15,897 15,951
Total real estate investments, net 653,223 605,982
Cash 1,080 1,799
Escrow and reserves 1,007 744
Rent and other receivables 5,237 6,658
Prepaid expenses and other assets, net 9,848 14,519
Goodwill 1,536 1,536
Deferred rent receivable 3,880 2,639
In-place lease intangibles, net 13,123 12,636
Above market leases, net 251 305
Assets held for sale, net 637 0
Total Assets 689,822 646,818
Liabilities:    
Term loans, net 249,012 248,790
Revolving credit facility 46,000 14,000
Secured borrowings, net 33,823 33,918
Accounts payable, accrued expenses and other, net 17,367 16,441
Below market leases, net 19,066 16,171
Total Liabilities 365,268 329,320
Commitments and Contingencies
Equity:    
Additional paid-in capital 318,914 310,031
Accumulated other comprehensive income 1,744 5,230
Accumulated deficit (70,098) (64,211)
Total Stockholders’ Equity 250,802 251,285
Operating partnership unitholders’ non-controlling interests 73,752 66,213
Total Equity 324,554 317,498
Total Liabilities and Equity 689,822 646,818
Class A common stock    
Equity:    
Common stock, value, issued 242 235
Class B common stock    
Equity:    
Common stock, value, issued $ 0 $ 0