v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Real estate properties $ 1,685,321 $ 1,418,305
Less: accumulated depreciation (291,874) (261,608)
Real estate properties, net 1,393,447 1,156,697
Cash 11,399 17,546
Cash held in escrow 1,821 1,964
Restricted cash 24,255 24,117
Investment in unconsolidated joint ventures 47,107 62,377
Deferred lease intangibles, net 54,509 41,677
Other assets 40,909 42,622
Interest rate swaps 10,295 17,760
Forward contract asset 0 3,658
Total assets 1,583,742 1,368,418
Liabilities:    
Secured debt, net 174,485 175,980
Unsecured debt, net 448,102 447,741
Borrowings under line of credit 214,200 20,000
Accounts payable, accrued expenses and other liabilities 82,785 83,827
Warrant liability 32,502 45,908
Deferred lease intangibles, net 7,611 5,026
Financing lease liability 2,302 2,297
Interest rate swaps 174 520
Total Liabilities 962,161 781,299
Commitments and contingencies (Note 13)
Redeemable non-controlling interest - Series C Preferred Units, 500,000 units authorized, (aggregate liquidation preference of $187,515 and $81,985 at June 30, 2025 and December 31, 2024, respectively) 76,123 1,259
Equity:    
Common stock, $0.01 par value: 900,000,000 shares authorized; 44,779,618 and 45,389,186 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 448 454
Additional paid in capital 572,496 604,839
Accumulated deficit (43,507) (43,262)
Accumulated other comprehensive income 10,133 17,517
Total stockholders' equity 539,570 579,548
Non-controlling interest 5,888 6,312
Total equity 545,458 585,860
Total liabilities, redeemable non-controlling interest and equity $ 1,583,742 $ 1,368,418