v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate properties, at cost:    
Land $ 171,932 $ 163,485
Building and improvements 630,911 603,390
Tenant improvements 8,889 8,649
Total real estate properties, at cost 811,732 775,524
Less: Accumulated depreciation (79,394) (74,769)
Total real estate properties, net 732,338 700,755
Investment in financing leases, net 15,821 15,851
Total real estate investments, net 748,159 716,606
Cash 1,256 1,454
Escrow and reserves 1,534 643
Rent and other receivables 4,532 5,232
Prepaid expenses and other assets, net 11,847 11,800
Goodwill 1,536 1,536
Deferred rent receivable 6,353 5,373
Lease intangible assets, net 17,326 16,413
Total Assets 792,543 759,057
Liabilities:    
Term loans, net 303,412 288,313
Revolving credit facility 49,000 39,000
Secured borrowings, net 33,723 33,828
Accounts payable, accrued expenses and other, net 15,137 18,597
Below market leases, net 20,819 19,758
Total Liabilities 422,091 399,496
Commitments and Contingencies
Equity:    
Additional paid-in capital 367,178 358,001
Accumulated other comprehensive income 1,871 954
Accumulated deficit (77,163) (74,024)
Total Stockholders’ Equity 292,163 285,199
Operating partnership unitholders’ non-controlling interests 78,289 74,362
Total Equity 370,452 359,561
Total Liabilities and Equity 792,543 759,057
Class A common stock    
Equity:    
Common stock, value, issued 277 268
Class B common stock    
Equity:    
Common stock, value, issued $ 0 $ 0