v3.26.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investment properties held and used:    
Land $ 330,456 $ 330,456
Building and other improvements 1,248,020 1,245,978
Total 1,578,476 1,576,434
Less accumulated depreciation (447,848) (435,242)
Net investment properties held and used 1,130,628 1,141,192
Cash and cash equivalents 9,224 7,951
Restricted cash 412 468
Accounts and rent receivable 27,032 26,845
Acquired lease intangible assets, net 37,416 39,355
Operating lease right-of-use asset, net 12,903 12,992
Other assets 21,265 19,125
Total assets 1,238,880 1,247,928
Liabilities:    
Mortgages and credit facility payable, net 836,075 837,475
Accounts payable and accrued expenses 10,285 10,641
Operating lease liability 25,679 25,598
Distributions payable 4,899 4,899
Acquired intangible liabilities, net 30,044 30,761
Due to related parties 2,927 2,700
Other liabilities 8,968 10,496
Total liabilities 918,877 922,570
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding
Common stock, $.001 par value, 1,460,000,000 shares authorized, 36,110,108 shares issued and outstanding as of March 31, 2026 and December 31, 2025 36 36
Additional paid in capital 816,317 816,279
Accumulated distributions and net loss (505,213) (498,065)
Accumulated other comprehensive income 8,863 7,108
Total stockholders’ equity 320,003 325,358
Total liabilities and stockholders’ equity $ 1,238,880 $ 1,247,928