v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land $ 174,535 $ 174,535
Buildings, fixtures and improvements 1,789,349 1,785,952
Acquired intangible assets 246,544 246,544
Construction in progress 3,752 2,994
Total real estate investments, at cost 2,214,180 2,210,025
Less: accumulated depreciation and amortization (707,160) (691,200)
Total real estate investments, net 1,507,020 1,518,825
Cash and cash equivalents 52,809 57,620
Restricted cash 53,790 50,832
Derivative assets, at fair value 1,395 569
Straight-line rent receivable, net 21,755 21,486
Operating lease right-of-use assets 7,275 7,377
Prepaid expenses and other assets, net 22,290 23,019
Accounts receivable, net 9,193 9,252
Deferred costs, net 22,535 22,792
Total assets 1,698,062 1,711,772
LIABILITIES AND EQUITY    
Mortgage notes payable, net 367,723 367,629
Market lease intangible liabilities, net 4,616 4,851
Derivative liabilities, at fair value 0 188
Accounts payable and accrued expenses 42,702 44,381
Operating lease liabilities 8,378 8,467
Deferred rent 6,925 9,247
Distributions payable 3,340 3,340
Total liabilities 1,101,519 1,107,247
Commitments and Contingencies
Equity    
Common stock, $0.01 par value, 300,000 shares authorized, 28,412 and 28,427 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,132 1,132
Additional paid-in capital 2,531,539 2,531,315
Accumulated other comprehensive income 5,076 5,604
Distributions in excess of accumulated earnings (1,945,664) (1,938,060)
Total stockholders’ equity 592,156 600,064
Non-controlling interests 4,387 4,461
Total equity 596,543 604,525
Total liabilities and equity 1,698,062 1,711,772
Series A preferred stock    
Equity    
Preferred stock 38 38
Series B preferred stock    
Equity    
Preferred stock 35 35
Secured Debt | Fannie Mae Secured Debt    
LIABILITIES AND EQUITY    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net 333,296 334,739
Secured Debt | Credit Agreement    
LIABILITIES AND EQUITY    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net 148,539 148,405
Revolving Credit Facility | Credit Agreement    
LIABILITIES AND EQUITY    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net $ 186,000 $ 186,000