v3.26.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Land and improvements $ 559,419 $ 559,419
Building and improvements 838,742 836,437
Tenant improvements 6,386 6,386
Furniture, fixtures and equipment 13,782 13,684
Total investment in real estate 1,418,329 1,415,926
Accumulated depreciation (274,922) (266,976)
Investment in real estate, net 1,143,407 1,148,950
Cash and cash equivalents 26,083 30,815
Restricted cash 28,568 27,339
Tenant and other receivables, net of allowance for doubtful accounts of $292 and $317, respectively 7,599 8,676
Deferred rent 2,264 2,067
Deferred costs and intangible assets, net 5,234 5,326
Prepaid expenses and other assets 12,841 11,146
TOTAL ASSETS 1,225,996 1,234,319
Liabilities:    
Notes payable, net of unamortized loan costs of $7,844 and $8,712, respectively 1,277,956 1,277,521
Accounts payable and accrued liabilities 22,460 18,092
Security deposits 9,692 9,519
Other liabilities 11,412 9,941
TOTAL LIABILITIES 1,321,520 1,315,073
Equity (Deficit):    
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding 0 0
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,157,566 and 16,146,546 shares issued and outstanding, at March 31, 2026, and December 31, 2025, respectively 160 160
Additional paid-in-capital 90,819 90,677
Accumulated deficit (127,316) (121,543)
Total stockholders’ equity (deficit) (36,337) (30,706)
Non-controlling interests (59,187) (50,048)
TOTAL EQUITY (DEFICIT) (95,524) (80,754)
TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 1,225,996 $ 1,234,319