v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land $ 114,099 $ 114,099
Buildings and improvements 268,970 268,474
Acquired intangible assets 5,389 5,389
Total real estate investments, at cost 388,458 387,962
Less accumulated depreciation and amortization (85,267) (80,579)
Total real estate investments, net 303,191 307,383
Cash and cash equivalents 2,422 1,297
Restricted cash 5,517 6,750
Contract asset 113,182 108,648
Prepaid expenses and other assets 2,915 3,169
Straight-line rent receivable 15,094 15,421
Deferred leasing costs, net 2,430 2,492
Total assets 444,751 445,160
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Mortgage notes payable, net 249,908 249,565
Debt associated with property in receivership 99,000 99,000
Accrued interest associated with property in receivership 14,182 9,648
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $68 and $(280) at June 30, 2026 and December 31, 2025, respectively) 25,717 18,739
Note payable to related parties 870 650
Below-market lease liabilities, net 615 708
Deferred revenue 1,557 2,094
Total liabilities 391,849 380,404
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value, 300,000,000 shares authorized, 3,163,632 and 2,692,941 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 32 27
Additional paid-in capital 736,008 731,793
Accumulated deficit (683,138) (667,064)
Total equity 52,902 64,756
Total liabilities and equity $ 444,751 $ 445,160
Common stock, shares issued (in shares) 3,163,632 2,692,941