v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investment in real estate assets:    
Land $ 93,581 $ 111,348
Buildings and improvements, less accumulated depreciation of $60,464 and $59,070, respectively 214,124 227,492
Furniture, fixtures and equipment, less accumulated depreciation of $4,100 and $3,764, respectively 1,742 1,621
Acquired intangible lease assets, less accumulated amortization of $32,629 and $35,612, respectively 6,757 11,927
Investment in real estate assets, net 316,204 352,388
Investment in marketable securities 144 123
Cash and cash equivalents 6,019 7,110
Restricted cash 0 126
Receivables, net of allowance for doubtful accounts of $117 and $111, respectively 6,164 7,834
Deferred leasing costs, net of amortization of $2,087 and $1,957, respectively 1,919 2,036
Prepaid and other assets 3,167 2,859
Total assets 333,617 372,476
LIABILITIES AND STOCKHOLDERS' EQUITY    
Line of credit, net 74,532 77,380
Mortgage loans payable, net 172,195 188,292
Accounts payable and accrued expenses 4,668 6,390
Due to affiliates 15,948 16,572
Note to affiliate 5,383 5,383
Acquired below market lease intangibles, less accumulated amortization of $8,166 and $10,865, respectively 424 7,018
Other liabilities 1,684 1,995
Total liabilities 274,834 303,030
Stockholders' Equity:    
Additional paid in capital 172,797 176,013
Deficit (114,168) (106,721)
Total stockholders' equity 58,783 69,446
Total liabilities and stockholders' equity 333,617 372,476
Class A Shares    
Stockholders' Equity:    
Common stock 29 31
Class D Shares    
Stockholders' Equity:    
Common stock 14 16
Class I Shares    
Stockholders' Equity:    
Common stock 80 87
Class M-I Shares    
Stockholders' Equity:    
Common stock 4 5
Class N Shares    
Stockholders' Equity:    
Common stock 6 6
Class T Shares    
Stockholders' Equity:    
Common stock 1 1
Class T2 Shares    
Stockholders' Equity:    
Common stock 6 6
Class Z Shares    
Stockholders' Equity:    
Common stock $ 14 $ 2