Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Real estate, at cost $ 1,240,928 $ 1,225,258
Less: accumulated depreciation 276,612 266,672
Total real estate, net 964,316 958,586
Lease intangibles, net 112,655 114,494
Cash and cash equivalents 9,585 7,956
Restricted cash 5,075 5,222
Funds held in escrow 9,820 7,304
Right-of-use assets from operating leases 5,305 5,361
Deferred rent receivable, net 37,991 39,066
Other assets 9,662 5,363
TOTAL ASSETS 1,154,409 1,143,352
LIABILITIES    
Mortgage notes payable, net [1] 446,720 449,944
Borrowings under Revolver 34,550 33,550
Borrowings under Term Loan A and Term Loan B, net 224,113 224,032
Deferred rent liability, net 29,297 26,770
Operating lease liabilities 5,460 5,509
Asset retirement obligation 3,790 3,769
Accounts payable and accrued expenses 5,363 6,736
Due to Adviser and Administrator [1] 3,574 3,431
Other liabilities 16,711 16,788
TOTAL LIABILITIES 769,578 770,529
Commitments and contingencies [2]
MEZZANINE EQUITY    
Series D, E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,760,000 shares authorized; and 7,061,448 and 7,061,448 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively [3] 170,261 170,261
EQUITY    
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 443,880 and 600,061 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively [3] 1 1
Common stock, par value $0.001 per share, 62,292,200 and 62,290,000 shares authorized; and 38,548,992 and 37,473,587 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively [3] 38 37
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,997,800 and 26,000,000 shares authorized and 487,473 and 422,920 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively [3] 0 0
Additional paid in capital 692,795 671,134
Accumulated other comprehensive income 2,921 (1,346)
Distributions in excess of accumulated earnings (482,493) (468,523)
TOTAL STOCKHOLDERS' EQUITY 213,262 201,303
OP Units held by Non-controlling OP Unitholders [3] 1,308 1,259
TOTAL EQUITY 214,570 202,562
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,154,409 $ 1,143,352
[1] Refer to Note 2 “Related-Party Transactions”
[2] Refer to Note 7 “Commitments and Contingencies”
[3] Refer to Note 8 “Equity and Mezzanine Equity”