Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
ASSETS    
Real estate, at cost $ 1,260,422 $ 1,225,258
Less: accumulated depreciation 279,331 266,672
Total real estate, net 981,091 958,586
Lease intangibles, net 111,703 114,494
Real estate and related assets held for sale 18,403 0
Cash and cash equivalents 10,741 7,956
Restricted cash 4,463 5,222
Funds held in escrow 10,008 7,304
Right-of-use assets from operating leases 5,247 5,361
Deferred rent receivable, net 38,427 39,066
Other assets 13,306 5,363
TOTAL ASSETS 1,193,389 1,143,352
LIABILITIES    
Mortgage notes payable, net [1] 462,832 449,944
Borrowings under Revolver 46,950 33,550
Borrowings under Term Loan A and Term Loan B, net 224,194 224,032
Deferred rent liability, net 38,491 26,770
Operating lease liabilities 5,411 5,509
Asset retirement obligation 4,255 3,769
Accounts payable and accrued expenses 8,836 6,736
Liabilities related to assets held for sale 232 0
Due to Adviser and Administrator [1] 3,646 3,431
Other liabilities 14,386 16,788
TOTAL LIABILITIES 809,233 770,529
Commitments and contingencies [2]
MEZZANINE EQUITY    
Series 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 June 30, 2022 and December 31, 2021, respectively [3] 170,261 170,261
EQUITY    
Common stock, par value $0.001 per share, 62,292,200 and 62,290,000 shares authorized; and 39,136,473 and 37,473,587 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively [3] 1 1
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 554,822 and 422,920 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively [3] 39 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] 1 0
Additional paid in capital 705,629 671,134
Accumulated other comprehensive income 5,524 (1,346)
Distributions in excess of accumulated earnings (498,574) (468,523)
TOTAL STOCKHOLDERS' EQUITY 212,620 201,303
OP Units held by Non-controlling OP Unitholders [3] 1,275 1,259
TOTAL EQUITY 213,895 202,562
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,193,389 $ 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”