Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost $ 1,285,539 $ 1,287,297
Less: accumulated depreciation 294,773 286,994
Total real estate, net 990,766 1,000,303
Lease intangibles, net 107,778 111,622
Real estate and related assets held for sale 4,722 3,013
Cash and cash equivalents 14,286 11,653
Restricted cash 4,505 4,339
Funds held in escrow 5,925 8,818
Right-of-use assets from operating leases 5,071 5,131
Deferred rent receivable, net 39,663 38,884
Other assets 13,867 17,746
TOTAL ASSETS 1,186,583 1,201,509
LIABILITIES    
Mortgage notes payable, net [1] 354,556 359,389
Borrowings under Revolver 26,250 23,250
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 366,740 366,567
Deferred rent liability, net 38,799 39,997
Operating lease liabilities 5,255 5,308
Asset retirement obligation 4,824 4,793
Accounts payable and accrued expenses 9,822 9,606
Due to Adviser and Administrator [1] 2,457 3,356
Other liabilities 17,211 14,617
TOTAL LIABILITIES 825,914 826,883
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; 10,750,886 shares authorized; and 7,052,334 and 7,052,934 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively [3] 170,041 170,056
EQUITY    
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 407,092 and 431,064 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively [3] 1 1
Common stock, par value $0.001 per share, 62,309,915 and 62,305,727 shares authorized; and 39,998,220 and 39,744,359 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively [3] 40 39
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,989,199 and 25,992,787 shares authorized and 694,489 and 670,895 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively [3] 1 1
Additional paid in capital 725,874 721,327
Accumulated other comprehensive income 6,008 11,640
Distributions in excess of accumulated earnings (542,937) (530,228)
TOTAL STOCKHOLDERS' EQUITY 188,987 202,780
OP Units held by Non-controlling OP Unitholders [3] 1,641 1,790
TOTAL EQUITY 190,628 204,570
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,186,583 $ 1,201,509
[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”