Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost $ 1,232,860 $ 1,287,297
Less: accumulated depreciation 286,911 286,150
Total real estate, net 945,949 1,001,147
Lease intangibles, net 104,439 111,622
Real estate and related assets held for sale 36,766 3,293
Cash and cash equivalents 16,487 11,653
Restricted cash 4,076 4,339
Funds held in escrow 8,459 8,818
Right-of-use assets from operating leases 5,011 5,131
Deferred rent receivable, net 40,035 38,884
Other assets 20,713 17,746
TOTAL ASSETS 1,181,935 1,202,633
LIABILITIES    
Mortgage notes payable, net [1] 348,371 359,389
Borrowings under Revolver 38,450 23,250
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 366,913 366,567
Deferred rent liability, net 35,761 39,997
Operating lease liabilities 5,202 5,308
Asset retirement obligation 4,811 4,793
Accounts payable and accrued expenses 11,479 9,606
Liabilities related to assets held for sale 933 0
TOTAL LIABILITIES 828,171 826,883
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 and 10,751,486 shares authorized; and 7,052,334 and 7,052,934 shares issued and outstanding at June 30, 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 406,425 and 431,064 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively [3] 1 1
Common stock, par value $0.001 per share, 62,315,414 and 62,305,727 shares authorized; and 39,917,995 and 39,744,359 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively [3] 39 39
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,983,700 and 25,992,787 shares authorized and 860,677 and 670,895 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively [3] 1 1
Additional paid in capital 728,580 721,327
Accumulated other comprehensive income 14,297 11,640
Distributions in excess of accumulated earnings (560,719) (529,104)
TOTAL STOCKHOLDERS' EQUITY 182,199 203,904
OP Units held by Non-controlling OP Unitholders [3] 1,524 1,790
TOTAL EQUITY 183,723 205,694
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 1,181,935 1,202,633
Related Party    
LIABILITIES    
Other liabilities [1] 2,624 3,356
Nonrelated Party    
LIABILITIES    
Other liabilities $ 13,627 $ 14,617
[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”