| Schedule of Corrections to Impacted Financial Statements |
A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and Consolidated Statements of Equity for the quarter ended September 30, 2022, and Consolidated Balance Sheets for the year ended December 31, 2022 included in previously filed Annual Reports on Form 10-K and Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Statements of Cash Flows and the Stockholders’ Equity tables for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, is as follows:
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Condensed Consolidated Statements of Operations and Comprehensive Income |
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Three Months Ended September 30, 2022 |
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Nine Months Ended September 30, 2022 |
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As Previously Reported |
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Adjustments |
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As Revised |
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As Previously Reported |
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Adjustments |
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As Revised |
| Operating expenses |
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| Depreciation and amortization |
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$ |
15,764 |
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$ |
(290) |
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$ |
15,474 |
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$ |
45,672 |
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$ |
(393) |
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$ |
45,279 |
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| Total operating expense before incentive fee waiver |
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$ |
37,448 |
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$ |
(290) |
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$ |
37,158 |
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$ |
90,932 |
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$ |
(393) |
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$ |
90,539 |
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| Total operating expenses |
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$ |
37,448 |
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$ |
(290) |
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$ |
37,158 |
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$ |
90,932 |
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$ |
(393) |
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$ |
90,539 |
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| Net income |
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$ |
2,497 |
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$ |
290 |
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$ |
2,787 |
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$ |
7,459 |
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$ |
393 |
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$ |
7,852 |
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| Net income available to the Company |
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$ |
2,501 |
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$ |
290 |
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$ |
2,791 |
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$ |
7,471 |
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$ |
393 |
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$ |
7,864 |
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| Net loss attributable to common stockholders |
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$ |
(600) |
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$ |
290 |
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$ |
(310) |
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$ |
(1,778) |
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$ |
393 |
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$ |
(1,385) |
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| Loss per weighted average share of common stock - basic & diluted |
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| Loss attributable to common shareholders |
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$ |
(0.02) |
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$ |
0.01 |
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$ |
(0.01) |
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$ |
(0.05) |
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$ |
0.01 |
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$ |
(0.04) |
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| Comprehensive income |
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| Net income |
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$ |
2,497 |
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$ |
290 |
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$ |
2,787 |
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$ |
7,459 |
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$ |
393 |
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$ |
7,852 |
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| Total comprehensive income available to the Company |
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$ |
9,291 |
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$ |
290 |
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$ |
9,581 |
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$ |
21,131 |
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$ |
393 |
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$ |
21,524 |
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Consolidated Balance Sheets |
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As of December 31, 2022 |
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As Previously Reported |
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Adjustments |
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As Revised |
| ASSETS |
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| Less: accumulated depreciation |
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$ |
286,994 |
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$ |
(844) |
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$ |
286,150 |
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| Total real estate, net |
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$ |
1,000,303 |
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$ |
844 |
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$ |
1,001,147 |
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| Real estate and related assets held for sale |
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$ |
3,013 |
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$ |
280 |
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$ |
3,293 |
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| TOTAL ASSETS |
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$ |
1,201,509 |
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$ |
1,124 |
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$ |
1,202,633 |
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| EQUITY |
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| Distributions in excess of accumulated earnings |
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$ |
(530,228) |
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$ |
1,124 |
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$ |
(529,104) |
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| TOTAL STOCKHOLDERS' EQUITY |
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$ |
202,780 |
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$ |
1,124 |
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$ |
203,904 |
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| TOTAL EQUITY |
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$ |
204,570 |
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$ |
1,124 |
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$ |
205,694 |
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| TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY |
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$ |
1,201,509 |
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$ |
1,124 |
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$ |
1,202,633 |
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Stockholders’ Equity |
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Three Months Ended September 30, 2022 |
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Nine Months Ended September 30, 2022 |
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As Previously Reported |
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Adjustments |
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As Revised |
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As Previously Reported |
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Adjustments |
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As Revised |
| Distributions in Excess of Accumulated Earnings |
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| Balance, beginning of period |
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$ |
(498,574) |
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$ |
(282) |
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$ |
(498,856) |
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$ |
(468,523) |
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$ |
(385) |
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$ |
(468,908) |
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| Net income attributable to the Company |
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2,501 |
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290 |
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2,791 |
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7,471 |
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|
393 |
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7,864 |
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| Balance, end of period |
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$ |
(514,057) |
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$ |
7 |
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$ |
(514,050) |
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$ |
(514,057) |
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$ |
7 |
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$ |
(514,050) |
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| Total Stockholders' Equity |
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| Balance, beginning of period |
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$ |
212,620 |
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$ |
(282) |
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$ |
212,338 |
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$ |
201,303 |
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$ |
(385) |
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$ |
200,918 |
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| Net income attributable to the Company |
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2,501 |
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290 |
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2,791 |
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7,471 |
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|
393 |
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7,864 |
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| Balance, end of period |
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$ |
215,448 |
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$ |
7 |
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$ |
215,455 |
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$ |
215,448 |
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$ |
7 |
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$ |
215,455 |
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| Total Equity |
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$ |
217,386 |
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$ |
7 |
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$ |
217,393 |
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$ |
217,386 |
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$ |
7 |
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$ |
217,393 |
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Condensed Consolidated Statements of Cash Flows |
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|
Nine Months Ended September 30, 2022 |
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|
As Previously Reported |
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Adjustments |
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As Revised |
| Cash flows from operating activities: |
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| Net income |
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$ |
7,459 |
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$ |
393 |
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$ |
7,852 |
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| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization |
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45,672 |
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(393) |
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45,279 |
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