| Revision of Previously Issued Financial Statements |
Revision of Previously Issued Financial Statements As discussed in Note 1, the Company identified errors in its calculation of the depreciation of certain tenant funded improvement assets at a number of its properties. A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Statements of Cash Flows and the Stockholders’ Equity tables for the quarter ended March 31, 2023, which was presented in a previously filed Quarterly Report 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 March 31, 2023 |
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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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$ |
15,474 |
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$ |
(770) |
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$ |
14,704 |
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| Total operating expenses |
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$ |
25,434 |
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$ |
(770) |
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$ |
24,664 |
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| Net income |
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$ |
2,397 |
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$ |
770 |
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$ |
3,167 |
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| Net income available to the Company |
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$ |
2,404 |
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$ |
770 |
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$ |
3,174 |
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| Net loss attributable to common stockholders |
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$ |
(729) |
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$ |
770 |
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$ |
41 |
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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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$ |
0.02 |
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$ |
— |
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| Comprehensive income |
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| Net income |
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$ |
2,397 |
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$ |
770 |
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$ |
3,167 |
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| Total comprehensive loss attributable to the Company |
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$ |
(3,491) |
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$ |
770 |
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$ |
(2,721) |
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| Stockholders’ Equity |
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Three Months Ended March 31, 2023 |
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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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$ |
(530,228) |
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$ |
1,124 |
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$ |
(529,104) |
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| Net income attributable to the Company |
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2,404 |
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770 |
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3,174 |
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| Balance, end of period |
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$ |
(542,937) |
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$ |
1,895 |
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$ |
(541,042) |
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| Total Stockholders' Equity |
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| Balance, beginning of period |
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$ |
202,780 |
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$ |
1,124 |
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$ |
203,904 |
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| Net income attributable to the Company |
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2,404 |
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770 |
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3,174 |
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| Balance, end of period |
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$ |
188,987 |
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$ |
1,895 |
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$ |
190,882 |
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| Total Equity |
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$ |
190,628 |
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$ |
1,895 |
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$ |
192,523 |
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| Condensed Consolidated Statements of Cash Flows |
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Three Months Ended March 31, 2023 |
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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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$ |
2,397 |
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$ |
770 |
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$ |
3,167 |
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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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15,474 |
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(770) |
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14,704 |
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