Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost $ 1,211,793 $ 1,221,364
Less: accumulated depreciation 319,646 299,662
Total real estate, net 892,147 921,702
Lease intangibles, net 95,107 101,048
Real estate and related assets held for sale 4,363 28,787
Cash and cash equivalents 10,956 11,985
Restricted cash 4,118 4,150
Funds held in escrow 5,367 7,515
Right-of-use assets from operating leases 3,961 4,889
Deferred rent receivable, net 45,324 41,006
Sales-type lease receivable, net 18,618 0
Other assets 14,387 12,389
TOTAL ASSETS 1,094,348 1,133,471
LIABILITIES    
Mortgage notes payable, net 269,579 295,853
Borrowings under Revolver 1,900 75,750
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 347,948 367,258
Senior unsecured notes, net 73,958 0
Deferred rent liability, net 21,996 29,324
Operating lease liabilities 4,063 5,093
Asset retirement obligation 5,061 4,928
Accounts payable and accrued expenses 13,198 13,588
Liabilities related to assets held for sale 0 676
TOTAL LIABILITIES 753,006 809,164
Commitments and contingencies [1]
MEZZANINE EQUITY    
Series D, E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,750,886 and 10,750,886 shares authorized; and 7,052,334 and 7,052,334 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively [2] 170,041 170,041
EQUITY    
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 389,190 and 406,425 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively [2] 1 1
Common stock, par value $0.001 per share, 62,400,887 and 62,326,818 shares authorized and 43,986,038 and 40,000,596 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively [2] 44 40
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,898,227 and 25,972,296 shares authorized; and 914,553 and 918,601 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively [2] 1 1
Additional paid in capital 784,389 730,256
Accumulated other comprehensive income 10,648 7,758
Distributions in excess of accumulated earnings (623,912) (584,776)
TOTAL STOCKHOLDERS' EQUITY 171,171 153,280
OP Units held by Non-controlling OP Unitholders [2] 130 986
TOTAL EQUITY 171,301 154,266
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 1,094,348 1,133,471
Related Party    
LIABILITIES    
Other liabilities [3] 2,540 2,556
Nonrelated Party    
LIABILITIES    
Other liabilities $ 12,763 $ 14,138
[1] Refer to Note 7 “Commitments and Contingencies
[2] Refer to Note 8 “Equity and Mezzanine Equity”
[3] Refer to Note 2 “Related-Party Transactions