Revision of Previously Issued Financial Statements (Tables)

v3.23.2

Revision of Previously Issued Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
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 Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Equity for the years ended December 31, 2021, and December 31, 2022 included in previously filed Annual Reports on Form 10-K and Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Balance Sheets, 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: Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,191  $ (42) $ 14,149  $ 30,901  $ (1,084) $ 29,817  Total operating expense before incentive fee waiver $ 25,003  $ (42) $ 24,961  $ 51,905  $ (1,084) $ 50,821  Total operating expenses $ 24,987  $ (42) $ 24,945  $ 51,889  $ (1,084) $ 50,805  Net income $ 2,121  $ 42  $ 2,163  $ 2,160  $ 1,084  $ 3,244  Net income available to the Company $ 2,142  $ 42  $ 2,184  $ 2,223  $ 1,084  $ 3,307  Net loss attributable to common stockholders $ (3,032) $ 42  $ (2,990) $ (5,985) $ 1,084  $ (4,901) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.08) $ —  $ (0.08) $ (0.17) $ 0.03  $ (0.14) Comprehensive income Net income $ 2,121  $ 42  $ 2,163  $ 2,160  $ 1,084  $ 3,244  Total comprehensive income available to the Company $ 1,422  $ 42  $ 1,464  $ 3,927  $ 1,084  $ 5,011  Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,760  $ (39) $ 14,721  $ 45,661  $ (1,123) $ 44,538  Total operating expense before incentive fee waiver $ 25,498  $ (39) $ 25,459  $ 77,404  $ (1,123) $ 76,281  Total operating expenses $ 25,498  $ (39) $ 25,459  $ 77,388  $ (1,123) $ 76,265  Net income $ 4,498  $ 39  $ 4,537  $ 6,657  $ 1,123  $ 7,780  Net income available to the Company $ 4,477  $ 39  $ 4,516  $ 6,699  $ 1,123  $ 7,822  Net income (loss) available (attributable) to common stockholders $ 1,439  $ 39  $ 1,478  $ (4,547) $ 1,123  $ (3,424) Earnings (loss) per weighted average share of common stock - basic & diluted Income (loss) available (attributable) to common shareholders $ 0.04  $ —  $ 0.04  $ (0.13) $ 0.03  $ (0.10) Comprehensive income Net income $ 4,498  $ 39  $ 4,537  $ 6,657  $ 1,123  $ 7,780  Total comprehensive income available to the Company $ 4,898  $ 39  $ 4,937  $ 8,824  $ 1,123  $ 9,947  Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 60,311  $ (1,162) $ 59,149  Total operating expense before incentive fee waiver $ 102,816  $ (1,162) $ 101,654  Total operating expenses $ 102,800  $ (1,162) $ 101,638  Net income $ 9,733  $ 1,162  $ 10,895  Net income available to the Company $ 9,773  $ 1,162  $ 10,935  Net loss attributable to common stockholders $ (4,554) $ 1,162  $ (3,392) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.12) $ 0.03  $ (0.09) Comprehensive income Net income $ 9,733  $ 1,162  $ 10,895  Total comprehensive income available to the Company $ 12,627  $ 1,162  $ 13,789  Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,689  $ (51) $ 14,638  Total operating expenses $ 25,658  $ (51) $ 25,607  Net income $ 3,391  $ 51  $ 3,442  Net income available to the Company $ 3,389  $ 51  $ 3,440  Net income available to common stockholders $ 322  $ 51  $ 373  Earnings per weighted average share of common stock - basic & diluted Income available to common shareholders $ 0.01  $ —  $ 0.01  Comprehensive income Net income $ 3,391  $ 51  $ 3,442  Total comprehensive income available to the Company $ 7,656  $ 51  $ 7,707  Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,219  $ (52) $ 15,167  $ 29,907  $ (103) $ 29,804  Total operating expense before incentive fee waiver $ 27,825  $ (52) $ 27,773  $ 53,482  $ (103) $ 53,379  Total operating expenses $ 27,825  $ (52) $ 27,773  $ 53,482  $ (103) $ 53,379  Net income $ 1,572  $ 52  $ 1,624  $ 4,965  $ 103  $ 5,068  Net income available to the Company $ 1,582  $ 52  $ 1,634  $ 4,973  $ 103  $ 5,076  Net loss attributable to common stockholders $ (1,499) $ 52  $ (1,447) $ (1,175) $ 103  $ (1,072) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.04) $ —  $ (0.04) $ (0.03) $ —  $ (0.03) Comprehensive income Net income $ 1,572  $ 52  $ 1,624  $ 4,965  $ 103  $ 5,068  Total comprehensive income available to the Company $ 4,185  $ 52  $ 4,237  $ 11,843  $ 103  $ 11,946  Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,764  $ (290) $ 15,474  $ 45,672  $ (393) $ 45,279  Total operating expense before incentive fee waiver $ 37,448  $ (290) $ 37,158  $ 90,932  $ (393) $ 90,539  Total operating expenses $ 37,448  $ (290) $ 37,158  $ 90,932  $ (393) $ 90,539  Net income $ 2,497  $ 290  $ 2,787  $ 7,459  $ 393  $ 7,852  Net income available to the Company $ 2,501  $ 290  $ 2,791  $ 7,471  $ 393  $ 7,864  Net loss attributable to common stockholders $ (600) $ 290  $ (310) $ (1,778) $ 393  $ (1,385) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.02) $ 0.01  $ (0.01) $ (0.05) $ 0.01  $ (0.04) Comprehensive income Net income $ 2,497  $ 290  $ 2,787  $ 7,459  $ 393  $ 7,852  Total comprehensive income available to the Company $ 9,291  $ 290  $ 9,581  $ 21,131  $ 393  $ 21,524  Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 61,664  $ (1,510) $ 60,154  Total operating expense before incentive fee waiver $ 117,758  $ (1,510) $ 116,248  Total operating expenses $ 117,758  $ (1,510) $ 116,248  Net income $ 9,272  $ 1,510  $ 10,782  Net income available to the Company $ 9,295  $ 1,510  $ 10,805  Net loss attributable to common stockholders $ (3,039) $ 1,510  $ (1,529) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.08) $ 0.04  $ (0.04) Comprehensive income Net income $ 9,272  $ 1,510  $ 10,782  Total comprehensive income available to the Company $ 21,410  $ 1,510  $ 22,920  Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,474  $ (770) $ 14,704  Total operating expenses $ 25,434  $ (770) $ 24,664  Net income $ 2,397  $ 770  $ 3,167  Net income available to the Company $ 2,404  $ 770  $ 3,174  Net loss attributable to common stockholders $ (729) $ 770  $ 41  Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.02) $ 0.02  $ —  Comprehensive income Net income $ 2,397  $ 770  $ 3,167  Total comprehensive loss attributable to the Company $ (3,491) $ 770  $ (2,721) Condensed Consolidated Balance Sheets As of June 30, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 249,797  $ 464  $ 250,261  Total real estate, net $ 902,505  $ (464) $ 902,041  TOTAL ASSETS $ 1,089,224  $ (464) $ 1,088,760  EQUITY Distributions in excess of accumulated earnings $ (442,122) $ (464) $ (442,586) TOTAL STOCKHOLDERS' EQUITY $ 203,386  $ (464) $ 202,922  TOTAL EQUITY $ 204,724  $ (464) $ 204,260  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,089,224  $ (464) $ 1,088,760  Condensed Consolidated Balance Sheets As of September 30, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 257,050  $ 425  $ 257,475  Total real estate, net $ 915,498  $ (425) $ 915,073  TOTAL ASSETS $ 1,104,794  $ (425) $ 1,104,369  EQUITY Distributions in excess of accumulated earnings $ (454,494) $ (425) $ (454,919) TOTAL STOCKHOLDERS' EQUITY $ 200,259  $ (425) $ 199,834  TOTAL EQUITY $ 201,542  $ (425) $ 201,117  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,104,794  $ (425) $ 1,104,369  Consolidated Balance Sheets As of December 31, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 266,672  $ 385  $ 267,057  Total real estate, net $ 958,586  $ (385) $ 958,201  TOTAL ASSETS $ 1,143,352  $ (385) $ 1,142,967  EQUITY Distributions in excess of accumulated earnings $ (468,523) $ (385) $ (468,908) TOTAL STOCKHOLDERS' EQUITY $ 201,303  $ (385) $ 200,918  TOTAL EQUITY $ 202,562  $ (385) $ 202,177  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,143,352  $ (385) $ 1,142,967  Condensed Consolidated Balance Sheets As of March 31, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 276,612  $ 334  $ 276,946  Total real estate, net $ 964,316  $ (334) $ 963,982  TOTAL ASSETS $ 1,154,409  $ (334) $ 1,154,075  EQUITY Distributions in excess of accumulated earnings $ (482,493) $ (334) $ (482,827) TOTAL STOCKHOLDERS' EQUITY $ 213,262  $ (334) $ 212,928  TOTAL EQUITY $ 214,570  $ (334) $ 214,236  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,154,409  $ (334) $ 1,154,075  Condensed Consolidated Balance Sheets As of June 30, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 279,331  $ 282  $ 279,613  Total real estate, net $ 981,091  $ (282) $ 980,809  TOTAL ASSETS $ 1,193,389  $ (282) $ 1,193,107  EQUITY Distributions in excess of accumulated earnings $ (498,574) $ (282) $ (498,856) TOTAL STOCKHOLDERS' EQUITY $ 212,620  $ (282) $ 212,338  TOTAL EQUITY $ 213,895  $ (282) $ 213,613  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,193,389  $ (282) $ 1,193,107  Condensed Consolidated Balance Sheets As of September 30, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 284,802  $ (7) $ 284,795  Total real estate, net $ 994,653  $ 7  $ 994,660  TOTAL ASSETS $ 1,209,668  $ 7  $ 1,209,675  EQUITY Distributions in excess of accumulated earnings $ (514,057) $ 7  $ (514,050) TOTAL STOCKHOLDERS' EQUITY $ 215,448  $ 7  $ 215,455  TOTAL EQUITY $ 217,386  $ 7  $ 217,393  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,209,668  $ 7  $ 1,209,675  Consolidated Balance Sheets As of December 31, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 286,994  $ (844) $ 286,150  Total real estate, net $ 1,000,303  $ 844  $ 1,001,147  Real estate and related assets held for sale $ 3,013  $ 280  $ 3,293  TOTAL ASSETS $ 1,201,509  $ 1,124  $ 1,202,633  EQUITY Distributions in excess of accumulated earnings $ (530,228) $ 1,124  $ (529,104) TOTAL STOCKHOLDERS' EQUITY $ 202,780  $ 1,124  $ 203,904  TOTAL EQUITY $ 204,570  $ 1,124  $ 205,694  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,201,509  $ 1,124  $ 1,202,633  Condensed Consolidated Balance Sheets As of March 31, 2023 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 294,773  $ (644) $ 294,129  Total real estate, net $ 990,766  $ 644  $ 991,410  Real estate and related assets held for sale $ 4,722  $ 1,251  $ 5,973  TOTAL ASSETS $ 1,186,583  $ 1,895  $ 1,188,478  EQUITY Distributions in excess of accumulated earnings $ (542,937) $ 1,895  $ (541,042) TOTAL STOCKHOLDERS' EQUITY $ 188,987  $ 1,895  $ 190,882  TOTAL EQUITY $ 190,628  $ 1,895  $ 192,523  TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,186,583  $ 1,895  $ 1,188,478  Stockholders’ Equity Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (425,422) $ (506) $ (425,928) $ (409,041) $ (1,548) $ (410,589) Net income attributable to the Company 2,142  42  2,184  2,223  1,084  3,307  Balance, end of period $ (442,122) $ (464) $ (442,586) $ (442,122) $ (464) $ (442,586) Total Stockholders' Equity Balance, beginning of period $ 211,747  $ (506) $ 211,241  $ 213,183  $ (1,548) $ 211,635  Net income attributable to the Company 2,142  42  2,184  2,223  1,084  3,307  Balance, end of period $ 203,386  $ (464) $ 202,922  $ 203,386  $ (464) $ 202,922  Total Equity $ 204,724  $ (464) $ 204,260  $ 204,724  $ (464) $ 204,260  Stockholders’ Equity Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (442,122) $ (464) $ (442,586) $ (409,041) $ (1,548) $ (410,589) Net income attributable to the Company 4,477  39  4,516  6,699  1,123  7,822  Balance, end of period $ (454,494) $ (425) $ (454,919) $ (454,494) $ (425) $ (454,919) Total Stockholders' Equity Balance, beginning of period $ 203,386  $ (464) $ 202,922  $ 213,183  $ (1,548) $ 211,635  Net income attributable to the Company 4,477  39  4,516  6,699  1,123  7,822  Balance, end of period $ 200,259  $ (425) $ 199,834  $ 200,259  $ (425) $ 199,834  Total Equity $ 201,542  $ (425) $ 201,117  $ 201,542  $ (425) $ 201,117  Consolidated Statements of Equity As of December 31, 2021 Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Balance at December 31, 2020 $ (409,041) $ (1,548) $ (410,589) $ 213,183  $ (1,548) $ 211,635  $ 216,037  $ (1,548) $ 214,489  Net income 9,773  1,162  10,935  9,773  1,162  10,935  9,733  1,162  10,895  Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303  $ (385) $ 200,918  $ 202,562  $ (385) $ 202,177  Stockholders’ Equity Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 3,389  51  3,440  Balance, end of period $ (482,493) $ (334) $ (482,827) Total Stockholders' Equity Balance, beginning of period $ 201,303  $ (385) $ 200,918  Net income attributable to the Company 3,389  51  3,440  Balance, end of period $ 213,262  $ (334) $ 212,928  Total Equity $ 214,570  $ (334) $ 214,236  Stockholders’ Equity Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (482,493) $ (334) $ (482,827) $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 1,582  52  1,634  4,973  103  5,076  Balance, end of period $ (498,574) $ (282) $ (498,856) $ (498,574) $ (282) $ (498,856) Total Stockholders' Equity Balance, beginning of period $ 213,262  $ (334) $ 212,928  $ 201,303  $ (385) $ 200,918  Net income attributable to the Company 1,582  52  1,634  4,973  103  5,076  Balance, end of period $ 212,620  $ (282) $ 212,338  $ 212,620  $ (282) $ 212,338  Total Equity $ 213,895  $ (282) $ 213,613  $ 213,895  $ (282) $ 213,613  Stockholders’ Equity Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (498,574) $ (282) $ (498,856) $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 2,501  290  2,791  7,471  393  7,864  Balance, end of period $ (514,057) $ 7  $ (514,050) $ (514,057) $ 7  $ (514,050) Total Stockholders' Equity Balance, beginning of period $ 212,620  $ (282) $ 212,338  $ 201,303  $ (385) $ 200,918  Net income attributable to the Company 2,501  290  2,791  7,471  393  7,864  Balance, end of period $ 215,448  $ 7  $ 215,455  $ 215,448  $ 7  $ 215,455  Total Equity $ 217,386  $ 7  $ 217,393  $ 217,386  $ 7  $ 217,393  Consolidated Statements of Equity As of December 31, 2022 Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303  $ (385) $ 200,918  $ 202,562  $ (385) $ 202,177  Net income 9,295  1,510  10,805  9,295  1,510  10,805  9,272  1,510  10,782  Balance at December 31, 2022 $ (530,228) $ 1,124  $ (529,104) $ 202,780  $ 1,124  $ 203,904  $ 204,570  $ 1,124  $ 205,694  Stockholders’ Equity Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (530,228) $ 1,124  $ (529,104) Net income attributable to the Company 2,404  770  3,174  Balance, end of period $ (542,937) $ 1,895  $ (541,042) Total Stockholders' Equity Balance, beginning of period $ 202,780  $ 1,124  $ 203,904  Net income attributable to the Company 2,404  770  3,174  Balance, end of period $ 188,987  $ 1,895  $ 190,882  Total Equity $ 190,628  $ 1,895  $ 192,523  Condensed Consolidated Statements of Cash Flows Six Months Ended June 31, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 2,160  $ 1,084  $ 3,244  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,901  (1,084) 29,817  Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 6,657  $ 1,123  $ 7,780  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,661  (1,123) 44,538  Consolidated Statements of Cash Flows Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 9,733  $ 1,162  $ 10,895  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 60,311  (1,162) 59,149  Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 3,391  $ 51  $ 3,442  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,689  (51) 14,638  Condensed Consolidated Statements of Cash Flows Six Months Ended June 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 4,965  $ 103  $ 5,068  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 29,907  (103) 29,804  Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 7,459  $ 393  $ 7,852  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,672  (393) 45,279  Consolidated Statements of Cash Flows Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 9,272  $ 1,510  $ 10,782  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 61,664  (1,510) 60,154  Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 2,397  $ 770  $ 3,167  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,474  (770) 14,704