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Revision of Previously Issued Financial Statements | 6 Months Ended
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Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract] |
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial StatementsAs discussed in Note 1, the Company identified errors in its calculation of the depreciation of 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 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 |

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