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Revision of Previously Issued Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 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 Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2021 and December 31, 2022 included in previously filed Annual Reports on Form 10-K, is as follows:
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 stockholders |  |  |  |  |  |  |  | $ | (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 |
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 stockholders |  |  |  |  |  |  |  | $ | (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 |
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 |
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 |
|  | 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 |
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 |
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 |
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 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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