XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Real estate assets:    
Land $ 146,844 $ 146,844
Buildings and improvements 1,465,312 1,457,209
Fixtures and equipment 11,819 11,404
Total real estate assets, gross 1,623,975 1,615,457
Less accumulated depreciation 436,627 424,487
Real estate assets, net 1,187,348 1,190,970
Acquired real estate leases, less accumulated amortization of $23,346 and $40,423, respectively 13,453 14,934
Cash, cash equivalents and restricted cash 10,983 40,751
Tenant rent receivables 2,041 1,954
Straight-line rent receivable 51,309 49,024
Prepaid expenses and other assets 7,403 4,031
Related party mortgage loan receivable 24,000 24,000
Office computers and furniture, net of accumulated depreciation of $1,065 and $1,198, respectively 204 198
Deferred leasing commissions, net of accumulated amortization of $21,207 and $21,099, respectively 40,379 38,311
Total assets 1,337,120 1,364,173
Liabilities:    
Bank note payable 40,000  
Term loans payable, less unamortized financing costs of $598 and $714, respectively 274,402 274,286
Series A & Series B Senior Notes, less unamortized financing costs of $617 and $658, respectively 199,383 199,342
Accounts payable and accrued expenses 44,700 89,493
Accrued compensation 1,206 4,704
Tenant security deposits 5,837 6,219
Lease liability 1,061 1,159
Other liabilities: derivative liabilities 195 5,239
Acquired unfavorable real estate leases, less accumulated amortization of $1,469 and $2,285, respectively 450 528
Total liabilities 567,234 580,970
Commitments and contingencies
Stockholders' Equity:    
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,151,781 and 103,998,520 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,334,383 1,339,226
Accumulated other comprehensive loss (195) (5,239)
Distributions in excess of accumulated earnings (564,312) (550,794)
Total stockholders' equity 769,886 783,203
Total liabilities and stockholders' equity $ 1,337,120 $ 1,364,173