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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Real estate assets:    
Land $ 126,645 $ 146,844
Buildings and improvements 1,388,869 1,457,209
Fixtures and equipment 11,151 11,404
Total real estate assets, gross 1,526,665 1,615,457
Less accumulated depreciation 423,417 424,487
Real estate assets, net 1,103,248 1,190,970
Acquired real estate leases, less accumulated amortization of $20,243 and $40,423, respectively 10,186 14,934
Cash, cash equivalents and restricted cash 6,632 40,751
Tenant rent receivables 2,201 1,954
Straight-line rent receivable 52,739 49,024
Prepaid expenses and other assets 6,676 4,031
Related party mortgage loan receivable, less allowance for credit loss of $4,237 and $0, respectively 19,763 24,000
Other assets: derivative asset 4,358  
Office computers and furniture, net of accumulated depreciation of $1,115 and $1,198, respectively 154 198
Deferred leasing commissions, net of accumulated amortization of $19,043 and $21,099, respectively 35,709 38,311
Total assets 1,241,666 1,364,173
Liabilities:    
Bank note payable 48,000  
Term loans payable, less unamortized financing costs of $250 and $714, respectively 164,750 274,286
Series A & Series B Senior Notes, less unamortized financing costs of $494 and $658, respectively 199,506 199,342
Accounts payable and accrued expenses 50,366 89,493
Accrued compensation 3,644 4,704
Tenant security deposits 5,710 6,219
Lease liability 759 1,159
Other liabilities: derivative liabilities   5,239
Acquired unfavorable real estate leases, less accumulated amortization of $574 and $2,285, respectively 195 528
Total liabilities 472,930 580,970
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, 103,235,914 and 103,998,520 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,334,776 1,339,226
Accumulated other comprehensive income (loss) 4,358 (5,239)
Distributions in excess of accumulated earnings (570,408) (550,794)
Total stockholders' equity 768,736 783,203
Total liabilities and stockholders' equity $ 1,241,666 $ 1,364,173