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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,415 and $0 at March 31, 2023 and December 31, 2022, respectively) $ 130,147 $ 126,645
Buildings and improvements (amounts related to VIEs of $13,279 and $0 at March 31, 2023 and December 31, 2022, respectively) 1,367,629 1,388,869
Fixtures and equipment 11,411 11,151
Total real estate assets, gross 1,509,187 1,526,665
Less accumulated depreciation (amounts related to VIEs of ($85) and $0 at March 31, 2023 and December 31, 2022, respectively) 413,272 423,417
Real estate assets, net (amounts related to VIEs of $19,609 and $0 at March 31, 2023 and December 31, 2022, respectively) 1,095,915 1,103,248
Acquired real estate leases, less accumulated amortization of $20,170 and $20,243, respectively (amounts related to variable interest entities ("VIEs") of $305, less accumulated amortization of $55 and $0 at March 31, 2023 and December 31, 2022, respectively) 9,620 10,186
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,919 and $0 at March 31, 2023 and December 31, 2022, respectively) 13,110 6,632
Tenant rent receivables 3,306 2,201
Straight-line rent receivable 51,703 52,739
Prepaid expenses and other assets 6,125 6,676
Related party mortgage loan receivable, less allowance for credit loss of $0 and $4,237, respectively   19,763
Other assets: derivative asset   4,358
Office computers and furniture, net of accumulated depreciation of $1,132 and $1,115, respectively 145 154
Deferred leasing commissions, net of accumulated amortization of $19,852 and $19,043, respectively 33,758 35,709
Total assets 1,213,682 1,241,666
Liabilities:    
Bank note payable 75,000 48,000
Term loans payable, less unamortized financing costs of $635 and $250, respectively 124,365 164,750
Series A & Series B Senior Notes, less unamortized financing costs of $453 and $494, respectively 199,547 199,506
Accounts payable and accrued expenses (amounts related to VIEs of $619 and $0 at March 31, 2023 and December 31, 2022, respectively) 37,720 50,366
Accrued compensation 1,189 3,644
Tenant security deposits 5,740 5,710
Lease liability 655 759
Acquired unfavorable real estate leases, less accumulated amortization of $519 and $574, respectively 171 195
Total liabilities 444,387 472,930
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 103,235,914 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,334,776 1,334,776
Accumulated other comprehensive income (loss) 3,544 4,358
Accumulated distributions in excess of accumulated earnings (569,035) (570,408)
Total stockholders' equity 769,295 768,736
Total liabilities and stockholders' equity $ 1,213,682 $ 1,241,666