XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $0 at June 30, 2023 and December 31, 2022, respectively) $ 128,588 $ 126,645
Buildings and improvements (amounts related to VIEs of $13,279 and $0 at June 30, 2023 and December 31, 2022, respectively) 1,362,939 1,388,869
Fixtures and equipment 11,612 11,151
Total real estate assets, gross 1,503,139 1,526,665
Less accumulated depreciation (amounts related to VIEs of $170 and $0 at June 30, 2023 and December 31, 2022, respectively) 421,180 423,417
Real estate assets, net (amounts related to VIEs of $19,524 and $0 at June 30, 2023 and December 31, 2022, respectively) 1,081,959 1,103,248
Acquired real estate leases, less accumulated amortization of $20,962 and $20,243, respectively (amounts related to variable interest entities ("VIEs") of $305, less accumulated amortization of $111 and $0 at June 30, 2023 and December 31, 2022, respectively) 8,828 10,186
Asset held for sale 8,860  
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,604 and $0 at June 30, 2023 and December 31, 2022, respectively) 6,697 6,632
Tenant rent receivables 1,938 2,201
Straight-line rent receivable 50,267 52,739
Prepaid expenses and other assets 5,648 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 $1,149 and $1,115, respectively 127 154
Deferred leasing commissions, net of accumulated amortization of $20,327 and $19,043, respectively 34,985 35,709
Total assets 1,199,309 1,241,666
Liabilities:    
Bank note payable 75,000 48,000
Term loans payable, less unamortized financing costs of $529 and $250, respectively 124,471 164,750
Series A & Series B Senior Notes, less unamortized financing costs of $412 and $494, respectively 199,588 199,506
Accounts payable and accrued expenses (amounts related to VIEs of $531 and $0 at June 30, 2023 and December 31, 2022, respectively) 32,501 50,366
Accrued compensation 2,286 3,644
Tenant security deposits 5,666 5,710
Lease liability 550 759
Acquired unfavorable real estate leases, less accumulated amortization of $537 and $574, respectively 153 195
Total liabilities 440,215 472,930
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, 103,430,353 and 103,235,914 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,091 1,334,776
Accumulated other comprehensive income (loss) 2,480 4,358
Accumulated distributions in excess of accumulated earnings (578,487) (570,408)
Total stockholders' equity 759,094 768,736
Total liabilities and stockholders' equity $ 1,199,309 $ 1,241,666