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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $0 at September 30, 2023 and December 31, 2022, respectively) $ 114,298 $ 126,645
Buildings and improvements (amounts related to VIEs of $13,279 and $0 at September 30, 2023 and December 31, 2022, respectively) 1,183,744 1,388,869
Fixtures and equipment 10,377 11,151
Total real estate assets, gross 1,308,419 1,526,665
Less accumulated depreciation (amounts related to VIEs of $256 and $0 at September 30, 2023 and December 31, 2022, respectively) 386,838 423,417
Real estate assets, net (amounts related to VIEs of $19,439 and $0 at September 30, 2023 and December 31, 2022, respectively) 921,581 1,103,248
Acquired real estate leases, less accumulated amortization of $19,660 and $20,243, respectively (amounts related to variable interest entities ("VIEs") of $305, less accumulated amortization of $166 and $0 at September 30, 2023 and December 31, 2022, respectively) 7,447 10,186
Asset held for sale 132,659  
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,445 and $0 at September 30, 2023 and December 31, 2022, respectively) 13,043 6,632
Tenant rent receivables 2,854 2,201
Straight-line rent receivable 43,253 52,739
Prepaid expenses and other assets 5,601 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 $1,166 and $1,115, respectively 109 154
Deferred leasing commissions, net of accumulated amortization of $17,143 and $19,043, respectively 25,226 35,709
Total assets 1,151,773 1,241,666
Liabilities:    
Bank note payable 80,000 48,000
Term loans payable, less unamortized financing costs of $390 and $250, respectively 114,610 164,750
Series A & Series B Senior Notes, less unamortized financing costs of $371 and $494, respectively 199,629 199,506
Accounts payable and accrued expenses (amounts related to VIEs of $628 and $0 at September 30, 2023 and December 31, 2022, respectively) 36,857 50,366
Accrued compensation 3,179 3,644
Tenant security deposits 5,631 5,710
Lease liability 444 759
Acquired unfavorable real estate leases, less accumulated amortization of $384 and $574, respectively 97 195
Total liabilities 440,447 472,930
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) 1,417 4,358
Accumulated distributions in excess of accumulated earnings (625,192) (570,408)
Total stockholders' equity 711,326 768,736
Total liabilities and stockholders' equity $ 1,151,773 $ 1,241,666