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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $6,416 at December 31, 2024 and December 31, 2023, respectively) $ 105,298 $ 110,298
Buildings and improvements (amounts related to VIEs of $13,279 and $13,279 at December 31, 2024 and December 31, 2023, respectively) 1,096,265 1,133,971
Fixtures and equipment 11,053 12,904
Total real estate assets, gross 1,212,616 1,257,173
Less accumulated depreciation (amounts related to VIEs of $341 and $341 at December 31, 2024 and December 31, 2023, respectively) 377,708 366,349
Real estate assets, net (amounts related to VIEs of $19,354 and $0 at December 31, 2023 and December 31, 2022, respectively) 834,908 890,824
Acquired real estate leases, less accumulated amortization of $13,613 and $20,413, respectively (amounts related to VIEs of $305 and $305, less accumulated amortization of $222 and $222 at December 31, 2024 and December 31, 2023, respectively) 4,205 6,694
Asset held for sale   73,318
Cash, cash equivalents and restricted cash (amounts related to VIEs of $1,314 and $2,167 at December 31, 2024 and December 31, 2023, respectively) 42,683 127,880
Tenant rent receivables 1,283 2,191
Straight-line rent receivable 37,727 40,397
Prepaid expenses and other assets 3,114 4,239
Office computers and furniture, net of accumulated depreciation of $1,073 and $1,020, respectively 70 123
Deferred leasing commissions, net of accumulated amortization of $14,195 and $16,008, respectively 22,941 23,664
Total assets 946,931 1,169,330
Liabilities:    
Bank note payable   90,000
Term loans payable, less unamortized financing costs of $2,220 and $293, respectively 124,491 114,707
Series A & Series B Senior Notes, less unamortized financing costs of $1,191 and $329, respectively 122,430 199,670
Accounts payable and accrued expenses (amounts related to VIEs of $590 and $590 at December 31, 2024 and December 31, 2023, respectively) 34,067 41,879
Accrued compensation 3,097 3,644
Tenant security deposits 6,237 6,204
Lease liability 707 334
Acquired unfavorable real estate leases, less accumulated amortization of $89 and $396, respectively 45 87
Total liabilities 291,074 456,525
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, 103,566,715 and 103,430,353 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,361 1,335,091
Accumulated other comprehensive income   355
Distributions in excess of accumulated earnings (679,514) (622,651)
Total stockholders' equity 655,857 712,805
Total liabilities and stockholders' equity $ 946,931 $ 1,169,330