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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $0 and $6,416 at March 31, 2025 and December 31, 2024, respectively) $ 98,882 $ 105,298
Buildings and improvements (amounts related to VIEs of $0 and $13,279 at March 31, 2025 and December 31, 2024, respectively) 1,083,971 1,096,265
Fixtures and equipment 11,289 11,053
Total real estate assets, gross 1,194,142 1,212,616
Less accumulated depreciation (amounts related to VIEs of $0 and $682 at March 31, 2025 and December 31, 2024, respectively) 383,815 377,708
Real estate assets, net (amounts related to VIEs of $0 and $19,013 at March 31, 2025 and December 31, 2024, respectively) 810,327 834,908
Acquired real estate leases, less accumulated amortization of $14,015 and $13,613, respectively (amounts related to VIEs of $0 and $67, less accumulated amortization of $0 and $35 at March 31, 2025 and December 31, 2024, respectively) 3,737 4,205
Asset held for sale (amounts related to VIEs of $5,685 and $0 at March 31, 2025 and December 31, 2024, respectively) 5,685  
Cash, cash equivalents and restricted cash (amounts related to VIEs of $1,218 and $1,314 at March 31, 2025 and December 31, 2024, respectively) 31,559 42,683
Tenant rent receivables 1,462 1,283
Straight-line rent receivable 37,724 37,727
Prepaid expenses and other assets 3,429 3,114
Office computers and furniture, net of accumulated depreciation of $1,081 and $1,073, respectively 62 70
Deferred leasing commissions, net of accumulated amortization of $14,373 and $14,195, respectively 22,381 22,941
Total assets 916,366 946,931
Liabilities:    
Term loans payable, less unamortized financing costs of $1,773 and $2,220, respectively 124,861 124,491
Series A & Series B Senior Notes, less unamortized financing costs of $950 and $1,191, respectively 122,595 122,430
Accounts payable and accrued expenses (amounts related to VIEs of $663 and $534 at March 31, 2025 and December 31, 2024, respectively) 27,510 34,067
Accrued compensation 1,205 3,097
Tenant security deposits 6,156 6,237
Lease liability 612 707
Acquired unfavorable real estate leases, less accumulated amortization of $92 and $89, respectively 41 45
Total liabilities 282,980 291,074
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 103,566,715 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,361 1,335,361
Accumulated distributions in excess of accumulated earnings (701,985) (679,514)
Total stockholders' equity 633,386 655,857
Total liabilities and stockholders' equity $ 916,366 $ 946,931