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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $0 and $6,416 at June 30, 2025 and December 31, 2024, respectively) $ 98,883 $ 105,298
Buildings and improvements (amounts related to VIEs of $0 and $13,279 at June 30, 2025 and December 31, 2024, respectively) 1,085,048 1,096,265
Fixtures and equipment 11,399 11,053
Total real estate assets, gross 1,195,330 1,212,616
Less accumulated depreciation (amounts related to VIEs of $0 and $682 at June 30, 2025 and December 31, 2024, respectively) 391,918 377,708
Real estate assets, net (amounts related to VIEs of $0 and $19,013 at June 30, 2025 and December 31, 2024, respectively) 803,412 834,908
Acquired real estate leases, less accumulated amortization of $13,829 and $13,613, respectively (amounts related to VIEs of $0 and $67, less accumulated amortization of $0 and $35 at June 30, 2025 and December 31, 2024, respectively) 3,309 4,205
Cash, cash equivalents and restricted cash (amounts related to VIEs of $235 and $1,314 at June 30, 2025 and December 31, 2024, respectively) 30,518 42,683
Tenant rent receivables 1,568 1,283
Straight-line rent receivable 37,839 37,727
Prepaid expenses and other assets 3,583 3,114
Office computers and furniture, net of accumulated depreciation of $1,081 and $1,073, respectively 55 70
Deferred leasing commissions, net of accumulated amortization of $14,373 and $14,195, respectively 22,959 22,941
Total assets 903,243 946,931
Liabilities:    
Term loans payable, less unamortized financing costs of $1,327 and $2,220, respectively 125,124 124,491
Series A & Series B Senior Notes, less unamortized financing costs of $711 and $1,191, respectively 122,656 122,430
Accounts payable and accrued expenses (amounts related to VIEs of $52 and $534 at June 30, 2025 and December 31, 2024, respectively) 22,010 34,067
Accrued compensation 1,911 3,097
Tenant security deposits 6,289 6,237
Lease liability 515 707
Acquired unfavorable real estate leases, less accumulated amortization of $52 and $89, respectively 38 45
Total liabilities 278,543 291,074
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, 103,690,340 and 103,566,715 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,586 1,335,361
Accumulated distributions in excess of accumulated earnings (710,896) (679,514)
Total stockholders' equity 624,700 655,857
Total liabilities and stockholders' equity $ 903,243 $ 946,931