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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $0 and $6,416 at September 30, 2025 and December 31, 2024, respectively) $ 98,883 $ 105,298
Buildings and improvements (amounts related to VIEs of $0 and $13,279 at September 30, 2025 and December 31, 2024, respectively) 1,088,981 1,096,265
Fixtures and equipment 11,355 11,053
Total real estate assets, gross 1,199,219 1,212,616
Less accumulated depreciation (amounts related to VIEs of $0 and $682 at September 30, 2025 and December 31, 2024, respectively) 399,597 377,708
Real estate assets, net (amounts related to VIEs of $0 and $19,013 at September 30, 2025 and December 31, 2024, respectively) 799,622 834,908
Acquired real estate leases, less accumulated amortization of $14,238 and $13,613, respectively (amounts related to VIEs of $0 and $67, less accumulated amortization of $0 and $35 at September 30, 2025 and December 31, 2024, respectively) 2,899 4,205
Cash, cash equivalents and restricted cash (amounts related to VIEs of $239 and $1,314 at September 30, 2025 and December 31, 2024, respectively) 31,575 42,683
Tenant rent receivables 1,380 1,283
Straight-line rent receivable 38,857 37,727
Prepaid expenses and other assets 3,889 3,114
Office computers and furniture, net of accumulated depreciation of $1,094 and $1,073, respectively 48 70
Deferred leasing commissions, net of accumulated amortization of $14,749 and $14,195, respectively 22,762 22,941
Total assets 901,032 946,931
Liabilities:    
Term loans payable, less unamortized financing costs of $881 and $2,220, respectively 125,114 124,491
Series A & Series B Senior Notes, less unamortized financing costs of $473 and $1,191, respectively 122,449 122,430
Accounts payable and accrued expenses (amounts related to VIEs of $83 and $534 at September 30, 2025 and December 31, 2024, respectively) 28,785 34,067
Accrued compensation 2,635 3,097
Tenant security deposits 6,258 6,237
Lease liability 417 707
Acquired unfavorable real estate leases, less accumulated amortization of $54 and $89, respectively 37 45
Total liabilities 285,695 291,074
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 (720,259) (679,514)
Total stockholders' equity 615,337 655,857
Total liabilities and stockholders' equity $ 901,032 $ 946,931