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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Land and improvements $ 497,343 $ 497,343
Building and improvements 489,383 479,360
Tenant improvements 3,051 3,051
Furniture, fixtures and equipment 11,364 10,978
Real estate under development 139,061 125,467
Total investment in real estate 1,140,202 1,116,199
Accumulated depreciation (99,217) (90,462)
Investment in real estate, net 1,040,985 1,025,737
Cash and cash equivalents 56,349 37,028
Restricted cash 16,455 8,836
Tenant and other receivables, net of allowance for doubtful accounts of $2,930 and $2,624, respectively 3,358 3,580
Deferred rent 1,669 2,485
Deferred costs and intangible assets, net 9,373 9,964
Prepaid expenses and other assets 13,193 13,378
TOTAL ASSETS 1,141,382 1,101,008
LIABILITIES AND EQUITY    
Notes payable, net of unamortized loan costs of $10,862 and $12,049, respectively 963,335 913,564
Accounts payable and accrued liabilities 12,711 12,550
Security deposits 7,035 6,637
Below-market leases, net 2,034 2,923
Other liabilities 3,751 3,849
TOTAL LIABILITIES 988,866 939,523
Equity:    
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,814,672 and 17,812,755 shares issued and outstanding, respectively 178 178
Additional paid-in-capital 93,235 92,945
Accumulated deficit (31,847) (27,941)
Total stockholders’ equity 61,566 65,182
Non-controlling interests 90,950 96,303
TOTAL EQUITY 152,516 161,485
TOTAL LIABILITIES AND EQUITY $ 1,141,382 $ 1,101,008