XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Land and improvements $ 540,859 $ 540,859
Building and improvements 651,437 649,686
Tenant improvements 3,406 3,406
Furniture, fixtures and equipment 12,582 12,500
Real estate under development 111,902 97,301
Total investment in real estate 1,320,186 1,303,752
Accumulated depreciation (164,648) (158,002)
Investment in real estate, net 1,155,538 1,145,750
Cash and cash equivalents 25,342 34,524
Restricted cash 18,493 17,700
Tenant and other receivables, net of allowance for doubtful accounts of $179 and $7,905, respectively 5,076 10,260
Deferred rent 2,599 2,656
Deferred costs and intangible assets, net 6,966 7,126
Prepaid expenses and other assets 12,765 15,641
TOTAL ASSETS 1,226,779 1,233,657
LIABILITIES AND EQUITY    
Notes payable, net of unamortized loan costs of $12,077 and $12,898, respectively 1,139,038 1,131,154
Accounts payable and accrued liabilities 17,230 19,558
Security deposits 7,199 7,110
Below-market leases, net 44 53
Other liabilities 6,534 5,833
TOTAL LIABILITIES 1,170,045 1,163,708
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 0 0
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,063,228 shares issued and outstanding 160 160
Additional paid-in-capital 88,215 88,089
Accumulated deficit (66,871) (61,736)
Total stockholders’ equity 21,504 26,513
Non-controlling interests 35,230 43,436
TOTAL EQUITY 56,734 69,949
TOTAL LIABILITIES AND EQUITY $ 1,226,779 $ 1,233,657