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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Land and improvements $ 540,859 $ 540,859
Building and improvements 659,109 656,460
Tenant improvements 3,406 3,406
Furniture, fixtures and equipment 12,964 12,878
Real estate under development 150,719 142,287
Total investment in real estate 1,367,057 1,355,890
Accumulated depreciation (191,580) (184,781)
Investment in real estate, net 1,175,477 1,171,109
Cash and cash equivalents 18,801 18,152
Restricted cash 19,023 12,514
Tenant and other receivables, net of allowance for doubtful accounts of $200 and $321, respectively 4,768 5,005
Deferred rent 2,138 2,573
Deferred costs and intangible assets, net 6,532 6,624
Prepaid expenses and other assets 10,659 13,654
TOTAL ASSETS 1,237,398 1,229,631
Liabilities:    
Notes payable, net of unamortized loan costs of $9,240 and $9,650, respectively 1,178,027 1,161,588
Accounts payable and accrued liabilities 13,938 17,094
Security deposits 8,230 7,940
Below-market leases, net 10 18
Other liabilities 10,803 5,812
TOTAL LIABILITIES 1,211,008 1,192,452
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 and 16,063,228 shares issued and outstanding, respectively 160 160
Additional paid-in-capital 88,952 88,829
Accumulated deficit (79,108) (74,895)
Total stockholders’ equity 10,004 14,094
Non-controlling interests 16,386 23,085
TOTAL EQUITY 26,390 37,179
TOTAL LIABILITIES AND EQUITY $ 1,237,398 $ 1,229,631