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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Investments in real estate, net $ 706,537 $ 709,194
Investments in unconsolidated entities 33,341 33,677
Cash and cash equivalents 19,772 20,262
Restricted cash 29,353 32,606
Loans receivable, net 53,039 56,210
Accounts receivable, net 3,844 4,345
Deferred rent receivable and charges, net 19,341 19,896
Other intangible assets, net 3,488 3,568
Other assets 13,628 9,797
TOTAL ASSETS 882,343 889,555
LIABILITIES:    
Debt, net 512,658 505,732
Accounts payable and accrued expenses 26,656 32,204
Due to related parties 18,198 14,068
Other liabilities 9,397 10,488
Total liabilities 566,909 562,492
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,851,185 and 25,045,401 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 913,630 and 913,590 shares issued and outstanding as of both March 31, 2025 and December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment 20,799 20,799
EQUITY:    
Common stock, $0.001 par value; 900,000,000 shares authorized; 754,607 shares issued and outstanding as of March 31, 2025 and 466,176 shares issued and outstanding as of December 31, 2024 20 119
Additional paid-in capital 1,002,913 994,973
Distributions in excess of earnings (1,014,372) (1,002,479)
Total stockholders’ equity 293,045 304,516
Non-controlling interests 1,590 1,748
Total equity 294,635 306,264
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY 882,343 889,555
Series A Preferred Stock    
EQUITY:    
Preferred stock 100,720 103,326
Series A1 Preferred Stock    
EQUITY:    
Preferred stock 202,574 207,387
Series D Preferred Stock    
EQUITY:    
Preferred stock $ 1,190 $ 1,190