Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Real estate, at cost $ 1,427,482 $ 1,357,800
Less: accumulated depreciation (98,285) (74,002)
Total real estate, net 1,329,197 1,283,798
Lease intangibles, net 5,951 4,456
Cash and cash equivalents 37,006 16,708
Other assets, net 65,658 46,588
TOTAL ASSETS 1,437,812 1,351,550
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 639,646 667,882
Accounts payable and accrued expenses 11,572 10,874
Due to related parties, net 3,253 4,224
Other liabilities, net 17,010 20,708
Total liabilities 730,586 762,484
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 63,976,708 shares authorized, 34,704,005 shares issued and outstanding as of September 30, 2022; 63,953,993 shares authorized, 34,210,013 shares issued and outstanding as of December 31, 2021 35 34
Additional paid-in capital 802,496 668,275
Distributions in excess of accumulated earnings (104,775) (80,467)
Accumulated other comprehensive income (loss) 9,455 (1,036)
Total stockholders’ equity 707,226 586,815
Non-controlling interests in Operating Partnership 0 2,251
Total equity 707,226 589,066
TOTAL LIABILITIES AND EQUITY 1,437,812 1,351,550
Series D Preferred Stock    
LIABILITIES:    
Series D mandatorily-redeemable preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of September 30, 2022, and December 31, 2021 59,005 58,696
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value 6 6
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value $ 9 $ 3