Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Real estate, at cost $ 1,432,394 $ 1,357,800
Less: accumulated depreciation (106,966) (74,002)
Total real estate, net 1,325,428 1,283,798
Lease intangibles, net 5,702 4,456
Cash and cash equivalents 61,141 16,708
Other assets, net 64,980 46,588
TOTAL ASSETS 1,457,251 1,351,550
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 626,400 667,882
Accounts payable and accrued expenses 16,266 10,874
Due to related parties, net 4,370 4,224
Other liabilities, net 19,646 20,708
Total Liabilities 725,889 762,484
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 47,992,588 shares authorized, 35,050,397 shares issued and outstanding as of December 31, 2022; 63,953,993 shares authorized, 34,210,013 shares issued and outstanding as of December 31, 2021 35 34
Additional paid-in capital 836,674 668,275
Distributions in excess of accumulated earnings (114,370) (80,467)
Accumulated other comprehensive income (loss) 9,007 (1,036)
Total stockholders’ equity 731,362 586,815
Non-controlling interests in Operating Partnership 0 2,251
Total equity 731,362 589,066
TOTAL LIABILITIES AND EQUITY 1,457,251 1,351,550
Series D Preferred Stock    
LIABILITIES:    
Cumulative term preferred stock 59,107 58,696
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 6 6
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 10 3
Series E Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock $ 0 $ 0