Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost $ 1,431,761 $ 1,432,394
Less: accumulated depreciation (115,578) (106,966)
Total real estate, net 1,316,183 1,325,428
Lease intangibles, net 5,518 5,702
Cash and cash equivalents 38,728 61,141
Other assets, net 66,021 64,980
TOTAL ASSETS 1,426,450 1,457,251
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 598,957 626,400
Accounts payable and accrued expenses 9,674 16,266
Due to related parties, net 3,034 4,370
Other liabilities, net 20,595 19,646
Total liabilities 691,570 725,889
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 48,002,408 shares authorized, 35,713,982 shares issued and outstanding as of March 31, 2023; 47,992,588 shares authorized, 35,050,397 shares issued and outstanding as of December 31, 2022 36 35
Additional paid-in capital 851,063 836,674
Distributions in excess of accumulated earnings (123,594) (114,370)
Accumulated other comprehensive income 7,359 9,007
Total stockholders’ equity 734,880 731,362
Non-controlling interests in Operating Partnership 0 0
Total equity 734,880 731,362
TOTAL LIABILITIES AND EQUITY 1,426,450 1,457,251
Series D Preferred Stock    
LIABILITIES:    
Series D cumulative term 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 March 31, 2023, and December 31, 2022 59,210 59,107
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value 6 6
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value 10 10
Series E Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value $ 0 $ 0