Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost $ 1,433,714 $ 1,432,394
Less: accumulated depreciation (124,300) (106,966)
Total real estate, net 1,309,414 1,325,428
Lease intangibles, net 5,262 5,702
Cash and cash equivalents 48,208 61,141
Other assets, net 65,848 64,980
TOTAL ASSETS 1,428,732 1,457,251
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 593,656 626,400
Accounts payable and accrued expenses 14,096 16,266
Total liabilities 693,798 725,889
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 48,041,498 shares authorized, 35,780,082 shares issued and outstanding as of June 30, 2023; 47,992,588 shares authorized, 35,050,397 shares issued and outstanding as of December 31, 2022 36 35
Additional paid-in capital 852,967 836,674
Distributions in excess of accumulated earnings (126,799) (114,370)
Accumulated other comprehensive income 8,714 9,007
Total stockholders’ equity 734,934 731,362
Non-controlling interests in Operating Partnership 0 0
Total equity 734,934 731,362
TOTAL LIABILITIES AND EQUITY 1,428,732 1,457,251
Related Party    
LIABILITIES:    
Other liabilities, net 3,095 4,370
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 23,538 19,646
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 June 30, 2023, and December 31, 2022 59,313 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