Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost $ 1,437,268 $ 1,432,394
Less: accumulated depreciation (133,237) (106,966)
Total real estate, net 1,304,031 1,325,428
Lease intangibles, net 5,018 5,702
Cash and cash equivalents 25,080 61,141
Other assets, net 71,983 64,980
TOTAL ASSETS 1,406,112 1,457,251
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 584,098 626,400
Accounts payable and accrued expenses 9,723 16,266
Total liabilities 674,626 725,889
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 48,043,098 shares authorized, 35,838,442 shares issued and outstanding as of September 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 855,891 836,674
Distributions in excess of accumulated earnings (134,728) (114,370)
Accumulated other comprehensive income 10,271 9,007
Total stockholders’ equity 731,486 731,362
Non-controlling interests in Operating Partnership 0 0
Total equity 731,486 731,362
TOTAL LIABILITIES AND EQUITY 1,406,112 1,457,251
Related Party    
LIABILITIES:    
Other liabilities, net 3,620 4,370
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 17,669 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 September 30, 2023, and December 31, 2022 59,416 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