Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.24.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Real estate, at cost $ 1,383,742,000 $ 1,432,394,000
Less: accumulated depreciation (142,212,000) (106,966,000)
Total real estate, net 1,241,530,000 1,325,428,000
Lease intangibles, net 4,782,000 5,702,000
Real estate and related assets held for sale, net 53,626,000 0
Cash and cash equivalents 18,571,000 61,141,000
Other assets, net 68,815,000 64,980,000
TOTAL ASSETS 1,387,324,000 1,457,251,000
LIABILITIES:    
Borrowings under lines of credit 200,000 100,000
Notes and bonds payable, net 573,911,000 626,400,000
Accounts payable and accrued expenses 10,298,000 16,266,000
Total liabilities 667,711,000 725,889,000
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 December 31, 2023; 47,992,588 shares authorized, 35,050,397 shares issued and outstanding as of December 31, 2022 36,000 35,000
Additional paid-in capital 856,206,000 836,674,000
Distributions in excess of accumulated earnings (144,011,000) (114,370,000)
Accumulated other comprehensive income (loss) 7,366,000 9,007,000
Total stockholders’ equity 719,613,000 731,362,000
Non-controlling interests in Operating Partnership 0 0
Total equity 719,613,000 731,362,000
TOTAL LIABILITIES AND EQUITY 1,387,324,000 1,457,251,000
Related Party    
LIABILITIES:    
Other liabilities, net 3,874,000 4,370,000
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 19,909,000 19,646,000
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 December 31, 2023, and December 31, 2022 59,519,000 59,107,000
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 6,000 6,000
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 10,000 10,000
Series E Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock $ 0 $ 0