Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost $ 1,378,060 $ 1,383,742
Less: accumulated depreciation (163,134) (142,212)
Total real estate, net 1,214,926 1,241,530
Lease intangibles, net 3,944 4,782
Real estate and related assets held for sale, net 0 53,626
Cash and cash equivalents 13,213 18,571
Other assets, net 85,852 68,815
TOTAL ASSETS 1,317,935 1,387,324
LIABILITIES:    
Borrowings under lines of credit 200 200
Notes and bonds payable, net 530,478 573,911
Accounts payable and accrued expenses 18,791 10,298
Total Liabilities 626,731 667,711
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 48,359,920 shares authorized, 35,838,442 shares issued and outstanding as of September 30, 2024; 48,043,098 shares authorized, 35,838,442 shares issued and outstanding as of December 31, 2023 36 36
Additional paid-in capital 849,411 856,206
Distributions in excess of accumulated earnings (164,034) (144,011)
Accumulated other comprehensive income 5,775 7,366
Total stockholders’ equity 691,204 719,613
Non-controlling interests in Operating Partnership 0 0
Total Equity 691,204 719,613
TOTAL LIABILITIES AND EQUITY 1,317,935 1,387,324
Related Party    
LIABILITIES:    
Other liabilities, net 2,805 3,874
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 14,630 19,909
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, 2024, and December 31, 2023 59,827 59,519
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