Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Real estate, at cost $ 1,324,632 $ 1,383,742
Less: accumulated depreciation (167,782) (142,212)
Total real estate, net 1,156,850 1,241,530
Lease intangibles, net 3,588 4,782
Real estate and related assets held for sale, net 46,314 53,626
Cash and cash equivalents 18,275 18,571
Other assets, net 87,168 68,815
TOTAL ASSETS 1,312,195 1,387,324
LIABILITIES:    
Borrowings under lines of credit 3,600 200
Notes and bonds payable, net 523,922 573,911
Accounts payable and accrued expenses 18,404 10,298
Total liabilities 625,013 667,711
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 48,359,920 shares authorized, 36,184,658 shares issued and outstanding as of December 31, 2024; 48,043,098 shares authorized, 35,838,442 shares issued and outstanding as of December 31, 2023 36 36
Additional paid-in capital 854,059 856,206
Distributions in excess of accumulated earnings (174,561) (144,011)
Accumulated other comprehensive income (loss) 7,632 7,366
Total stockholders’ equity 687,182 719,613
Non-controlling interests in Operating Partnership 0 0
Total equity 687,182 719,613
TOTAL LIABILITIES AND EQUITY 1,312,195 1,387,324
Related Party    
LIABILITIES:    
Other liabilities, net 2,972 3,874
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 16,185 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 December 31, 2024, and December 31, 2023 59,930 59,519
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 6 6
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 10 10
Series E Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock $ 0 $ 0