Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Investments in real estate, net $ 792,081 $ 538,953
Lease intangibles, net 4,827 5,686
Cash and cash equivalents 13,688 14,730
Other assets, net 6,191 5,750
TOTAL ASSETS 816,787 565,119
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 481,829 335,788
Series A cumulative term preferred stock, $0.001 par value; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of December 31, 2019 and 2018, net 28,359 28,124
Accounts payable and accrued expenses 10,132 9,152
Due to related parties, net 2,169 945
Other liabilities, net 15,228 9,957
Total liabilities 537,817 384,066
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Series B cumulative redeemable preferred stock, $0.001 par value; $25.00 per share liquidation preference; 6,500,000 shares authorized, 4,755,869 shares issued and outstanding as of December 31, 2019; 1,144,393 shares issued and outstanding as of December 31, 2018 5 1
Common stock, $0.001 par value; 91,500,000 shares authorized, 20,936,658 shares issued and outstanding as of December 31, 2019; 17,891,340 shares issued and outstanding as of December 31, 2018 21 18
Additional paid-in capital 315,770 202,053
Accumulated other comprehensive loss (390)  
Distributions in excess of accumulated earnings (38,785) (25,826)
Total stockholders’ equity 276,621 176,246
Non-controlling interests in Operating Partnership 2,349 4,807
Total equity 278,970 181,053
TOTAL LIABILITIES AND EQUITY $ 816,787 $ 565,119