Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Real estate, at cost $ 1,287,297 $ 1,225,258
Less: accumulated depreciation 286,994 266,672
Total real estate, net 1,000,303 958,586
Lease intangibles, net 111,622 114,494
Real estate and related assets held for sale 3,013 0
Cash and cash equivalents 11,653 7,956
Restricted cash 4,339 5,222
Funds held in escrow 8,818 7,304
Right-of-use assets from operating leases 5,131 5,361
Deferred rent receivable, net 38,884 39,066
Other assets 17,746 5,363
TOTAL ASSETS 1,201,509 1,143,352
LIABILITIES    
Mortgage notes payable, net [1] 359,389 449,944
Borrowings under Revolver 23,250 33,550
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 366,567 224,032
Deferred rent liability, net 39,997 26,770
Operating lease liabilities 5,308 5,509
Asset retirement obligation 4,793 3,769
Accounts payable and accrued expenses 9,606 6,736
Due to Adviser and Administrator [1] 3,356 3,431
Other liabilities 14,617 16,788
TOTAL LIABILITIES 826,883 770,529
Commitments and contingencies [2]
MEZZANINE EQUITY    
Mezzanine Equity [3] 170,056 170,261
EQUITY    
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 431,064 and 600,061 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively [3] 1 1
Common stock, par value $0.001 per share, 62,292,200 and 62,290,000 shares authorized and 39,607,009 and 37,473,587 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively [3] 39 37
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,997,800 shares authorized; and 597,616 and 422,920 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively [3] 1 0
Additional paid in capital 721,327 671,134
Accumulated other comprehensive income 11,640 (1,346)
Distributions in excess of accumulated earnings (530,228) (468,523)
TOTAL STOCKHOLDERS' EQUITY 202,780 201,303
OP Units held by Non-controlling OP Unitholders [3] 1,790 1,259
TOTAL EQUITY 204,570 202,562
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,201,509 $ 1,143,352
[1] Refer to Note 2 “Related-Party Transactions
[2] Refer to Note 7 “Commitments and Contingencies
[3] Refer to Note 8 “Equity and Mezzanine Equity”