Annual report pursuant to Section 13 and 15(d)

Revision of Previously Issued Financial Statements (Tables)

v3.24.0.1
Revision of Previously Issued Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Schedule of Corrections to Impacted Financial Statements A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2021 and December 31, 2022 included in previously filed Annual Reports on Form 10-K, is as follows:
Consolidated Statements of Operations and Comprehensive Income
Year Ended December 31, 2021
As Previously Reported Adjustments As Revised
Operating expenses
Depreciation and amortization $ 60,311  $ (1,162) $ 59,149 
Total operating expense before incentive fee waiver $ 102,816  $ (1,162) $ 101,654 
Total operating expenses $ 102,800  $ (1,162) $ 101,638 
Net income $ 9,733  $ 1,162  $ 10,895 
Net income available to the Company $ 9,773  $ 1,162  $ 10,935 
Net loss attributable to common stockholders $ (4,554) $ 1,162  $ (3,392)
Loss per weighted average share of common stock - basic & diluted
Loss attributable to common stockholders $ (0.12) $ 0.03  $ (0.09)
Comprehensive income
Net income $ 9,733  $ 1,162  $ 10,895 
Total comprehensive income available to the Company $ 12,627  $ 1,162  $ 13,789 
Consolidated Statements of Operations and Comprehensive Income
Year Ended December 31, 2022
As Previously Reported Adjustments As Revised
Operating expenses
Depreciation and amortization $ 61,664  $ (1,510) $ 60,154 
Total operating expense before incentive fee waiver $ 117,758  $ (1,510) $ 116,248 
Total operating expenses $ 117,758  $ (1,510) $ 116,248 
Net income $ 9,272  $ 1,510  $ 10,782 
Net income available to the Company $ 9,295  $ 1,510  $ 10,805 
Net loss attributable to common stockholders $ (3,039) $ 1,510  $ (1,529)
Loss per weighted average share of common stock - basic & diluted
Loss attributable to common stockholders $ (0.08) $ 0.04  $ (0.04)
Comprehensive income
Net income $ 9,272  $ 1,510  $ 10,782 
Total comprehensive income available to the Company $ 21,410  $ 1,510  $ 22,920 

Consolidated Balance Sheets
As of December 31, 2021
As Previously Reported Adjustments As Revised
ASSETS
Less: accumulated depreciation $ 266,672  $ 385  $ 267,057 
Total real estate, net $ 958,586  $ (385) $ 958,201 
TOTAL ASSETS $ 1,143,352  $ (385) $ 1,142,967 
EQUITY
Distributions in excess of accumulated earnings $ (468,523) $ (385) $ (468,908)
TOTAL STOCKHOLDERS' EQUITY $ 201,303  $ (385) $ 200,918 
TOTAL EQUITY $ 202,562  $ (385) $ 202,177 
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,143,352  $ (385) $ 1,142,967 

Consolidated Balance Sheets
As of December 31, 2022
As Previously Reported Adjustments As Revised
ASSETS
Less: accumulated depreciation $ 286,994  $ (844) $ 286,150 
Total real estate, net $ 1,000,303  $ 844  $ 1,001,147 
Real estate and related assets held for sale $ 3,013  $ 280  $ 3,293 
TOTAL ASSETS $ 1,201,509  $ 1,124  $ 1,202,633 
EQUITY
Distributions in excess of accumulated earnings $ (530,228) $ 1,124  $ (529,104)
TOTAL STOCKHOLDERS' EQUITY $ 202,780  $ 1,124  $ 203,904 
TOTAL EQUITY $ 204,570  $ 1,124  $ 205,694 
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,201,509  $ 1,124  $ 1,202,633 

Consolidated Statements of Equity
As of December 31, 2021
Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity
As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised
Balance at December 31, 2020 $ (409,041) $ (1,548) $ (410,589) $ 213,183  $ (1,548) $ 211,635  $ 216,037  $ (1,548) $ 214,489 
Net income 9,773  1,162  10,935  9,773  1,162  10,935  9,733  1,162  10,895 
Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303  $ (385) $ 200,918  $ 202,562  $ (385) $ 202,177 
Consolidated Statements of Equity
As of December 31, 2022
Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity
As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised
Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303  $ (385) $ 200,918  $ 202,562  $ (385) $ 202,177 
Net income 9,295  1,510  10,805  9,295  1,510  10,805  9,272  1,510  10,782 
Balance at December 31, 2022 $ (530,228) $ 1,124  $ (529,104) $ 202,780  $ 1,124  $ 203,904  $ 204,570  $ 1,124  $ 205,694 

Consolidated Statements of Cash Flows
Year Ended December 31, 2021
As Previously Reported Adjustments As Revised
Cash flows from operating activities:
Net income $ 9,733  $ 1,162  $ 10,895 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 60,311  (1,162) 59,149 

Consolidated Statements of Cash Flows
Year Ended December 31, 2022
As Previously Reported Adjustments As Revised
Cash flows from operating activities:
Net income $ 9,272  $ 1,510  $ 10,782 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 61,664  (1,510) 60,154