Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost $ 1,347,152 $ 1,211,793
Less: accumulated depreciation 339,331 319,646
Total real estate, net 1,007,821 892,147
Lease intangibles, net 114,242 95,107
Real estate and related assets held for sale 2,801 4,363
Cash and cash equivalents 11,660 10,956
Restricted cash 4,240 4,118
Funds held in escrow 5,728 5,367
Right-of-use assets from operating leases 3,836 3,961
Right-of-use assets from finance leases, net 2,918 0
Deferred rent receivable, net 46,352 45,324
Sales-type lease receivable, net 0 18,618
Other assets 10,395 14,387
TOTAL ASSETS 1,209,993 1,094,348
LIABILITIES    
Mortgage notes payable, net 257,882 269,579
Borrowings under Revolver 94,370 1,900
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 348,294 347,948
Borrowings under unsecured Term Loan D, net 19,839 0
Senior unsecured notes, net 74,006 73,958
Deferred rent liability, net 20,619 21,996
Operating lease liabilities 3,941 4,063
Finance lease liabilities 2,947 0
Asset retirement obligation 5,222 5,061
Accounts payable and accrued expenses 19,950 13,198
TOTAL LIABILITIES 862,631 753,006
Commitments and contingencies [1]
MEZZANINE EQUITY    
Series E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,750,886 and 10,750,886 shares authorized; and 7,052,334 and 7,052,334 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively [2] 170,041 170,041
EQUITY    
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 386,723 and 389,190 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively [2] 1 1
Common stock, par value $0.001 per share, 62,505,603 and 62,400,887 shares authorized; and 46,508,942 and 43,986,038 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively [2] 46 44
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,793,511 and 25,898,227 shares authorized and 836,429 and 914,553 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively [2] 1 1
Additional paid in capital 820,634 784,389
Accumulated other comprehensive income 4,303 10,648
Distributions in excess of accumulated earnings (647,794) (623,912)
TOTAL STOCKHOLDERS' EQUITY 177,191 171,171
OP Units held by Non-controlling OP Unitholders [2] 130 130
TOTAL EQUITY 177,321 171,301
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 1,209,993 1,094,348
Related Party    
LIABILITIES    
Other liabilities [3] 3,011 2,540
Nonrelated Party    
LIABILITIES    
Other liabilities $ 12,550 $ 12,763
[1] Refer to Note 7 “Commitments and Contingencies”
[2] Refer to Note 8 “Equity and Mezzanine Equity”
[3] Refer to Note 2 “Related-Party Transactions”