Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost $ 1,390,445 $ 1,211,793
Less: accumulated depreciation 359,513 319,646
Total real estate, net 1,030,932 892,147
Lease intangibles, net 115,579 95,107
Real estate and related assets held for sale 11,260 4,363
Cash and cash equivalents 10,810 10,956
Restricted cash 5,781 4,118
Funds held in escrow 5,336 5,367
Right-of-use assets from operating leases 3,707 3,961
Right-of-use assets from finance leases, net 2,877 0
Deferred rent receivable, net 47,922 45,324
Sales-type lease receivable, net 0 18,618
Other assets 12,729 14,387
TOTAL ASSETS 1,246,933 1,094,348
LIABILITIES    
Mortgage notes payable, net 250,193 269,579
Borrowings under Revolver 37,370 1,900
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 397,702 347,948
Senior unsecured notes, net 158,201 73,958
Deferred rent liability, net 17,191 21,996
Operating lease liabilities 3,816 4,063
Finance lease liabilities 2,964 0
Asset retirement obligation 5,363 5,061
Accounts payable and accrued expenses 10,959 13,198
Liabilities related to assets held for sale 397 0
TOTAL LIABILITIES 905,000 753,006
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 December 31, 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 379,773 and 389,190 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively [2] 1 1
Common stock, par value $0.001 per share, 62,599,663 and 62,400,887 shares authorized and 48,406,993 and 43,986,038 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively [2] 48 44
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,699,451 and 25,898,227 shares authorized; and 750,247 and 914,553 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively [2] 1 1
Additional paid in capital 841,574 784,389
Accumulated other comprehensive income 3,314 10,648
Distributions in excess of accumulated earnings (673,168) (623,912)
TOTAL STOCKHOLDERS' EQUITY 171,770 171,171
OP Units held by Non-controlling OP Unitholders [2] 122 130
TOTAL EQUITY 171,892 171,301
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 1,246,933 1,094,348
Related Party    
LIABILITIES    
Other liabilities [3] 3,223 2,540
Nonrelated Party    
LIABILITIES    
Other liabilities $ 17,621 $ 12,763
[1] Refer to Note 6 “Commitments and Contingencies”
[2] Refer to Note 7 “Equity and Mezzanine Equity”
[3] Refer to Note 2 “Related-Party Transactions”