Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Real estate, at cost $ 1,392,680 $ 1,390,445
Less: accumulated depreciation 370,491 359,513
Total real estate, net 1,022,189 1,030,932
Lease intangibles, net 112,569 115,579
Real estate and related assets held for sale 11,080 11,260
Cash and cash equivalents 7,964 10,810
Restricted cash 5,566 5,781
Funds held in escrow 2,085 5,336
Right-of-use assets from operating leases 3,641 3,707
Right-of-use assets from finance leases, net 2,856 2,877
Deferred rent receivable, net 48,753 47,922
Other assets 14,285 12,729
TOTAL ASSETS 1,230,988 1,246,933
LIABILITIES    
Mortgage notes payable, net 245,991 250,193
Borrowings under Revolver 34,270 37,370
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 397,874 397,702
Senior unsecured notes, net 158,250 158,201
Deferred rent liability, net 16,313 17,191
Operating lease liabilities 3,752 3,816
Finance lease liabilities 2,973 2,964
Asset retirement obligation 5,400 5,363
Accounts payable and accrued expenses 14,086 10,959
Liabilities related to assets held for sale 397 397
TOTAL LIABILITIES 897,355 905,000
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 September 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 September 30, 2025 and December 31, 2024, respectively [2] 1 1
Common stock, par value $0.001 per share, 62,578,987 and 62,400,887 shares authorized; and 48,400,749 and 43,986,038 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively [2] 48 48
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,720,127 and 25,898,227 shares authorized and 767,237 and 914,553 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively [2] 1 1
Additional paid in capital 841,256 841,574
Accumulated other comprehensive income 6,028 3,314
Distributions in excess of accumulated earnings (683,857) (673,168)
TOTAL STOCKHOLDERS' EQUITY 163,477 171,770
OP Units held by Non-controlling OP Unitholders [2] 115 122
TOTAL EQUITY 163,592 171,892
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 1,230,988 1,246,933
Related Party    
LIABILITIES    
Other liabilities [3] 2,856 3,223
Nonrelated Party    
LIABILITIES    
Other liabilities $ 15,193 $ 17,621
[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”