Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost $ 1,400,357 $ 1,211,793
Less: accumulated depreciation 350,153 319,646
Total real estate, net 1,050,204 892,147
Lease intangibles, net 120,338 95,107
Real estate and related assets held for sale 0 4,363
Cash and cash equivalents 18,400 10,956
Restricted cash 6,232 4,118
Funds held in escrow 5,909 5,367
Right-of-use assets from operating leases 3,772 3,961
Right-of-use assets from finance leases, net 2,897 0
Deferred rent receivable, net 46,980 45,324
Sales-type lease receivable, net 0 18,618
Other assets 10,271 14,387
TOTAL ASSETS 1,265,003 1,094,348
LIABILITIES    
Mortgage notes payable, net 255,528 269,579
Borrowings under Revolver 145,370 1,900
Borrowings under Term Loan A, Term Loan B and Term Loan C, net 348,466 347,948
Borrowings under unsecured Term Loan D, net 19,860 0
Senior unsecured notes, net 74,061 73,958
Deferred rent liability, net 19,129 21,996
Operating lease liabilities 3,879 4,063
Finance lease liabilities 2,955 0
Asset retirement obligation 5,328 5,061
Accounts payable and accrued expenses 15,158 13,198
TOTAL LIABILITIES 910,004 753,006
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 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 44
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 841,960 784,389
Accumulated other comprehensive income 3,699 10,648
Distributions in excess of accumulated earnings (660,883) (623,912)
TOTAL STOCKHOLDERS' EQUITY 184,826 171,171
OP Units held by Non-controlling OP Unitholders [2] 132 130
TOTAL EQUITY 184,958 171,301
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 1,265,003 1,094,348
Related Party    
LIABILITIES    
Other liabilities [3] 2,468 2,540
Nonrelated Party    
LIABILITIES    
Other liabilities $ 17,802 $ 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”