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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $6,416 at March 31, 2024 and December 31, 2023, respectively) $ 110,298 $ 110,298
Buildings and improvements (amounts related to VIEs of $13,279 and $13,279 at March 31, 2024 and December 31, 2023, respectively) 1,137,496 1,133,971
Fixtures and equipment 13,002 12,904
Total real estate assets, gross 1,260,796 1,257,173
Less accumulated depreciation (amounts related to VIEs of $426 and $341 at March 31, 2024 and December 31, 2023, respectively) 376,063 366,349
Real estate assets, net (amounts related to VIEs of $19,269 and $19,354 at March 31, 2024 and December 31, 2023, respectively) 884,733 890,824
Acquired real estate leases, less accumulated amortization of $19,840 and $20,413, respectively (amounts related to VIEs of $67 and $305, less accumulated amortization of $22 and $222 at March 31, 2024 and December 31, 2023, respectively) 5,971 6,694
Asset held for sale 38,947 73,318
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,080 and $2,167 at March 31, 2024 and December 31, 2023, respectively) 37,779 127,880
Tenant rent receivables 2,200 2,191
Straight-line rent receivable 40,357 40,397
Prepaid expenses and other assets 4,140 4,239
Office computers and furniture, net of accumulated depreciation of $1,036 and $1,020, respectively 106 123
Deferred leasing commissions, net of accumulated amortization of $16,914 and $16,008, respectively 24,730 23,664
Total assets 1,038,963 1,169,330
Liabilities:    
Bank note payable   90,000
Term loans payable, less unamortized financing costs of $4,202 and $293, respectively 149,169 114,707
Series A & Series B Senior Notes, less unamortized financing costs of $2,290 and $329, respectively 147,340 199,670
Accounts payable and accrued expenses (amounts related to VIEs of $702 and $590 at March 31, 2024 and December 31, 2023, respectively) 30,099 41,879
Accrued compensation 1,196 3,644
Tenant security deposits 6,268 6,204
Lease liability 953 334
Acquired unfavorable real estate leases, less accumulated amortization of $407 and $396, respectively 74 87
Total liabilities 335,099 456,525
Commitments and contingencies
Stockholders' Equity:    
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,430,353 and 103,430,353 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,091 1,335,091
Accumulated other comprehensive income   355
Distributions in excess of accumulated earnings (631,237) (622,651)
Total stockholders' equity 703,864 712,805
Total liabilities and stockholders' equity $ 1,038,963 $ 1,169,330