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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Real estate assets:    
Land $ 146,844 $ 146,844
Buildings and improvements 1,477,913 1,457,209
Fixtures and equipment 12,192 11,404
Total real estate assets, gross 1,636,949 1,615,457
Less accumulated depreciation 450,792 424,487
Real estate assets, net 1,186,157 1,190,970
Acquired real estate leases, less accumulated amortization of $18,956 and $40,423, respectively 12,373 14,934
Cash, cash equivalents and restricted cash 4,693 40,751
Tenant rent receivables 2,627 1,954
Straight-line rent receivable 54,354 49,024
Prepaid expenses and other assets 6,863 4,031
Related party mortgage loan receivable less allowance for credit loss of $1,140 and $0, respectively 22,860 24,000
Other assets: derivative asset 1,951  
Office computers and furniture, net of accumulated depreciation of $1,082 and $1,198, respectively 187 198
Deferred leasing commissions, net of accumulated amortization of $21,840 and $21,099, respectively 39,654 38,311
Total assets 1,331,719 1,364,173
Liabilities:    
Bank note payable 55,000  
Term loans payable, less unamortized financing costs of $482 and $714, respectively 274,518 274,286
Series A & Series B Senior Notes, less unamortized financing costs of $576 and $658, respectively 199,424 199,342
Accounts payable and accrued expenses 39,315 89,493
Accrued compensation 2,252 4,704
Tenant security deposits 5,819 6,219
Lease liability 962 1,159
Other liabilities: derivative liabilities   5,239
Acquired unfavorable real estate leases, less accumulated amortization of $634 and $2,285, respectively 397 528
Total liabilities 577,687 580,970
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, 103,151,781 and 103,235,914 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,334,776 1,339,226
Accumulated other comprehensive loss 1,951 (5,239)
Distributions in excess of accumulated earnings (582,705) (550,794)
Total stockholders' equity 754,032 783,203
Total liabilities and stockholders' equity $ 1,331,719 $ 1,364,173