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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $0 at December 31, 2023 and December 31, 2022, respectively) $ 110,298 $ 126,645
Buildings and improvements (amounts related to VIEs of $13,279 and $0 at December 31, 2023 and December 31, 2022, respectively) 1,133,971 1,388,869
Fixtures and equipment 12,904 11,151
Total real estate assets, gross 1,257,173 1,526,665
Less accumulated depreciation (amounts related to VIEs of $341 and $0 at December 31, 2023 and December 31, 2022, respectively) 366,349 423,417
Real estate assets, net (amounts related to VIEs of $19,354 and $0 at December 31, 2023 and December 31, 2022, respectively) 890,824 1,103,248
Acquired real estate leases, less accumulated amortization of $20,413 and $20,243, respectively (amounts related to VIEs of $305 and $0, less accumulated amortization of $222 and $0 at December 31, 2023 and December 31, 2022, respectively) 6,694 10,186
Asset held for sale 73,318  
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,167 and $0 at December 31, 2023 and December 31, 2022, respectively) 127,880 6,632
Tenant rent receivables 2,191 2,201
Straight-line rent receivable 40,397 52,739
Prepaid expenses and other assets 4,239 6,676
Other assets: derivative asset   4,358
Related party mortgage loan receivable, less allowance for credit loss of $0 and $4,237, respectively   19,763
Office computers and furniture, net of accumulated depreciation of $1,020 and $1,115, respectively 123 154
Deferred leasing commissions, net of accumulated amortization of $16,008 and $19,043, respectively 23,664 35,709
Total assets 1,169,330 1,241,666
Liabilities:    
Bank note payable 90,000 48,000
Term loans payable, less unamortized financing costs of $293 and $250, respectively 114,707 164,750
Series A & Series B Senior Notes, less unamortized financing costs of $329 and $494, respectively 199,670 199,506
Accounts payable and accrued expenses (amounts related to VIEs of $590 and $0 at December 31, 2023 and December 31, 2022, respectively) 41,879 50,366
Accrued compensation 3,644 3,644
Tenant security deposits 6,204 5,710
Lease liability 334 759
Acquired unfavorable real estate leases, less accumulated amortization of $396 and $574, respectively 87 195
Total liabilities 456,525 472,930
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 103,235,914 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,091 1,334,776
Accumulated other comprehensive income 355 4,358
Distributions in excess of accumulated earnings (622,651) (570,408)
Total stockholders' equity 712,805 768,736
Total liabilities and stockholders' equity $ 1,169,330 $ 1,241,666