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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $6,416 at June 30, 2024 and December 31, 2023, respectively) $ 105,298 $ 110,298
Buildings and improvements (amounts related to VIEs of $13,279 and $13,279 at June 30, 2024 and December 31, 2023, respectively) 1,086,300 1,133,971
Fixtures and equipment 10,436 12,904
Total real estate assets, gross 1,202,034 1,257,173
Less accumulated depreciation (amounts related to VIEs of $511 and $341 at June 30, 2024 and December 31, 2023, respectively) 361,278 366,349
Real estate assets, net (amounts related to VIEs of $19,184 and $19,354 at June 30, 2024 and December 31, 2023, respectively) 840,756 890,824
Acquired real estate leases, less accumulated amortization of $20,505 and $20,413, respectively (amounts related to VIEs of $67 and $305, less accumulated amortization of $26 and $222 at June 30, 2024 and December 31, 2023, respectively) 5,306 6,694
Assets held for sale 67,823 73,318
Cash, cash equivalents and restricted cash (amounts related to VIEs of $1,745 and $2,167 at June 30, 2024 and December 31, 2023, respectively) 31,495 127,880
Tenant rent receivables 2,349 2,191
Straight-line rent receivable 38,901 40,397
Prepaid expenses and other assets 4,064 4,239
Office computers and furniture, net of accumulated depreciation of $1,051 and $1,020, respectively 92 123
Deferred leasing commissions, net of accumulated amortization of $14,584 and $16,008, respectively 21,741 23,664
Total assets 1,012,527 1,169,330
Liabilities:    
Bank note payable   90,000
Term loans payable, less unamortized financing costs of $3,766 and $293, respectively 149,604 114,707
Series A & Series B Senior Notes, less unamortized financing costs of $2,019 and $329, respectively 147,611 199,670
Accounts payable and accrued expenses (amounts related to VIEs of $540 and $590 at June 30, 2024 and December 31, 2023, respectively) 23,765 41,879
Accrued compensation 2,300 3,644
Tenant security deposits 6,248 6,204
Lease liability 859 334
Acquired unfavorable real estate leases, less accumulated amortization of $419 and $396, respectively 63 87
Total liabilities 330,450 456,525
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, 103,566,715 and 103,430,353 shares issued and outstanding, respectively 10 10
Additional paid-in capital 1,335,361 1,335,091
Accumulated other comprehensive income   355
Accumulated distributions in excess of accumulated earnings (653,294) (622,651)
Total stockholders' equity 682,077 712,805
Total liabilities and stockholders' equity $ 1,012,527 $ 1,169,330