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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate assets:    
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $6,416 at September 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 September 30, 2024 and December 31, 2023, respectively) 1,090,551 1,133,971
Fixtures and equipment 10,776 12,904
Total real estate assets, gross 1,206,625 1,257,173
Less accumulated depreciation (amounts related to VIEs of $597 and $341 at September 30, 2024 and December 31, 2023, respectively) 369,276 366,349
Real estate assets, net (amounts related to VIEs of $19,098 and $19,354 at September 30, 2024 and December 31, 2023, respectively) 837,349 890,824
Acquired real estate leases, less accumulated amortization of $16,465 and $20,413, respectively (amounts related to VIEs of $67 and $305, less accumulated amortization of $30 and $222 at September 30, 2024 and December 31, 2023, respectively) 4,695 6,694
Assets held for sale 32,926 73,318
Cash, cash equivalents and restricted cash (amounts related to VIEs of $1,608 and $2,167 at September 30, 2024 and December 31, 2023, respectively) 42,375 127,880
Tenant rent receivables 1,349 2,191
Straight-line rent receivable 38,432 40,397
Prepaid expenses and other assets 3,243 4,239
Office computers and furniture, net of accumulated depreciation of $1,063 and $1,020, respectively 80 123
Deferred leasing commissions, net of accumulated amortization of $14,724 and $16,008, respectively 21,064 23,664
Total assets 981,513 1,169,330
Liabilities:    
Bank note payable   90,000
Term loans payable, less unamortized financing costs of $2,956 and $293, respectively 137,601 114,707
Series A & Series B Senior Notes, less unamortized financing costs of $1,585 and $329, respectively 135,545 199,670
Accounts payable and accrued expenses (amounts related to VIEs of $643 and $590 at September 30, 2024 and December 31, 2023, respectively) 32,821 41,879
Accrued compensation 3,193 3,644
Tenant security deposits 6,120 6,204
Lease liability 763 334
Acquired unfavorable real estate leases, less accumulated amortization of $310 and $396, respectively 51 87
Total liabilities 316,094 456,525
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 (669,952) (622,651)
Total stockholders' equity 665,419 712,805
Total liabilities and stockholders' equity $ 981,513 $ 1,169,330