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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Real estate, at cost:    
Land $ 206,777,000 $ 197,745,000
Buildings and improvements 308,012,000 301,941,000
Total real estate, at cost 514,789,000 499,686,000
Less: accumulated depreciation and amortization (84,190,000) (74,569,000)
Net real estate held for investment 430,599,000 425,117,000
Cash and cash equivalents 27,623,000 42,255,000
Restricted cash 1,047,000 1,662,000
Rental income in excess of amount billed 15,930,000 15,766,000
Acquired lease intangible assets, net 6,138,000 7,873,000
Investment in unconsolidated affiliate 3,761,000 3,928,000
Right-of-use asset - operating lease, net 3,042,000 0
Other assets 16,257,000 15,492,000
Total assets 504,397,000 512,093,000
Liabilities:    
Mortgage notes payable, net 361,687,000 361,583,000
Term loan payable, net 49,601,000  
Secured revolving credit facility   50,000,000
Accounts payable and accrued expenses 3,977,000 3,949,000
Dividends payable 1,333,000 1,362,000
Acquired lease intangible liabilities, net 2,524,000 3,247,000
Right-of-use liability - operating lease 3,134,000 0
Other liabilities 5,937,000 7,655,000
Total liabilities 428,193,000 427,796,000
Commitments and contingencies (Note 9)
Equity:    
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,333,335 and 13,627,220 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 1,000 1,000
Additional paid-in capital 155,192,000 161,092,000
Distributions in excess of net income (112,897,000) (111,129,000)
Total stockholders’ equity 42,296,000 49,964,000
Noncontrolling interest 33,908,000 34,333,000
Total equity 76,204,000 84,297,000
Total liabilities and equity 504,397,000 512,093,000
Series A Preferred Stock [Member]    
Equity:    
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]    
Equity:    
Preferred stock, value