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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Investments in real estate    
Land $ 12,374 $ 12,374
Building and improvements 22,175 22,140
Tenant improvements 947 947
Real Estate Investment Property, at Cost 35,496 35,461
Accumulated depreciation (5,058) (4,838)
Investments in real estate, net 30,438 30,623
Cash, cash equivalents and restricted cash 2,590 3,471
Prepaid expenses and other assets 429 152
Tenant receivables, net of $83 and $19 bad debt reserve 861 841
Deferred Costs, Leasing, Net 343 353
Lease intangibles, net 289 308
Total assets [1] 34,950 35,748
LIABILITIES    
Notes payable, net 17,960 18,000
Accounts payable and accrued expenses 287 285
Amounts due to affiliates. 38 37
Other Liabilities 143 172
Below Market Lease, Net 102 108
TOTAL LIABILITIES (1) [1] 18,530 18,602
Commitments and contingencies (Note 12)
EQUITY    
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding 0 0
Common stock, $0.01 par value; 400,000,000 shares authorized; 10,752,966 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 110 110
Additional paid-in capital 94,644 94,644
Accumulated deficit (78,569) (77,852)
Accumulated Other Comprehensive Income (Loss), Net of Tax 5 0
Total stockholders’ equity 16,190 16,902
Non-controlling interests 230 244
TOTAL EQUITY 16,420 17,146
TOTAL LIABILITIES AND EQUITY $ 34,950 $ 35,748
Preferred Stock, Shares Outstanding 0 0
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Authorized 50,000,000 50,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares, Outstanding 10,752,966 10,752,966
Common Stock, Shares, Issued 10,752,966 10,752,966
Common Stock, Shares Authorized 400,000,000 400,000,000
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Bad Debt Reserve $ 83 $ 19
Variable Interest Entity, Primary Beneficiary [Member]    
Investments in real estate    
Cash, cash equivalents and restricted cash 148 531
Prepaid expenses and other assets 23 19
Tenant receivables, net of $83 and $19 bad debt reserve 26 26
Total assets 197 576
LIABILITIES    
Accounts payable and accrued expenses 26 31
TOTAL LIABILITIES (1) $ 26 $ 31
[1] As of March 31, 2023 and December 31, 2022, includes approximately $0.2 million and $0.6 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities. Refer to Note 3. “Variable Interest Entities”.