Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Land and improvements	$ 508,311	$ 571,988
Building and improvements	720,622	736,420
Tenant improvements	3,386	3,366
Furniture, fixtures and equipment	13,514	13,897
Real estate under development	162,281	146,249
Total investment in real estate	1,408,114	1,471,920
Accumulated depreciation	(250,650)	(243,392)
Investment in real estate, net	1,157,464	1,228,528
Cash and cash equivalents	32,029	19,896
Restricted cash	28,809	18,156
Tenant and other receivables, net of allowance for doubtful accounts of $321 and $258, respectively	7,843	6,365
Deferred rent	2,049	2,108
Deferred costs and intangible assets, net	5,465	5,676
Prepaid expenses and other assets	7,664	6,236
TOTAL ASSETS	1,241,323	1,286,965
Liabilities:
Notes payable, net of unamortized loan costs of $9,152 and $9,019 respectively	1,268,171	1,266,340
Accounts payable and accrued liabilities	15,436	18,731
Security deposits	9,095	9,067
Other liabilities	6,317	7,057
TOTAL LIABILITIES	1,299,019	1,301,195
Equity (Deficit):
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,146,546 and 16,146,546 shares issued and outstanding, at June 30, 2025, and December 31, 2024, respectively	160	160
Additional paid-in-capital	90,342	89,938
Accumulated deficit	(112,438)	(95,507)
Total stockholders’ equity	(21,936)	(5,409)
Non-controlling interests	(35,760)	(8,821)
TOTAL EQUITY (DEFICIT)	(57,696)	(14,230)
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 1,241,323	$ 1,286,965