Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land $ 219,221 $ 227,145
Buildings, fixtures and improvements 1,044,379 1,055,307
Total real estate investment, at cost 1,263,600 1,282,452
Less: accumulated depreciation 189,673 177,906
Total real estate investments, net 1,073,927 1,104,546
Accounts receivable, net 26,983 22,833
Intangible lease assets, net 85,270 95,944
Cash and cash equivalents 17,384 15,600
Real estate assets held for sale, net 0 9,671
Other assets, net 84,624 87,828
Total assets 1,288,188 1,336,422
LIABILITIES AND EQUITY    
Mortgages payable, net 371,587 371,222
Credit facility revolver 110,000 119,000
Accounts payable and accrued expenses 36,031 31,585
Below-market lease liabilities, net 19,469 20,596
Distributions payable 1,126 5,633
Other liabilities, net 20,645 23,130
Total liabilities 558,858 571,166
Common stock, $0.001 par value, 100,000,000 shares authorized 56,307,301 and 55,951,876 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 56 56
Additional paid-in capital 1,149,283 1,148,223
Accumulated other comprehensive loss (25) (15)
Accumulated deficit (421,302) (384,348)
Total stockholders’ equity 728,012 763,916
Non-controlling interest 1,318 1,340
Total equity 729,330 765,256
Total liabilities and equity $ 1,288,188 $ 1,336,422