Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land $ 187,415 $ 227,145
Buildings, fixtures and improvements 986,834 1,055,307
Total real estate investments, at cost 1,174,249 1,282,452
Less: accumulated depreciation 188,317 177,906
Total real estate investments, net 985,932 1,104,546
Accounts receivable, net 32,611 22,833
Intangible lease assets, net 80,102 95,944
Cash and cash equivalents 32,639 15,600
Restricted cash 30,126 41,570
Real estate assets held for sale, net 14,969 9,671
Other assets, net 46,414 46,258
Total assets 1,222,793 1,336,422
LIABILITIES AND EQUITY    
Mortgages payable, net 371,772 371,222
Credit facility revolver 110,000 119,000
Accounts payable and accrued expenses 40,300 31,585
Below-market lease liabilities, net 18,959 20,596
Distributions payable 1,126 5,633
Other liabilities, net 20,519 23,130
Total liabilities 562,676 571,166
Common stock, $0.001 par value, 100,000,000 shares authorized 56,314,634 and 55,951,876 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 56 56
Additional paid-in capital 1,150,246 1,148,223
Accumulated other comprehensive loss (17) (15)
Accumulated deficit (491,463) (384,348)
Total stockholders’ equity 658,822 763,916
Non-controlling interest 1,295 1,340
Total equity 660,117 765,256
Total liabilities and equity $ 1,222,793 $ 1,336,422