Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land $ 176,532 $ 227,145
Buildings, fixtures and improvements 976,676 1,055,307
Total real estate investments, at cost 1,153,208 1,282,452
Less: accumulated depreciation 195,042 177,906
Total real estate investments, net 958,166 1,104,546
Accounts receivable, net 35,333 22,833
Intangible lease assets, net 75,947 95,944
Cash and cash equivalents 22,362 15,600
Restricted cash 38,277 41,570
Real estate assets held for sale, net 12,803 9,671
Other assets, net 27,614 46,258
Total assets 1,170,502 1,336,422
LIABILITIES AND EQUITY    
Mortgages payable, net 371,957 371,222
Credit facility revolver 92,000 119,000
Accounts payable and accrued expenses 40,219 31,585
Below-market lease liabilities, net 18,449 20,596
Distributions payable 1,208 5,633
Other liabilities, net 22,154 23,130
Total liabilities 545,987 571,166
Common stock, $0.001 par value, 100,000,000 shares authorized 56,314,634 and 55,951,876 shares issued and outstanding as of each of December 31, 2025 and December 31, 2024, respectively 56 56
Additional paid-in capital 1,151,644 1,148,223
Accumulated other comprehensive loss (5) (15)
Accumulated deficit (528,482) (384,348)
Total stockholders’ equity 623,213 763,916
Non-controlling interest 1,302 1,340
Total equity 624,515 765,256
Total liabilities and equity $ 1,170,502 $ 1,336,422