Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land $ 178,765 $ 176,532
Buildings, fixtures and improvements 983,994 976,676
Total real estate investments, at cost 1,162,759 1,153,208
Less: accumulated depreciation 197,281 195,042
Total real estate investments, net 965,478 958,166
Accounts receivable, net 47,644 35,333
Intangible lease assets, net 81,691 75,947
Cash and cash equivalents 10,274 22,362
Restricted cash 50,259 38,277
Real estate assets held for sale, net 0 12,803
Other assets, net 32,945 27,614
Total assets 1,188,291 1,170,502
LIABILITIES AND EQUITY    
Mortgages payable, net 366,927 371,957
Credit facility revolver 127,000 92,000
Accounts payable and accrued expenses 35,318 40,219
Below-market lease liabilities, net 17,939 18,449
Distributions payable 1,137 1,208
Other liabilities, net 30,180 22,154
Total liabilities 578,501 545,987
Common stock, $0.001 par value, 100,000,000 shares authorized 56,830,068 and 56,314,634 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 57 56
Additional paid-in capital 1,151,892 1,151,644
Accumulated other comprehensive loss 0 (5)
Accumulated deficit (543,432) (528,482)
Total stockholders’ equity 608,517 623,213
Non-controlling interest 1,273 1,302
Total equity 609,790 624,515
Total liabilities and equity $ 1,188,291 $ 1,170,502