Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land $ 167,254 $ 176,532
Buildings, fixtures and improvements 956,882 976,676
Total real estate investments, at cost 1,124,136 1,153,208
Less: accumulated depreciation 196,198 195,042
Total real estate investments, net 927,938 958,166
Accounts receivable, net 41,111 35,333
Intangible lease assets, net 77,872 75,947
Cash and cash equivalents 16,870 22,362
Restricted cash 46,659 38,277
Real estate assets held for sale, net 0 12,803
Other assets, net 29,625 27,614
Total assets 1,140,075 1,170,502
LIABILITIES AND EQUITY    
Mortgages payable, net 331,802 371,957
Credit facility revolver 102,000 92,000
Accounts payable and accrued expenses 25,471 40,219
Below-market lease liabilities, net 17,429 18,449
Distributions payable 1,141 1,208
Other liabilities, net 28,203 22,154
Total liabilities 506,046 545,987
Common stock, $0.001 par value, 100,000,000 shares authorized 57,044,714 and 56,314,634 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 57 56
Additional paid-in capital 1,152,706 1,151,644
Accumulated other comprehensive loss 0 (5)
Accumulated deficit (520,011) (528,482)
Total stockholders’ equity 632,752 623,213
Non-controlling interest 1,277 1,302
Total equity 634,029 624,515
Total liabilities and equity $ 1,140,075 $ 1,170,502