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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Real estate:    
Investment properties $ 643,306,000 $ 660,720,000
Less accumulated depreciation (99,205,000) (95,598,000)
Real estate, net 544,101,000 565,122,000
Cash and cash equivalents 17,732,000 18,404,000
Restricted cash 20,782,000 21,403,000
Receivables, net 11,733,000 13,126,000
Investment securities - related party 10,579,000 10,685,000
Assets held for sale 24,101,000 0
Above market lease intangibles, net 1,909,000 2,114,000
Operating lease right-of-use assets 9,397,000 9,450,000
Deferred costs and other assets, net 27,280,000 28,028,000
Total Assets 667,614,000 668,332,000
LIABILITIES:    
Loans payable, net 478,205,000 477,574,000
Liabilities associated with assets held for sale 1,181,000 0
Below market lease intangibles, net 16,508,000 17,814,000
Derivative liabilities 9,160,000 3,653,000
Operating lease liabilities 10,280,000 10,329,000
Series D Preferred Stock redemptions 0 369,000
Accounts payable, accrued expenses and other liabilities 19,289,000 17,065,000
Total Liabilities 534,623,000 526,804,000
Commitments and contingencies (Note 8)
EQUITY:    
Common Stock ($0.01 par value, 200,000,000 shares authorized, 68,023,718 and 53,769,787 shares issued and outstanding, respectively) 680,000 538,000
Additional paid-in capital 260,419,000 257,572,000
Accumulated deficit (335,603,000) (324,854,000)
Total Shareholders’ Deficit (29,031,000) (21,293,000)
Noncontrolling interests 66,123,000 66,116,000
Total Equity 37,092,000 44,823,000
Total Liabilities and Equity 667,614,000 668,332,000
 Series D Cumulative Convertible Preferred Stock    
LIABILITIES:    
Series D Cumulative Convertible Preferred Stock 95,899,000 96,705,000
Series A Preferred Stock    
EQUITY:    
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 3,379,142 shares issued and outstanding; $84.5 million aggregate liquidation preference) 453,000 453,000
 Series B Convertible Preferred Stock    
EQUITY:    
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 3,379,142 shares issued and outstanding; $84.5 million aggregate liquidation preference) 45,020,000 44,998,000
Land and land improvements    
Real estate:    
Investment properties 138,867,000 149,908,000
Buildings and improvements    
Real estate:    
Investment properties $ 504,439,000 $ 510,812,000

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