v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate:    
Investment properties $ 628,068 $ 647,134
Less accumulated depreciation (117,381) (112,209)
Real estate, net 510,687 534,925
Cash and cash equivalents 28,065 42,964
Restricted cash 30,012 17,752
Receivables, net 15,726 14,692
Investment securities - related party 13,767 12,025
Above market lease intangibles, net 912 1,285
Operating lease right-of-use assets 8,842 9,235
Deferred costs and other assets, net 17,937 20,824
Total Assets 625,948 653,702
LIABILITIES:    
Loans payable, net 477,311 482,609
Below market lease intangibles, net 8,909 11,121
Derivative liabilities 20,722 11,985
Operating lease liabilities 9,711 10,128
Series D Preferred Stock redemptions 472 4,074
Accounts payable, accrued expenses and other liabilities 17,172 17,131
Total Liabilities 534,297 537,048
Commitments and contingencies (Note 8)
EQUITY:    
Common Stock ($0.01 par value, 200,000,000 shares authorized, 1,094,686 and 9,371 shares, respectively, issued and outstanding) 10 0
Additional paid-in capital 296,900 276,416
Accumulated deficit (358,927) (347,029)
Accumulated other comprehensive income 1,742 0
Total Shareholders’ Deficit (18,472) (25,369)
Noncontrolling interests 37,866 57,398
Total Equity 19,394 32,029
Total Liabilities and Equity 625,948 653,702
 Series D Cumulative Convertible Preferred Stock    
LIABILITIES:    
Series D Preferred Stock redemptions 500  
Series D Cumulative Convertible Preferred Stock 72,257 84,625
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; 3,218,718 and 3,357,142 shares, respectively, issued and outstanding; $80.5 million and $83.9 million aggregate liquidation preference, respectively) 453 453
 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; 3,218,718 and 3,357,142 shares, respectively, issued and outstanding; $80.5 million and $83.9 million aggregate liquidation preference, respectively) 41,350 44,791
Land and land improvements    
Real estate:    
Investment properties 128,776 138,177
Buildings and improvements    
Real estate:    
Investment properties $ 499,292 $ 508,957

Source