v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate:    
Investment properties $ 618,115 $ 647,134
Less accumulated depreciation (121,062) (112,209)
Real estate, net 497,053 534,925
Cash and cash equivalents 27,093 42,964
Restricted cash 29,810 17,752
Receivables, net 14,631 14,692
Investment securities - related party 14,250 12,025
Assets held for sale 15,760 0
Above market lease intangibles, net 781 1,285
Operating lease right-of-use assets 8,788 9,235
Deferred costs and other assets, net 17,008 20,824
Total Assets 625,174 653,702
LIABILITIES:    
Loans payable, net 487,336 482,609
Liabilities associated with assets held for sale 317 0
Below market lease intangibles, net 7,928 11,121
Derivative liabilities 5,733 11,985
Operating lease liabilities 9,658 10,128
Series D Preferred Stock redemptions 1,472 4,074
Accounts payable, accrued expenses and other liabilities 20,322 17,131
Total Liabilities 532,766 537,048
Commitments and contingencies (Note 8)
EQUITY:    
Common Stock ($0.01 par value, 200,000,000 shares authorized, 946,967 and 1,871 shares, respectively, issued and outstanding) 9 0
Additional paid-in capital 304,801 276,416
Accumulated deficit (350,013) (347,029)
Accumulated other comprehensive income 2,225 0
Total Shareholders’ Deficit (3,935) (25,369)
Noncontrolling interests 31,820 57,398
Total Equity 27,885 32,029
Total Liabilities and Equity 625,174 653,702
 Series D Cumulative Convertible Preferred Stock    
LIABILITIES:    
Series D Preferred Stock redemptions 1,500  
Series D Cumulative Convertible Preferred Stock 64,523 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) 38,590 44,791
Land and land improvements    
Real estate:    
Investment properties 123,256 138,177
Buildings and improvements    
Real estate:    
Investment properties $ 494,859 $ 508,957

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