v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land $ 176,510 $ 190,082
Buildings, fixtures and improvements 1,795,014 2,012,401
Acquired intangible assets 248,061 284,447
Construction in progress 2,535 7,867
Total real estate investments, at cost 2,222,120 2,494,797
Less: accumulated depreciation and amortization (681,847) (725,831)
Total real estate investments, net 1,540,273 1,768,966
Assets held-for-sale 6,215 0
Cash and cash equivalents 47,059 21,652
Restricted cash 55,477 52,443
Derivative assets, at fair value 8,415 19,206
Straight-line rent receivable, net 21,069 22,841
Operating lease right-of-use assets 7,280 7,480
Prepaid expenses and other assets 24,972 26,316
Accounts receivable, net 10,242 5,850
Deferred costs, net 18,055 21,269
Total assets 1,739,057 1,946,023
LIABILITIES AND EQUITY    
Mortgage notes payable, net 696,806 779,160
Fannie Mae secured debt 336,181 362,216
Market lease intangible liabilities, net 5,114 6,125
Accounts payable and accrued expenses (including $30,267 due to related parties as of December 31, 2024) 46,440 89,575
Operating lease liabilities 8,266 8,109
Deferred rent 10,230 7,217
Distributions payable 3,372 3,496
Total liabilities 1,106,409 1,255,898
Stockholders’ Equity    
Common stock, $0.01 par value, 300,000,000 shares authorized, 28,426,694 and 28,296,439 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 1,132 1,132
Additional paid-in capital 2,530,535 2,533,706
Accumulated other comprehensive income 7,560 16,640
Distributions in excess of accumulated earnings (1,912,081) (1,866,994)
Total stockholders’ equity 627,219 684,560
Non-controlling interests 5,429 5,565
Total equity 632,648 690,125
Total liabilities and equity 1,739,057 1,946,023
Series A Preferred Stock    
Stockholders’ Equity    
Preferred stock 38 40
Series B Preferred Stock    
Stockholders’ Equity    
Preferred stock $ 35 $ 36