v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Real estate properties $ 1,480,793 $ 1,418,305
Less: accumulated depreciation (276,600) (261,608)
Real estate properties, net 1,204,193 1,156,697
Cash 19,126 17,546
Cash held in escrow 818 1,964
Restricted cash 23,578 24,117
Investment in unconsolidated joint ventures 54,329 62,377
Deferred lease intangibles, net 44,711 41,677
Other assets 41,167 42,622
Interest rate swaps 13,157 17,760
Forward contract asset 5,185 3,658
Total assets 1,406,264 1,368,418
Liabilities:    
Secured debt, net 175,236 175,980
Unsecured debt, net 447,935 447,741
Borrowings under line of credit 84,500 20,000
Accounts payable, accrued expenses and other liabilities 78,739 83,827
Warrant liability 33,090 45,908
Deferred lease intangibles, net 5,133 5,026
Financing lease liability 2,299 2,297
Interest rate swaps 389 520
Total liabilities 827,321 781,299
Redeemable non-controlling interest - Series C Preferred Units, 500,000 units authorized, (aggregate liquidation preference of $81,376 and $81,985 at March 31, 2025 and December 31, 2024, respectively) 1,737 1,259
Equity:    
Common stock, $0.01 par value: 900,000,000 shares authorized; 45,547,898 and 45,389,186 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 456 454
Additional paid in capital 594,989 604,839
Accumulated deficit (37,412) (43,262)
Accumulated other comprehensive income 12,964 17,517
Total stockholders' equity 570,997 579,548
Non-controlling interest 6,209 6,312
Total equity 577,206 585,860
Total liabilities, redeemable non-controlling interest and equity $ 1,406,264 $ 1,368,418

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