v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Real estate properties $ 1,691,214 $ 1,418,305
Less: accumulated depreciation (309,357) (261,608)
Real estate properties, net 1,381,857 1,156,697
Cash 15,824 17,546
Cash held in escrow 1,990 1,964
Restricted cash 24,158 24,117
Investment in unconsolidated joint ventures 39,696 62,377
Deferred lease intangibles, net 52,570 41,677
Other assets 46,204 42,622
Interest rate swaps 8,178 17,760
Forward contract asset 0 3,658
Total assets 1,570,477 1,368,418
Liabilities:    
Secured debt, net 173,727 175,980
Unsecured debt, net 448,297 447,741
Borrowings under line of credit 221,900 20,000
Accounts payable, accrued expenses and other liabilities 90,472 83,827
Warrant liability 62,069 45,908
Embedded derivative liability - Series C Preferred Units 11,793 0
Deferred lease intangibles, net 6,884 5,026
Financing lease liability 2,305 2,297
Interest rate swaps 55 520
Total liabilities 1,017,502 781,299
Commitments and contingencies (Note 13)
Redeemable non-controlling interest - Series C Preferred Units, 500,000 units authorized, (aggregate liquidation preference of $186,587 and $81,985 at September 30, 2025 and December 31, 2024, respectively) 77,694 1,259
Equity:    
Common stock, $0.01 par value: 900,000,000 shares authorized; 44,551,164 and 45,389,186 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 446 454
Additional paid in capital 559,446 604,839
Accumulated deficit (97,870) (43,262)
Accumulated other comprehensive income 8,039 17,517
Total stockholders' equity 470,061 579,548
Non-controlling interest 5,220 6,312
Total equity 475,281 585,860
Total liabilities, redeemable non-controlling interest and equity $ 1,570,477 $ 1,368,418

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