Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Investment properties:    
Land and improvements $ 408,064 $ 422,114
Building and other improvements 492,937 497,523
Gross investment properties 901,001 919,637
Less: accumulated depreciation (41,818) (27,742)
Net investment properties 859,183 891,895
Cash and cash equivalents 38,026 48,922
Accounts receivable 39,504 42,685
Lease intangible assets, net 212,001 228,529
Right-of-use lease assets, net 85,254 87,086
Other assets, net 522 831
Total assets 1,234,490 1,299,948
Liabilities:    
Accounts payable and accrued expenses 1,224 1,061
Lease intangible liabilities, net 93,078 101,920
Lease liabilities 37,763 37,676
Other liabilities 8,603 8,628
Total liabilities 140,668 149,285
Commitments and contingencies (Note 6)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of December 31, 2023 and 2022 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (858,298) (801,457)
Total equity 1,093,822 1,150,663
Total liabilities and equity $ 1,234,490 $ 1,299,948