Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investment properties:    
Land and improvements $ 366,086 $ 368,586
Building and other improvements 450,786 457,285
Gross investment properties 816,872 825,871
Less: accumulated depreciation (57,866) (52,104)
Net investment properties 759,006 773,767
Cash and cash equivalents 34,986 51,886
Accounts receivable 33,676 35,366
Lease intangible assets, net 181,204 191,262
Right-of-use lease assets, net 78,632 83,428
Other assets, net 3,690 541
Total assets 1,091,194 1,136,250
Liabilities:    
Accounts payable and accrued expenses 3,269 3,011
Lease intangible liabilities, net 68,391 73,205
Lease liabilities 37,808 37,795
Other liabilities 8,218 8,351
Total liabilities 117,686 122,362
Commitments and contingencies (Note 5)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (978,612) (938,232)
Total equity 973,508 1,013,888
Total liabilities and equity $ 1,091,194 $ 1,136,250