Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investment properties:    
Land and improvements $ 358,365 $ 368,586
Building and other improvements 440,356 457,285
Gross investment properties 798,721 825,871
Less: accumulated depreciation (60,366) (52,104)
Net investment properties 738,355 773,767
Cash and cash equivalents 48,906 51,886
Accounts receivable 32,584 35,366
Lease intangible assets, net 172,747 191,262
Right-of-use lease assets, net 77,268 83,428
Other assets, net 4,633 541
Total assets 1,074,493 1,136,250
Liabilities:    
Accounts payable and accrued expenses 4,378 3,011
Lease intangible liabilities, net 67,288 73,205
Lease liabilities 37,821 37,795
Other liabilities 10,065 8,351
Total liabilities 119,552 122,362
Commitments and contingencies (Note 5)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of September 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (997,179) (938,232)
Total equity 954,941 1,013,888
Total liabilities and equity $ 1,074,493 $ 1,136,250