Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investment properties:    
Land and improvements $ 351,984 $ 368,586
Building and other improvements 442,416 457,285
Gross investment properties 794,400 825,871
Less: accumulated depreciation (63,600) (52,104)
Net investment properties 730,800 773,767
Cash and cash equivalents 37,130 51,886
Accounts receivable, including straight-line rent 32,050 35,366
Lease intangible assets, net 170,967 191,262
Right-of-use lease assets, net 77,816 83,428
Other assets, net 112 541
Total assets 1,048,875 1,136,250
Liabilities:    
Accounts payable and accrued expenses 4,080 3,011
Lease intangible liabilities, net 66,185 73,205
Lease liabilities 37,827 37,795
Other liabilities 8,219 8,351
Total liabilities 116,311 122,362
Commitments and contingencies (Note 6)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of December 31, 2025 and 2024 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (1,019,556) (938,232)
Total equity 932,564 1,013,888
Total liabilities and equity $ 1,048,875 $ 1,136,250