Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investment properties:    
Land and improvements $ 351,984 $ 351,984
Building and other improvements 442,416 442,416
Gross investment properties 794,400 794,400
Less: accumulated depreciation (66,819) (63,600)
Net investment properties 727,581 730,800
Cash and cash equivalents 33,967 37,130
Accounts receivable, including straight-line rent 31,516 32,050
Lease intangible assets, net 168,114 170,967
Right-of-use lease assets, net 77,409 77,816
Other assets, net 1,062 112
Total assets 1,039,649 1,048,875
Liabilities:    
Accounts payable and accrued expenses 3,767 4,080
Lease intangible liabilities, net 65,082 66,185
Lease liabilities 37,838 37,827
Other liabilities 8,281 8,219
Total liabilities 114,968 116,311
Commitments and contingencies (Note 5)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of March 31, 2026 and December 31, 2025 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (1,027,439) (1,019,556)
Total equity 924,681 932,564
Total liabilities and equity $ 1,039,649 $ 1,048,875