Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 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 (70,038) (63,600)
Net investment properties 724,362 730,800
Cash and cash equivalents 34,953 37,130
Accounts receivable, including straight-line rent 30,982 32,050
Lease intangible assets, net 165,262 170,967
Right-of-use lease assets, net 77,001 77,816
Other assets, net 1,314 112
Total assets 1,033,874 1,048,875
Liabilities:    
Accounts payable and accrued expenses 3,802 4,080
Lease intangible liabilities, net 63,979 66,185
Lease liabilities 37,847 37,827
Other liabilities 8,281 8,219
Total liabilities 113,909 116,311
Commitments and contingencies (Note 5)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of June 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (1,032,155) (1,019,556)
Total equity 919,965 932,564
Total liabilities and equity $ 1,033,874 $ 1,048,875