Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Real estate, at cost $ 1,357,800 $ 1,095,439
Less: accumulated depreciation (74,002) (49,236)
Real estate, net 1,283,798 1,046,203
Lease intangibles, net 4,456 3,732
Cash and cash equivalents 16,708 9,218
Other assets, net 46,588 8,136
TOTAL ASSETS 1,351,550 1,067,289
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 667,882 623,961
Accounts payable and accrued expenses 10,874 9,081
Due to related parties, net 4,224 2,484
Other liabilities, net 20,708 19,279
Total liabilities 762,484 683,499
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 63,953,993 shares authorized, 34,210,013 shares issued and outstanding as of December 31, 2021; 65,544,073 shares authorized, 26,219,019 shares issued and outstanding as of December 31, 2020 34 26
Additional paid-in capital 668,275 440,470
Distributions in excess of accumulated earnings (80,467) (55,213)
Accumulated other comprehensive loss (1,036) (1,500)
Total stockholders’ equity 586,815 383,790
Non-controlling interests in Operating Partnership 2,251 0
Total equity 589,066 383,790
TOTAL LIABILITIES AND EQUITY 1,351,550 1,067,289
Series A Preferred Stock    
LIABILITIES:    
Cumulative term preferred stock 0 28,594
Series D Preferred Stock    
LIABILITIES:    
Cumulative term preferred stock 58,696 0
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock 6 6
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock $ 3 $ 1