Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Real estate, at cost $ 1,361,757 $ 1,357,800
Less: accumulated depreciation (81,731) (74,002)
Real estate, at cost 1,280,026 1,283,798
Lease intangibles, net 4,190 4,456
Cash and cash equivalents 49,381 16,708
Other assets, net 52,151 46,588
TOTAL ASSETS 1,385,748 1,351,550
LIABILITIES:    
Borrowings under lines of credit 100 100
Notes and bonds payable, net 659,998 667,882
Accounts payable and accrued expenses 12,707 10,874
Due to related parties, net 3,932 4,224
Other liabilities, net 18,287 20,708
Total liabilities 753,823 762,484
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value; 63,956,473 shares authorized, 34,520,068 shares issued and outstanding as of March 31, 2022; 63,953,993 shares authorized, 34,210,013 shares issued and outstanding as of December 31, 2021 35 34
Additional paid-in capital 713,805 668,275
Distributions in excess of accumulated earnings (87,868) (80,467)
Accumulated other comprehensive income (loss) 3,694 (1,036)
Total stockholders’ equity 629,677 586,815
Non-controlling interests in Operating Partnership 2,248 2,251
Total equity 631,925 589,066
TOTAL LIABILITIES AND EQUITY 1,385,748 1,351,550
Series D Preferred Stock    
LIABILITIES:    
Series D mandatorily-redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of March 31, 2022, and December 31, 2021, net 58,799 58,696
Series B Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value 6 6
Series C Preferred Stock    
Stockholders’ equity:    
Cumulative redeemable preferred stock, value $ 5 $ 3