Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost $ 1,312,649 $ 1,324,632
Less: accumulated depreciation (183,200) (167,782)
Total real estate, net 1,129,449 1,156,850
Lease intangibles, net 3,334 3,588
Real estate and related assets held for sale, net 14,496 46,314
Cash and cash equivalents 30,481 18,275
Investments in water assets 41,102 40,230
Other assets, net 39,723 46,938
TOTAL ASSETS 1,258,585 1,312,195
LIABILITIES:    
Borrowings under lines of credit 200 3,600
Notes and bonds payable, net 496,184 523,922
Accounts payable and accrued expenses 13,782 18,404
Total Liabilities 588,512 625,013
Commitments and contingencies (Note 8)
EQUITY:    
Common stock, $0.001 par value; 48,360,720 shares authorized, 36,184,658 shares issued and outstanding as of June 30, 2025; 48,359,920 shares authorized, 36,184,658 shares issued and outstanding as of December 31, 2024 36 36
Additional paid-in capital 854,037 854,059
Distributions in excess of accumulated earnings (189,474) (174,561)
Accumulated other comprehensive income 5,458 7,632
Total stockholders’ equity 670,073 687,182
TOTAL LIABILITIES AND EQUITY 1,258,585 1,312,195
Related Party    
LIABILITIES:    
Other liabilities, net 3,242 2,972
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 14,969 16,185
Series D Preferred Stock    
LIABILITIES:    
Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of June 30, 2025, and December 31, 2024 60,135 59,930
Series B Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock, value 6 6
Series C Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock, value 10 10
Series E Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock, value $ 0 $ 0