| |
September 30, | | |
December 31, | |
Assets | |
2024 | | |
2023 | |
Real estate, at cost: | |
| | | |
| | |
Land | |
$ | 146,043 | | |
$ | 142,524 | |
Buildings and improvements | |
| 2,209,720 | | |
| 2,108,218 | |
Construction in progress | |
| 59,998 | | |
| 117,773 | |
Total real estate, at cost | |
| 2,415,761 | | |
| 2,368,515 | |
Less accumulated depreciation | |
| (253,165 | ) | |
| (202,692 | ) |
Net real estate held for investment | |
| 2,162,596 | | |
| 2,165,823 | |
Construction Loan receivable | |
| 22,000 | | |
| 22,000 | |
Cash and cash equivalents | |
| 147,128 | | |
| 140,249 | |
Restricted cash | |
| — | | |
| 1,450 | |
Investments | |
| 25,315 | | |
| 21,948 | |
Right of use office lease asset | |
| 1,051 | | |
| 1,355 | |
In-place lease intangible assets, net | |
| 7,600 | | |
| 8,245 | |
Other assets, net | |
| 29,641 | | |
| 30,020 | |
Total assets | |
$ | 2,395,331 | | |
$ | 2,391,090 | |
| |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Exchangeable Senior Notes, net | |
$ | — | | |
$ | 4,431 | |
Notes due 2026, net | |
| 297,503 | | |
| 296,449 | |
Building improvements and construction funding payable | |
| 9,204 | | |
| 9,591 | |
Accounts payable and accrued expenses | |
| 14,961 | | |
| 11,406 | |
Dividends payable | |
| 54,817 | | |
| 51,827 | |
Rent received in advance and tenant security deposits | |
| 61,084 | | |
| 59,358 | |
Other liabilities | |
| 11,225 | | |
| 5,056 | |
Total liabilities | |
| 448,794 | | |
| 438,118 | |
Commitments and contingencies | |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 1,002,673 and 600,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 23,632 | | |
| 14,009 | |
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,331,833 and 28,140,891 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 28 | | |
| 28 | |
Additional paid-in capital | |
| 2,119,798 | | |
| 2,095,789 | |
Dividends in excess of earnings | |
| (196,921 | ) | |
| (156,854 | ) |
Total stockholders’ equity | |
| 1,946,537 | | |
| 1,952,972 | |
Total liabilities and stockholders’ equity | |
$ | 2,395,331 | | |
$ | 2,391,090 | |