Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investment properties:    
Land and improvements $ 400,914 $ 408,064
Building and other improvements 485,216 492,937
Gross investment properties 886,130 901,001
Less: accumulated depreciation (44,729) (41,818)
Net investment properties 841,401 859,183
Cash and cash equivalents 49,787 38,026
Accounts receivable 38,412 39,504
Lease intangible assets, net 205,341 212,001
Right-of-use lease assets, net 84,797 85,254
Other assets, net 1,293 522
Total assets 1,221,031 1,234,490
Liabilities:    
Accounts payable and accrued expenses 1,686 1,224
Lease intangible liabilities, net 87,855 93,078
Lease liabilities 37,767 37,763
Other liabilities 8,512 8,603
Total liabilities 135,820 140,668
Commitments and contingencies (Note 4)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of March 31, 2024 and December 31, 2023 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (866,909) (858,298)
Total equity 1,085,211 1,093,822
Total liabilities and equity $ 1,221,031 $ 1,234,490