Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Investment properties:    
Land and improvements $ 396,914 $ 408,064
Building and other improvements 476,481 492,937
Gross investment properties 873,395 901,001
Less: accumulated depreciation (47,384) (41,818)
Net investment properties 826,011 859,183
Cash and cash equivalents 47,032 38,026
Accounts receivable 37,458 39,504
Lease intangible assets, net 201,351 212,001
Right-of-use lease assets, net 84,340 85,254
Other assets, net 904 522
Total assets 1,197,096 1,234,490
Liabilities:    
Accounts payable and accrued expenses 1,519 1,224
Lease intangible liabilities, net 85,424 93,078
Lease liabilities 37,779 37,763
Other liabilities 8,419 8,603
Total liabilities 133,141 140,668
Commitments and contingencies (Note 4)
Equity:    
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of June 30, 2024 and December 31, 2023 0 0
Additional paid-in capital 1,952,120 1,952,120
Accumulated distributions in excess of earnings (888,165) (858,298)
Total equity 1,063,955 1,093,822
Total liabilities and equity $ 1,197,096 $ 1,234,490