2024 Q1 Form 10-K Financial Statement

#000164587324000030 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $11.97M $12.29M $46.94M
YoY Change 16.05% -22.81% 1.65%
Cost Of Revenue $984.0K $731.1K $5.161M
YoY Change -42.35% -65.27% -42.01%
Gross Profit $10.98M $11.56M $41.78M
YoY Change 27.64% -16.33% 12.08%
Gross Profit Margin 91.78% 94.05% 89.0%
Selling, General & Admin $3.378M $2.783M $17.81M
YoY Change 31.53% -4.44% 74.43%
% of Gross Profit 30.76% 24.08% 42.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.133M $4.148M $15.55M
YoY Change 26.33% -4.61% 4.16%
% of Gross Profit 37.64% 35.89% 37.23%
Operating Expenses $7.511M $6.931M $33.37M
YoY Change 22.56% -4.73% 31.52%
Operating Profit $6.659M $4.627M $2.314M
YoY Change -240.07% -29.24% -172.76%
Interest Expense $2.307M -$5.571M $13.81M
YoY Change -42.59% 102.19% 70.31%
% of Operating Profit 34.65% -120.42% 596.72%
Other Income/Expense, Net -$2.022M -$9.210K -$11.01M
YoY Change -1253.55% -91.16% 726.93%
Pretax Income $4.637M -$1.842M -$8.696M
YoY Change -201.28% -355.58% 92.77%
Income Tax
% Of Pretax Income
Net Earnings $3.724M -$2.217M -$6.614M
YoY Change -198.98% 1297.57% 101.12%
Net Earnings / Revenue 31.12% -18.04% -14.09%
Basic Earnings Per Share $0.33 -$1.36
Diluted Earnings Per Share $0.33 -$0.29 -$1.36
COMMON SHARES
Basic Shares Outstanding 9.173M shares 7.590M shares 7.559M shares
Diluted Shares Outstanding 11.36M shares 7.559M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.40M $3.129M $3.129M
YoY Change 38.59% -63.65% -63.65%
Cash & Equivalents $18.40M $3.129M $3.129M
Short-Term Investments
Other Short-Term Assets $5.121M $4.173M $4.173M
YoY Change -13.27% -31.6% -31.6%
Inventory
Prepaid Expenses $5.121M $4.173M
Receivables $14.56M $12.79M $12.79M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $38.08M $20.10M $20.10M
YoY Change 36.8% -14.73% -14.73%
LONG-TERM ASSETS
Property, Plant & Equipment $469.7M $473.8M $473.8M
YoY Change 12.8% 15.35% 15.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.823M $21.09M $21.09M
YoY Change -1.74% 110.77% 110.77%
Other Assets $0.00 $11.66M $11.66M
YoY Change -100.0% 121.34% 121.34%
Total Long-Term Assets $484.4M $510.8M $510.8M
YoY Change 10.84% 18.12% 18.12%
TOTAL ASSETS
Total Short-Term Assets $38.08M $20.10M $20.10M
Total Long-Term Assets $484.4M $510.8M $510.8M
Total Assets $522.5M $530.9M $530.9M
YoY Change 12.4% 16.42% 16.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.048M $562.7K $562.7K
YoY Change 86.46% -43.81% -43.81%
Accrued Expenses $2.641M $3.720M $3.720M
YoY Change -40.68% -37.11% -37.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.867M $16.64M $16.64M
YoY Change -20.06% 80.02% 80.02%
LONG-TERM LIABILITIES
Long-Term Debt $279.6M $279.5M $279.5M
YoY Change 31.6% 43.02% 43.02%
Other Long-Term Liabilities $8.639M $9.591M $9.591M
YoY Change -22.2% -6.82% -6.82%
Total Long-Term Liabilities $288.3M $289.1M $289.1M
YoY Change 28.93% 40.53% 40.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.867M $16.64M $16.64M
Total Long-Term Liabilities $288.3M $289.1M $289.1M
Total Liabilities $294.1M $305.8M $386.5M
YoY Change 27.37% 42.23% 30.44%
SHAREHOLDERS EQUITY
Retained Earnings -$145.3M -$145.6M
YoY Change 16.47% 23.41%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $188.0M $144.4M $144.4M
YoY Change
Total Liabilities & Shareholders Equity $522.5M $530.9M $530.9M
YoY Change 12.4% 16.42% 16.42%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $3.724M -$2.217M -$6.614M
YoY Change -198.98% 1297.57% 101.12%
Depreciation, Depletion And Amortization $4.133M $4.148M $15.55M
YoY Change 26.33% -4.61% 4.16%
Cash From Operating Activities $2.987M $5.368M $16.58M
YoY Change 7.26% -26.69% -0.42%
INVESTING ACTIVITIES
Capital Expenditures $101.1K $3.005M $127.5M
YoY Change -99.17% 503.19% -3.02%
Acquisitions
YoY Change
Other Investing Activities $14.78M $398.9K $33.93M
YoY Change 14479.97% -90.94% -51.83%
Cash From Investing Activities $14.68M -$2.606M -$93.60M
YoY Change -221.13% -166.72% 53.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $297.1K
YoY Change -92.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.393M -5.274M $71.54M
YoY Change -117.08% -36.81% -1428.72%
NET CHANGE
Cash From Operating Activities $2.987M 5.368M $16.58M
Cash From Investing Activities $14.68M -2.606M -$93.60M
Cash From Financing Activities -$2.393M -5.274M $71.54M
Net Change In Cash $15.28M -2.512M -$5.479M
YoY Change 227.0% -187.18% -89.0%
FREE CASH FLOW
Cash From Operating Activities $2.987M $5.368M $16.58M
Capital Expenditures $101.1K $3.005M $127.5M
Free Cash Flow $2.886M $2.363M -$110.9M
YoY Change -130.58% -65.37% -3.4%

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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DividendsPreferredStock
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
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CY2023 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2023 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10866207 usd
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StockRedeemedOrCalledDuringPeriodValue
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CY2023 us-gaap Dividends Preferred Stock
DividendsPreferredStock
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023 us-gaap Profit Loss
ProfitLoss
-8696261 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-4511318 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
15551173 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
14929574 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
11171207 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
2401022 usd
CY2023 us-gaap Straight Line Rent
StraightLineRent
6232257 usd
CY2022 us-gaap Straight Line Rent
StraightLineRent
3237482 usd
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
153581 usd
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
412098 usd
CY2023 none Amortization And Write Off Of Debt Issuance Costs And Discounts
AmortizationAndWriteOffOfDebtIssuanceCostsAndDiscounts
766738 usd
CY2022 none Amortization And Write Off Of Debt Issuance Costs And Discounts
AmortizationAndWriteOffOfDebtIssuanceCostsAndDiscounts
1649930 usd
CY2023 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
807794 usd
CY2022 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1005487 usd
CY2023 none Impairment Reversal Of Real Estate Properties
ImpairmentReversalOfRealEstateProperties
4387624 usd
CY2022 none Impairment Reversal Of Real Estate Properties
ImpairmentReversalOfRealEstateProperties
2080727 usd
CY2023 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
1418658 usd
CY2022 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
0 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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CY2023 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
-1708801 usd
CY2022 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
12196371 usd
CY2023 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-618300 usd
CY2022 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
25733 usd
CY2023 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0 usd
CY2022 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
788016 usd
CY2023 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
279549 usd
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
278002 usd
CY2023 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
231864 usd
CY2022 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
211921 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-386149 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-140133 usd
CY2023 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
59297 usd
CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-930343 usd
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-903393 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1385375 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16578228 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16648821 usd
CY2023 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
122778215 usd
CY2022 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
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CY2023 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
4749686 usd
CY2022 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
4353938 usd
CY2023 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 usd
CY2022 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1836767 usd
CY2023 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
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CY2022 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
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CY2023 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
811807 usd
CY2022 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
-84452 usd
CY2023 none Reversal Payments To Acquire Lease Incentives
ReversalPaymentsToAcquireLeaseIncentives
0 usd
CY2022 none Reversal Payments To Acquire Lease Incentives
ReversalPaymentsToAcquireLeaseIncentives
2148731 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-93602234 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-61063193 usd
CY2023 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
100000000 usd
CY2022 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
150000000 usd
CY2023 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
3000000 usd
CY2022 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
5022000 usd
CY2023 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
13315009 usd
CY2022 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
130496746 usd
CY2023 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 usd
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
832082 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
114500 usd
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1108221 usd
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1129162 usd
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4161618 usd
CY2023 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3687500 usd
CY2022 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3830903 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5384499 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5479235 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-49798871 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8608649 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58407520 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3129414 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8608649 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
12008801 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
7768212 usd
CY2023 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
0 usd
CY2022 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
522845 usd
CY2023 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
9620000 usd
CY2022 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
0 usd
CY2023 us-gaap Stock Issued1
StockIssued1
5175284 usd
CY2022 us-gaap Stock Issued1
StockIssued1
32809550 usd
CY2023 none Reinvested Distribution To Investment In Rich Uncles Reiti
ReinvestedDistributionToInvestmentInRichUnclesREITI
2265098 usd
CY2022 none Reinvested Distribution To Investment In Rich Uncles Reiti
ReinvestedDistributionToInvestmentInRichUnclesREITI
3490159 usd
CY2023 none Non Cash Or Part Non Cash Transactions Accrued Distributions
NonCashOrPartNonCashTransactionsAccruedDistributions
10407035 usd
CY2022 none Non Cash Or Part Non Cash Transactions Accrued Distributions
NonCashOrPartNonCashTransactionsAccruedDistributions
-27235 usd
CY2023 none Increase Decrease In Real Estate Investments Held For Sale
IncreaseDecreaseInRealEstateInvestmentsHeldForSale
6301964 usd
CY2022 none Increase Decrease In Real Estate Investments Held For Sale
IncreaseDecreaseInRealEstateInvestmentsHeldForSale
-26255037 usd
CY2023 none Assets Related To Property Sales
AssetsRelatedToPropertySales
90572 usd
CY2022 none Assets Related To Property Sales
AssetsRelatedToPropertySales
-775531 usd
CY2023 none Increase Decrease In Mortgage Notes Payable Related To Real Estate Investments Held For Sale
IncreaseDecreaseInMortgageNotesPayableRelatedToRealEstateInvestmentsHeldForSale
0 usd
CY2022 none Increase Decrease In Mortgage Notes Payable Related To Real Estate Investments Held For Sale
IncreaseDecreaseInMortgageNotesPayableRelatedToRealEstateInvestmentsHeldForSale
-21699912 usd
CY2023 none Increase Decrease In Liabilities Related To Real Estate Investments Held For Sale
IncreaseDecreaseInLiabilitiesRelatedToRealEstateInvestmentsHeldForSale
-130846 usd
CY2022 none Increase Decrease In Liabilities Related To Real Estate Investments Held For Sale
IncreaseDecreaseInLiabilitiesRelatedToRealEstateInvestmentsHeldForSale
267850 usd
CY2023 none Below Market Leases Increase Decrease
BelowMarketLeasesIncreaseDecrease
0 usd
CY2022 none Below Market Leases Increase Decrease
BelowMarketLeasesIncreaseDecrease
2449 usd
CY2023Q4 none Authority To Issue Of Stock
AuthorityToIssueOfStock
450000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q4 none Number Of Rentable Square Feet
NumberOfRentableSquareFeet
4600000 sqft
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
44 property
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying consolidated financial statements and the related notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in such consolidated financial statements and related notes thereto. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results could differ materially from those estimates.</span></div>
CY2023Q4 none Other Investments Simple Agreements For Future Equity Number Of Entities
OtherInvestmentsSimpleAgreementsForFutureEquityNumberOfEntities
2 entity
CY2023 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 usd
CY2022 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 usd
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Immaterial Error Corrections</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the first quarter of 2023, management determined that its prior treatment of property taxes in those instances where the Company was responsible for paying property taxes and subsequently seeking tenant reimbursement should be treated differently than those instances where property taxes were paid directly by tenants to taxing authorities. Management determined that property taxes paid directly by tenants to taxing authorities should not have been recorded in the Company’s accompanying consolidated statements of operations for the prior year periods in accordance with ASU 2018-20 “Leases (Topic 842) - Narrow-Scope Improvements for Lessors.” Accordingly, the Company’s accompanying consolidated statement of operations for the year ended December 31, 2022 reflects an adjustment to reduce rental income and a corresponding reduction in property expenses of $2,352,235 for such property taxes and the Company's consolidated balance sheet as of December 31, 2022 reflects a reduction in tenant receivables with a corresponding reduction in accounts payable, accrued and other liabilities of $1,596,127. The corrections did not affect net loss, net loss per share or equity for the year ended December 31, 2022 in the accompanying consolidated statement of operations.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year balance sheet, statement of operations and statement of cash flows accounts have been reclassified to conform with the current year presentation. The reclassifications did not affect net income in the prior year consolidated statement of operations.</span></div>
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
44 property
CY2023Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16 state
CY2023Q4 none Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
12 property
CY2023 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
8155376 usd
CY2022Q4 none Number Of States Where Properties Are Located
NumberOfStatesWherePropertiesAreLocated
10 state
CY2023 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
14 property
CY2023Q3 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
13 property
CY2022 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
8 property
CY2023Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
3499438 usd
CY2023Q4 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
888186 usd
CY2023 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
4387624 usd
CY2022Q4 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2080727 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
37916541 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
37472337 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
34329475 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
33962306 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
34220325 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
514095972 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
691996956 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y4M24D
CY2023Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
12000000 usd
CY2023Q3 none Equity Securities Fvni Adjustment To Reduce Liquidation Value To Fair Value
EquitySecuritiesFVNIAdjustmentToReduceLiquidationValueToFairValue
2380000 usd
CY2023Q3 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
9620000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
1418658 usd
CY2023Q4 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
11038658 usd
CY2023Q3 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
13 property
CY2023Q3 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
13 property
CY2023Q4 none Straight Line Rents
StraightLineRents
12474137 usd
CY2022Q4 none Straight Line Rents
StraightLineRents
6607220 usd
CY2023Q4 none Tenant Rent And Billed Reimbursements
TenantRentAndBilledReimbursements
107635 usd
CY2022Q4 none Tenant Rent And Billed Reimbursements
TenantRentAndBilledReimbursements
196477 usd
CY2023Q4 none Tenant Recoveries
TenantRecoveries
212796 usd
CY2022Q4 none Tenant Recoveries
TenantRecoveries
459505 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
12794568 usd
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
7263202 usd
CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1897285 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1880229 usd
CY2023Q4 none Construction Advances
ConstructionAdvances
1352355 usd
CY2022Q4 none Construction Advances
ConstructionAdvances
540548 usd
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
748662 usd
CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
1115354 usd
CY2023Q4 none Deferred Tenant Allowance
DeferredTenantAllowance
174919 usd
CY2022Q4 none Deferred Tenant Allowance
DeferredTenantAllowance
2564806 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
4173221 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
6100937 usd
CY2023Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
562647 usd
CY2022Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1001411 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1202115 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2163821 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
358777 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
285392 usd
CY2023Q4 us-gaap Accrued Rent Current And Noncurrent
AccruedRentCurrentAndNoncurrent
2159281 usd
CY2022Q4 us-gaap Accrued Rent Current And Noncurrent
AccruedRentCurrentAndNoncurrent
1870057 usd
CY2023Q4 none Deferred Tenant Reimbursement
DeferredTenantReimbursement
186688 usd
CY2022Q4 none Deferred Tenant Reimbursement
DeferredTenantReimbursement
561057 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
4469508 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
5881738 usd
CY2023Q4 us-gaap Secured Debt
SecuredDebt
31030241 usd
CY2022Q4 us-gaap Secured Debt
SecuredDebt
44435556 usd
CY2023Q4 us-gaap Unsecured Debt
UnsecuredDebt
0 usd
CY2022Q4 us-gaap Unsecured Debt
UnsecuredDebt
3000000 usd
CY2023Q4 us-gaap Medium Term Notes
MediumTermNotes
248508515 usd
CY2022Q4 us-gaap Medium Term Notes
MediumTermNotes
148018164 usd
CY2023 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
128238639 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
279538756 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
195453720 usd
CY2023Q3 us-gaap Debt Instrument Repaid Principal
DebtInstrumentRepaidPrincipal
10000000 usd
CY2023Q4 none Debt Instrument Covenant Leverage Ratio Target
DebtInstrumentCovenantLeverageRatioTarget
0.40
CY2023 none Debt Instrument Covenant Compliance Leverage Ratio Actual
DebtInstrumentCovenantComplianceLeverageRatioActual
0.48
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
269616 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
543886 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
568369 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
250593972 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
618277 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
28605880 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
281200000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1661244 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
279538756 usd
CY2023 us-gaap Interest Expense Other
InterestExpenseOther
319929 usd
CY2022 us-gaap Interest Expense Other
InterestExpenseOther
226698 usd
CY2023 us-gaap Interest Expense
InterestExpense
13806838 usd
CY2022 us-gaap Interest Expense
InterestExpense
8106658 usd
CY2023Q4 none Debt Instrument Covenant Leverage Ratio Fixed Pay Rate Increase Percentage
DebtInstrumentCovenantLeverageRatioFixedPayRateIncreasePercentage
0.50
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q4 none Loss Contingency Estimate Of Possible Loss Face Value Of Lien
LossContingencyEstimateOfPossibleLossFaceValueOfLien
2797500 usd
CY2019Q4 none Anniversary Of Completion Of The Self Management Transaction
AnniversaryOfCompletionOfTheSelfManagementTransaction
P1Y
CY2023Q4 none Anniversary Of Completion Of The Self Management Transaction
AnniversaryOfCompletionOfTheSelfManagementTransaction
P4Y
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
410251556 usd
CY2023Q4 none Real Estate And Accumulated Depreciation Initial Cost Of Land Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfLandBuildingsAndImprovements
515110249 usd
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
9551683 usd
CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2082419 usd
CY2023 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3687500 usd
CY2022 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3687500 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10301342 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6976035 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-8696261 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-4511318 usd
CY2022 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3687500 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12383761 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8198818 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7558833 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7558833 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7487204 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7487204 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.36
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.36
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.93
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.93
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3508842 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2738646 shares
CY2023Q4 none Dividends Payable Amount Per Share Per Month
DividendsPayableAmountPerSharePerMonth
0.095833
CY2023Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.15
CY2023Q4 none Dividends Payable Amount Per Share Per Month
DividendsPayableAmountPerSharePerMonth
0.095833
CY2023Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.15
CY2023Q4 none Dividends Payable Amount Per Share Per Month
DividendsPayableAmountPerSharePerMonth
0.095833
CY2023Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.15
CY2023Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
31200000 usd
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
104858693 usd
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
104858693 usd
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
419803239 usd
CY2023Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
524661932 usd
CY2023Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
50901612 usd
CY2023Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
473760320 usd
CY2023Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
320049000 usd
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
457453085 usd
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
333755902 usd
CY2022 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
158596618 usd
CY2023 us-gaap Real Estate Improvements
RealEstateImprovements
4749686 usd
CY2022 us-gaap Real Estate Improvements
RealEstateImprovements
3831093 usd
CY2023 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
51735060 usd
CY2022 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
29936408 usd
CY2023 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
9656794 usd
CY2022 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
6712424 usd
CY2023 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
SECScheduleIIIRealEstateWritedownOrReserveAmount
4387624 usd
CY2022 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
SECScheduleIIIRealEstateWritedownOrReserveAmount
2081696 usd
CY2023Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
524661932 usd
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
457453085 usd
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
46752322 usd
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
37611133 usd
CY2023 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
15551173 usd
CY2022 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
14929574 usd
CY2023 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
8047053 usd
CY2022 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
4331686 usd
CY2023 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
3354830 usd
CY2022 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
1456699 usd
CY2023Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
50901612 usd
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
46752322 usd

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