2023 Q1 Form 10-K Financial Statement

#000143774923008235 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $4.121M $4.478M $17.76M
YoY Change -9.88% 3.2% -7.63%
Cost Of Revenue $1.575M $1.476M $5.841M
YoY Change -0.54% 2.19% -5.53%
Gross Profit $2.547M $3.003M $11.92M
YoY Change -14.82% 3.7% -8.62%
Gross Profit Margin 61.79% 67.05% 67.12%
Selling, General & Admin $1.965M $1.857M $6.164M
YoY Change 24.05% -0.39% -0.99%
% of Gross Profit 77.15% 61.84% 51.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.334M $1.491M $5.465M
YoY Change -0.42% 15.3% 1.25%
% of Gross Profit 52.37% 49.67% 45.84%
Operating Expenses $4.873M $3.348M $17.47M
YoY Change 8.14% 6.04% -5.13%
Operating Profit -$2.327M -$345.7K -$5.547M
YoY Change 53.4% 31.94% 3.37%
Interest Expense $867.8K $55.82K $4.712M
YoY Change -14.73% -105.96% -2.27%
% of Operating Profit
Other Income/Expense, Net $143.2K $1.191M
YoY Change -54.3% -152.25%
Pretax Income -$460.0K $732.5K $2.701M
YoY Change -171.27% -167.9% -278.78%
Income Tax $148.5K $396.4K $1.216M
% Of Pretax Income 54.11% 45.01%
Net Earnings -$995.5K -$780.1K -$2.127M
YoY Change 20.16% -18.92% -41.33%
Net Earnings / Revenue -24.15% -17.42% -11.97%
Basic Earnings Per Share -$0.13 -$0.57
Diluted Earnings Per Share -$0.13 -$0.07 -$0.57
COMMON SHARES
Basic Shares Outstanding 13.08M 12.23M 11.75M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.84M $17.30M $16.52M
YoY Change -45.29% 6.68% 12.34%
Cash & Equivalents $11.90M $16.50M $16.52M
Short-Term Investments $942.5K $797.7K
Other Short-Term Assets $449.2K $619.6K $619.6K
YoY Change -47.9% 30.85% 30.85%
Inventory
Prepaid Expenses
Receivables $48.18K $67.78K $67.78K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.39M $17.20M $17.20M
YoY Change -47.45% 10.44% 10.44%
LONG-TERM ASSETS
Property, Plant & Equipment $132.0M $128.5M $128.5M
YoY Change 10.5% 1.61% 1.61%
Goodwill $2.423M $2.423M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $24.60M $137.7M $137.7M
YoY Change -81.89% 8990.18% 8990.18%
Other Assets $3.413M $3.533M $3.533M
YoY Change -59.71% -72.64% -72.64%
Total Long-Term Assets $164.6M $274.1M $274.1M
YoY Change -38.63% 88.26% 88.26%
TOTAL ASSETS
Total Short-Term Assets $12.39M $17.20M $17.20M
Total Long-Term Assets $164.6M $274.1M $274.1M
Total Assets $177.0M $291.4M $291.4M
YoY Change -39.35% 80.74% 80.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.940M $9.075M $9.075M
YoY Change 21.45% 97.93% 97.93%
Accrued Expenses $1.173M $1.927M $1.927M
YoY Change -20.47% -4.45% -4.45%
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 $11.29M $11.18M $11.18M
YoY Change 14.77% 64.88% 64.88%
LONG-TERM LIABILITIES
Long-Term Debt $99.55M $96.90M $96.90M
YoY Change 7.23% 9.05% 9.05%
Other Long-Term Liabilities $17.00K $18.24K $18.24K
YoY Change -71.39% -75.06% -75.06%
Total Long-Term Liabilities $99.57M $96.92M $96.92M
YoY Change 7.18% 8.98% 8.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.29M $11.18M $11.18M
Total Long-Term Liabilities $99.57M $96.92M $96.92M
Total Liabilities $110.9M $108.1M $117.1M
YoY Change 7.9% 12.94% 10.98%
SHAREHOLDERS EQUITY
Retained Earnings -$140.2M -$138.3M
YoY Change 4.9% 5.65%
Common Stock $180.8M $182.0M
YoY Change -1.35% -2.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.73M $43.83M $174.2M
YoY Change
Total Liabilities & Shareholders Equity $177.0M $291.4M $291.4M
YoY Change -39.35% 80.74% 80.74%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$995.5K -$780.1K -$2.127M
YoY Change 20.16% -18.92% -41.33%
Depreciation, Depletion And Amortization $1.334M $1.491M $5.465M
YoY Change -0.42% 15.3% 1.25%
Cash From Operating Activities -$1.628M -$959.5K $928.8K
YoY Change 66.43% -176.76% -60.89%
INVESTING ACTIVITIES
Capital Expenditures $597.9K $167.8K $2.108M
YoY Change -286.99% -135.32% -231.95%
Acquisitions
YoY Change
Other Investing Activities $110.1M -$2.382M -$124.3M
YoY Change -190.29% -81.1% -581.63%
Cash From Investing Activities $109.6M -$2.550M -$126.4M
YoY Change -189.57% -80.5% -622.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$112.5M 1.457M $127.3M
YoY Change -185.86% -212.91% -643.43%
NET CHANGE
Cash From Operating Activities -$1.628M -959.5K $928.8K
Cash From Investing Activities $109.6M -2.550M -$126.4M
Cash From Financing Activities -$112.5M 1.457M $127.3M
Net Change In Cash -$4.625M -2.052M $1.815M
YoY Change -159.35% -84.35% -42.6%
FREE CASH FLOW
Cash From Operating Activities -$1.628M -$959.5K $928.8K
Capital Expenditures $597.9K $167.8K $2.108M
Free Cash Flow -$2.226M -$1.127M -$1.179M
YoY Change 238.03% -165.35% -129.67%

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CY2021 sqft Noncash Financing Items Dividends Payable
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: justify;"><b><i>Use of Estimates</i></b>. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results <em style="font: inherit;"> may </em>differ from those estimates.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"> </p>
CY2022 us-gaap Amortization Of Above And Below Market Leases
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CY2021 us-gaap Amortization Of Above And Below Market Leases
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Uninsured Amount
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CY2022Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Cash Uninsured Amount
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CY2021Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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138000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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70000 usd
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
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1500000 usd
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1300000 usd
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OperatingLeaseInitialDirectCostExpenseOverTerm
400000 usd
CY2021 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
300000 usd
CY2022Q4 sqft Unamortized Deferred Stock Costs
UnamortizedDeferredStockCosts
117000 usd
CY2021Q4 sqft Unamortized Deferred Stock Costs
UnamortizedDeferredStockCosts
135000 usd
CY2022Q4 us-gaap Deferred Offering Costs
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0 usd
CY2022 sqft Percentage Of Distributed Taxable Income To Qualify As Reit
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0.90 pure
CY2022Q4 sqft Marketable Securities Cost Basis
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900000 usd
CY2021Q4 sqft Marketable Securities Cost Basis
MarketableSecuritiesCostBasis
1600000 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
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0 usd
CY2022 us-gaap Earnings Per Share Basic
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-0.57
CY2021 us-gaap Earnings Per Share Basic
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-0.46
CY2022Q4 sqft Number Of States Real Estate Property Is Located
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3 pure
CY2022Q4 sqft Real Estate Investment Property And Lease Intangibles Net
RealEstateInvestmentPropertyAndLeaseIntangiblesNet
130512230 usd
CY2021Q4 sqft Real Estate Investment Property And Lease Intangibles Net
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4055310 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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54829 usd
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4110139 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3852968 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
257171 usd
CY2022Q4 us-gaap Below Market Lease Net
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18240 usd
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
73130 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
17526 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
17526 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
15670 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4107 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
54829 usd
CY2022Q4 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
NumberOfPubliclyTradedREITSsInWhichCommonSharesAreOwned
18 pure
CY2022Q4 us-gaap Investments Fair Value Disclosure
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798206 usd
CY2022Q4 us-gaap Marketable Securities
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797749 usd
CY2021Q4 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
NumberOfPubliclyTradedREITSsInWhichCommonSharesAreOwned
19 pure
CY2021Q4 us-gaap Investments Fair Value Disclosure
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CY2021Q4 us-gaap Marketable Securities
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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364407 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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15141369 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
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97751655 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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1000000
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0.098 pure
CY2012Q1 sqft Registered Shares Of Common Stock Pursuant To Dividend Reinvestment Plan
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3000000
CY2012Q1 sqft Common Stock Percentage Of Purchase Price Per Share
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0.95 pure
CY2012Q1 us-gaap Shares Issued Price Per Share
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19.00
CY2012Q1 sqft Payment Of Sales Commission Or Dealer Manager Fee
PaymentOfSalesCommissionOrDealerManagerFee
0 usd
CY2012Q1 sqft Notice Period For Amendments To Dividend Reinvestment Plan
NoticePeriodForAmendmentsToDividendReinvestmentPlan
P30D
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
17400000 usd
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
917074
CY2022 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
6163816 usd
CY2021 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
6225510 usd
CY2022 us-gaap Depreciation Depletion And Amortization
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5465015 usd
CY2021 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Interest Expense
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CY2021 us-gaap Interest Expense
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4822085 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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0 usd
CY2022 us-gaap Other Nonoperating Income Expense
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2039922 usd
CY2021 us-gaap Other Nonoperating Income Expense
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-3417 usd
CY2022 us-gaap Income Tax Expense Benefit
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1215873 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
5079912 usd
CY2021 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2487528 usd
CY2022 us-gaap Profit Loss
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1485528 usd
CY2021 us-gaap Profit Loss
ProfitLoss
-1463442 usd
CY2022 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
15673575 usd
CY2021 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
22224826 usd
CY2022 us-gaap Payments For Tenant Improvements
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2107505 usd
CY2021 us-gaap Payments For Tenant Improvements
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1597186 usd
CY2022 sqft Real Estate Acquisitions And Improvements
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17781080 usd
CY2021 sqft Real Estate Acquisitions And Improvements
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CY2022Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
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97752000 usd
CY2022Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
19190000 usd
CY2022Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
131739000 usd
CY2022Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
150930000 usd
CY2022Q4 us-gaap Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Buildings And Improvements
SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements
14695000 usd
CY2022Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
19190000 usd
CY2022Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
146435000 usd
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
165625000 usd
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
34804000 usd
CY2022Q4 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
MortgageLoansOnRealEstateWritedownOrReserveAmount1
308000 usd
CY2022Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
130513000 usd
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
171013693 usd
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
208641166 usd
CY2022 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
15673575 usd
CY2021 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
22224826 usd
CY2022 us-gaap Real Estate Improvements
RealEstateImprovements
2107503 usd
CY2021 us-gaap Real Estate Improvements
RealEstateImprovements
1598105 usd
CY2022 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
-0 usd
CY2021 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
608000 usd
CY2022 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
23478763 usd
CY2021 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
60842404 usd
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
165316008 usd
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
171013693 usd
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
32948757 usd
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
42387199 usd
CY2022 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
5015491 usd
CY2021 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
5029579 usd
CY2022 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
3160470 usd
CY2021 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
14468021 usd
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
34803778 usd
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
32948757 usd
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
130512230 usd
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
138064936 usd

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