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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net loss $ (10,851,000) $ (157,533,000) $ (62,458,000)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 111,206,000 115,235,000 111,860,000
Impairment charges on real estate 6,847,000 45,459,000 0
Equity in income of unconsolidated entity 11,202,000 35,614,000 92,812,000
Deferred rents (8,553,000) (7,635,000) (10,896,000)
Amortization of above- and below-market leases, net (456,000) (769,000) (1,280,000)
Amortization of deferred financing costs 9,524,000 4,243,000 3,940,000
Unrealized losses (gains) on derivative instruments 6,833,000 16,451,000 (52,189,000)
Gain related to swap terminations (178,000) 0 0
Interest rate swap settlement for early terminated swaps 6,552,000 0 0
Gain from extinguishment of debt (56,372,000) 0 0
Gain on sale of real estate (53,064,000) 0 0
Write-off of prepaid offering costs 0 0 2,728,000
Interest rate swap settlements for off-market swap instruments 0 (9,138,000) (1,543,000)
Changes in operating assets and liabilities:      
Rents and other receivables (7,317,000) (3,149,000) 3,044,000
Due from affiliates 0 10,000 333,000
Prepaid expenses and other assets (12,833,000) (14,441,000) (16,395,000)
Accounts payable and accrued liabilities 3,337,000 (1,323,000) (2,598,000)
Due to affiliates 1,612,000 7,043,000 2,239,000
Other liabilities 164,000 11,567,000 6,368,000
Net cash provided by operating activities 7,653,000 41,634,000 75,965,000
Cash Flows from Investing Activities:      
Improvements to real estate (34,469,000) (81,219,000) (121,568,000)
Proceeds from sale of real estate, net 192,371,000 0 0
Purchase of interest rate cap 0 (25,000) 0
Net cash provided by (used in) investing activities 157,902,000 (81,244,000) (121,568,000)
Cash Flows from Financing Activities:      
Proceeds from notes payable 35,913,000 77,170,000 282,118,000
Principal payments on notes payable (198,463,000) (9,952,000) (83,013,000)
Payments of deferred financing costs (10,465,000) (2,887,000) (1,155,000)
Interest rate swap settlements for off-market swap instruments 0 9,853,000 569,000
Restricted cash surrendered from deed-in-lieu of foreclosure (1,886,000) 0 0
Payments to redeem common stock 0 (12,142,000) (89,183,000)
Payments of prepaid other offering costs 0 0 (110,000)
Payments of other offering costs (2,000) (28,000) (17,000)
Distributions paid to common stockholders 0 (25,319,000) (56,205,000)
Net cash (used in) provided by financing activities (174,903,000) 36,695,000 53,004,000
Net (decrease) increase in cash, cash equivalents and restricted cash (9,348,000) (2,915,000) 7,401,000
Cash, cash equivalents and restricted cash, beginning of period 50,922,000 53,837,000 46,436,000
Cash, cash equivalents and restricted cash, end of period 41,574,000 50,922,000 53,837,000
Supplemental Disclosure of Cash Flow Information:      
Interest paid 92,521,000 93,657,000 55,245,000
Supplemental Disclosure of Noncash Investing and Financing Activities:      
Distributions payable 0 0 7,374,000
Mortgage loan extinguished in connection with deed-in-lieu of foreclosure 125,000,000 0 0
Real estate transferred in connection with deed-in-lieu of foreclosure 69,028,000 0 0
Net liabilities transferred in connection with deed-in-lieu of foreclosure 2,286,000 0 0
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan 0 16,249,000 33,391,000
Redeemable common stock payable 0 0 711,000
Accrued improvements to real estate 6,885,000 14,222,000 19,324,000
Accrued deferred loan financing costs 5,347,000 0 0
Accrued disposition fees 500,000 0 0
Accrued interest rate swap settlements related to off-market swap instruments $ 0 $ 0 $ (974,000)