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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:      
Net (loss) income   $ (9,636) $ 4,015
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   25,926 28,484
Provision for credit loss   270 0
Amortization of deferred financing fees   1,150 1,072
Amortization of debt fair value adjustment   558 613
Amortization of deferred loan fee income   (9) 0
Amortization of restricted stock and restricted stock units   4,877 4,768
Equity in earnings of unconsolidated joint ventures $ (588) (1,644) (2,293)
Equity in earnings on sale of real estate of unconsolidated ventures 0 0 (14,744)
Gain on sale of real estate 0 (806) (604)
Gain on insurance recovery 0 0 (240)
Increases and decreases from changes in other assets and liabilities:      
Decrease (increase) in other assets   559 (787)
Increase (decrease) in accounts payable and accrued liabilities   2,898 (678)
Net cash provided by operating activities   24,143 19,606
Cash flows from investing activities:      
Improvements to real estate owned   (6,152) (9,643)
Additions to loan receivables   (18,250) 0
Proceeds from the sale of real estate owned   953 711
Distributions from unconsolidated joint ventures   4,708 25,687
Contributions to unconsolidated joint ventures   (166) (316)
Proceeds from insurance recoveries   0 240
Net cash (used in) provided by investing activities   (18,907) 16,679
Cash flows from financing activities:      
Proceeds from mortgages payable   27,375 21,173
Mortgage principal payments   (3,888) (3,308)
Repayment of credit facility   0 (19,000)
Increase in deferred financing costs   (1,216) (683)
Dividends paid   (18,639) (18,909)
Distributions to non-controlling interests   (195) (139)
Proceeds from the issuance of DRP shares   3,626 3,034
Repurchase of shares of common stock   (3,495) (14,399)
Net cash provided by (used in) financing activities   3,568 (32,231)
Net increase in cash, cash equivalents, restricted cash and escrows:   8,804 4,054
Cash, cash equivalents, restricted cash and escrows at beginning of year   31,775 27,721
Cash, cash equivalents, restricted cash and escrows at end of year 31,775 40,579 31,775
Supplemental disclosures of cash flow information:      
Cash paid during the year for interest expense   20,870 20,433
Cash paid (net of refunds received) during the year for income and excise taxes   (439) 689
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents 23,512 27,856 23,512
Restricted cash 632 3,221 632
Escrows (Other assets) 7,631 9,502 7,631
Total cash, cash equivalents, restricted cash and escrows shown in consolidated statement of cash flows $ 31,775 $ 40,579 $ 31,775