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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 61,450 $ 31,681
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation, depletion and amortization 5,588 7,499
Amortization of deferred financing fees and discounts/premiums on debt 684 689
Amortization of net origination fees related to notes receivable (341) (19)
Stock-based compensation 2,346 1,853
(Gain) on disposition of assets, net (54,148) (36,133)
(Income) from forfeited deposits (1,205)  
(Income) from equity method investment (125) (1)
Bad debt expense   15
Current and expected credit losses 113 76
Impairment of assets 790 5,840
Amortization of dedesignated interest rate swap (114) 198
Losses on modification and extinguishment of debt 891  
Changes in operating assets and liabilities:    
(Increase) Decrease in accounts receivable 2,932 865
(Increase) Decrease in interest receivable (68) (63)
(Increase) Decrease in other assets 1,205 112
(Increase) Decrease in inventory (324) 473
Increase (Decrease) in accrued interest (1,982) 611
Increase (Decrease) in accrued expenses (561) (1,509)
Increase (Decrease) in deferred revenue (329) 564
Increase (Decrease) in accrued property taxes (660) 136
Net cash and cash equivalents provided by operating activities 16,142 12,887
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate acquisitions (17,890) (22,157)
Real estate and other improvements (1,501) (5,826)
Distributions from equity method investees 161 50
Collections of principal on loans 11,835 2,707
Issuance of loans and financing receivables (35,823) (11,800)
Proceeds from sale of property 311,972 195,487
Net cash and cash equivalents provided by investing activities 268,754 158,461
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from mortgage notes payable 81,001 79,501
Repayments on mortgage notes payable (239,522) (155,894)
Issuance of stock 34 155
Common stock repurchased (27,534) (72,173)
Payment of debt issuance costs (155) (312)
Payment of swap fees (366) (437)
Redemption of Series A preferred units   (8,100)
Redemption of common units   (432)
Dividends on common stock (21,630) (12,273)
Shares withheld for income taxes on vesting of equity-based compensation (185) (43)
Distributions on Series A preferred units (2,970) (3,210)
Distributions to non-controlling interests in operating partnership, common (617) (295)
Net cash and cash equivalents (used in) financing activities (211,944) (173,513)
Net increase (decrease) in cash and cash equivalents 72,952 (2,165)
Cash and cash equivalents, beginning of period 5,489 7,654
Cash and cash equivalents, end of period 78,441 5,489
Cash paid during period for interest 20,958 22,450
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Deferred net gain from seller-financed dispositions   2,107
Additions to real estate improvements included in accrued expenses 253 275
Origination fees included in notes receivable 2,595  
Swap fees payable included in accrued interest 75 146
Prepaid property tax liability acquired in acquisitions 34 10
Right-of-use assets obtained in exchange for new operating lease liabilities 13 396
Common stock    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common stock 55,797 12,961
Common Unit Holders    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 1,456 325
Series A Preferred Units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 3,000  
Distributions payable, Series A preferred units $ 2,970 $ 2,970