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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (140,591) $ (105,924) $ (45,896)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 18,408 26,532 28,666
Amortization of deferred financing costs 1,182 1,543 1,543
Accretion of below- and amortization of above-market lease liabilities and assets, net (476) (70) (8)
Equity-based compensation 408 5,863 8,782
Common stock issued to the Advisor in connection with Advisor related fees 1,610 485 5,013
Common stock issued to directors in lieu of cash for board fees 0 0 62
(Gain)/loss on dispositions of real estate 276 0 0
Impairment of real estate investments 112,541 66,565 0
Changes in assets and liabilities:      
Straight-line rent receivable 869 (1,635) (3,274)
Straight-line rent payable 109 109 110
Prepaid expenses, other assets and deferred costs 238 (1,516) 1,490
Accounts payable, accrued expenses and other liabilities 2,369 871 3,935
Deferred revenue (942) (228) (909)
Net cash provided by (used in) operating activities (3,999) (7,405) (486)
Cash flows from investing activities:      
Capital expenditures (1,291) (4,059) (5,555)
Net proceeds from sale of real estate investments 61,148 4,130 0
Net cash provided by (used in) investing activities 59,857 71 (5,555)
Cash flows from financing activities:      
Proceeds from issuance of common stock to affiliates of the advisor, net 0 0 1,980
Proceeds from Rights Offering, net (see Note 8) 0 4,059 0
Dividends paid on common stock 0 0 (2,670)
Redemption of fractional shares of common stock and restricted shares 0 (24) 0
Distributions to non-controlling interest holders 0 0 (80)
Common stock shares withheld upon vesting of restricted shares 0 (10) 0
Repurchases of common stock (231) 0 0
Net cash provided by (used in) financing activities (49,731) 4,025 (6,270)
Net change in cash, cash equivalents and restricted cash 6,127 (3,309) (12,311)
Cash, cash equivalents and restricted cash, beginning of period 12,808 16,117 28,428
Cash, cash equivalents and restricted cash, end of period 18,935 12,808 16,117
Cash and cash equivalents 9,776 5,292 9,215
Restricted cash 9,159 7,516 6,902
Supplemental Disclosures:      
Cash paid for interest 18,467 17,277 17,396
Non-Cash Investing and Financing Activities:      
Common stock issued to the Advisor in connection with management fees 1,610 485 5,013
Net change in accrued capital expenditures for the period (42) (683) 780
Related Party      
Cash flows from financing activities:      
Proceeds from notes payable to related parties 725 0 0
Payment of mortgage note payable (725) 0 0
Nonrelated Party      
Cash flows from financing activities:      
Payment of mortgage note payable $ (49,500) $ 0 $ (5,500)