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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (22,202) $ (18,985)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity in loss (income) of unconsolidated entities 7,928 (379)
Distributions from unconsolidated entities 1,276  
Gain on sale of real estate, net (6,936) (1,139)
Impairment of real estate assets 0 1,148
Share-based compensation 201 644
Depreciation and amortization 2,075 5,271
Amortization of above and below market leases, net 43 38
Straight-line rent adjustment 259 67
Non-cash lease expense 437 193
Change in operating assets and liabilities    
Tenant and other receivables 75 4,351
Prepaid expenses, deferred expenses and other assets 2,567 2,213
Accounts payable, accrued expenses and other liabilities 5,084 (10,046)
Net cash used in operating activities (9,193) (16,624)
CASH FLOW FROM INVESTING ACTIVITIES    
Investment in unconsolidated entities   (2,925)
Distributions from unconsolidated entities 4,391  
Net proceeds from sale of real estate 28,758 44,312
Development of real estate (13,308) (12,480)
Net cash provided by investing activities 19,841 28,907
CASH FLOW FROM FINANCING ACTIVITIES    
Repayment of term loan   (30,000)
Preferred dividends paid (1,225) (1,225)
Net cash used in financing activities (1,225) (31,225)
Net increase (decrease) in cash and cash equivalents 9,423 (18,942)
Cash and cash equivalents, and restricted cash, beginning of period 97,709 149,700
Cash and cash equivalents, and restricted cash, end of period 107,132 130,758
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 85,206 134,001
Restricted cash at beginning of period 12,503 15,699
Cash and cash equivalents at end of period 94,268 114,875
Restricted cash at end of period 12,864 15,883
Cash and cash equivalents and restricted cash at end of period 107,132 130,758
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 5,232 6,108
Income taxes paid 15 11
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Development of real estate financed with accounts payable 7,129 20,581
Preferred dividends declared and unpaid $ 1,225 $ 1,225