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Condensed Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (31,538) $ (44,078)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 7,200 7,176
Amortization 891 898
Amortization of deferred financing costs 13 193
Straight-line rent amortization 305 (187)
Stock compensation expense 2,037 658
Other (112)  
Equity in earnings (losses) from unconsolidated ventures, net of distributions and impairment charges (170) 10,280
Provision for (recovery of) doubtful accounts (1,105) 1,009
Net Changes:    
Accounts receivable (4,023) 1,567
Other assets and deferred expenses 2,518 21
Accounts payable and other liabilities 3,506 3,667
Cash used in operating activities (20,478) (18,796)
CASH FLOWS FROM INVESTING ACTIVITIES    
Operating property improvements (14,315) (1,860)
Property development and redevelopment (2,155) (12,018)
Cash and restricted cash received upon consolidation of previously unconsolidated entity 685  
Investments in unconsolidated ventures   (14,700)
Distributions from unconsolidated ventures 1,288  
Cash used in investing activities (14,497) (28,578)
CASH FLOWS FROM FINANCING ACTIVITIES    
Taxes paid on restricted stock vesting (508)  
Preferred distributions to noncontrolling interest in subsidiary (350)  
Fees paid in connection with equity issuances (12)  
Net investment by Former Parent   47,659
Cash (used in) provided by financing activities (870) 47,659
Net change in cash, cash equivalents and restricted cash (35,845) 285
Cash, cash equivalents and restricted cash at beginning of period 167,845 43,845
Cash, cash equivalents and restricted cash at end of period 132,000 44,130
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 129,921 1,955
Restricted cash 2,079 42,175
Cash, cash equivalents and restricted cash at end of period 132,000 44,130
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid 1,445 2,681
Interest capitalized 1,660 667
NON-CASH TRANSACTIONS    
Accrued property improvements, developments, and redevelopments 675 9,571
Capitalized stock compensation $ 48 $ 394