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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (16,273) $ (10,744)
Adjustments to reconcile net loss to net cash used in operating activities    
Deferred income tax benefit (5,857) (3,533)
Depreciation and amortization 18,559 13,343
Minimum return on basis preferred interest (1,112) (335)
Loss (gain) on extinguishment of debt 59 (1,528)
Straight-line rent receivable (945) (512)
Straight-line rent liability (35) (29)
Stock-based compensation 1,937 642
Change in fair value of derivatives (2,638) (353)
Change in fair value on debt held under the fair value option 3,151 0
Bad debt expense 235 34
Write-off of pre-acquisition costs 0 73
Write-off of related party receivables 8 0
Changes in operating assets and liabilities    
Accounts receivable (110) 822
Other assets (838) 221
Receivables due from related parties 201 (185)
Accounts payable and accrued liabilities (786) (3,545)
Payables due to related parties 6 (14)
Deferred revenues 337 57
Net cash used in operating activities (4,101) (5,586)
Cash flows from investing activities    
Acquisitions of real estate, net of cash and restricted cash received (129,534) (16,945)
Capitalized pre-acquisition costs, net of refunds 197 (196)
Capital expenditures for real estate (6,154) (3,094)
Net cash used in investing activities (135,491) (20,235)
Cash flows from financing activities    
Borrowings under debt agreements 121,601 41,461
Preferred equity investment 80,000 0
Repayments under debt agreements (49,995) (14,221)
Taxes remitted upon vesting of restricted stock (5) (33)
Distributions to preferred noncontrolling interests (20) 0
Preferred equity returns on preferred equity investment (100) 0
Debt and temporary equity origination and discount fees (7,382) (1,123)
Proceeds from related parties 1,917 1,301
Payments to related parties (417) (523)
Net cash provided by financing activities 145,599 26,862
Increase in cash, cash equivalents, and restricted cash 6,007 1,041
Cash, cash equivalents and restricted cash at beginning of period 11,024 9,983
Cash, cash equivalents and restricted cash at end of period 17,031 11,024
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 12,356 2,786
Restricted cash 4,675 8,238
Cash, cash equivalents and restricted cash at end of period 17,031 11,024
Supplemental Cash Flow Information    
Interest paid 11,297 8,473
Taxes paid (refunded) net 32 159
Supplemental disclosure of non-cash investing and financing activities    
Acquisition of real estate (20,884) (46,406)
Common shares issued in Mergers 0 14,892
Common OP Units issued in acquisitions 807 0
Preferred OP Units issued in acquisition 4,220 0
Debt assumed in Mergers 15,466 31,514
Warrants issued in acquisition 391 0
Warrants issued with Preferred Equity Investment and Mezzanine Loan 2,006 0
Capitalized Preferred Return (1,047) 0
Accrued Current Preferred Return (445) 0
Accrued acquisition costs 46 870
Accrued offering costs 0 457
Accrued pre-acquisition costs 2 4
Accrued capital expenditures for real estate $ 1,254 $ 229