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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income (loss) $ 1,326 $ (6,088)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Deferred income taxes (1,692) (1,514)
Depreciation and amortization 10,858 8,211
Amortization of deferred financing costs and debt discounts 500 760
Amortization and (accretion) of above and below market lease intangibles, net 129 (254)
Minimum multiple on preferred interests (331) (747)
Loss on extinguishment of debt 15 0
Gain on disposal of property (11,619) 0
Impairment of real estate assets 167 0
Impairment of real estate assets held for sale 1,957 0
Straight-line rent revenue (734) (385)
Amortization of operating lease right-of-use assets (20) (16)
Stock-based compensation 765 1,185
Change in fair value of derivatives (15) (2,570)
Change in fair value on debt held under the fair value option (2,104) 0
Bad debt expense 66 35
Changes in operating assets and liabilities    
Accounts receivable (322) (232)
Other assets 918 504
Receivables due from related parties 0 1
Accounts payable and accrued liabilities (2,535) 2,027
Payables due to related parties 10 12
Deferred revenues 307 (165)
Net cash (used in) provided by operating activities (2,354) 764
Cash flows from investing activities    
Cash received on disposition of real estate 22,369 0
Capitalized pre-acquisition costs, net of refunds 2 50
Capital expenditures for real estate (3,081) (2,039)
Net cash provided by (used in) investing activities 19,290 (1,989)
Cash flows from financing activities    
Borrowings under debt agreements 8,750 1,750
Repayments under debt agreements (21,713) (1,480)
Preferred equity returns on preferred equity investment (2,080) 0
Proceeds related to interest rate swap 2,171 0
Payments related to interest rate swap (773) 0
Taxes remitted upon vesting of restricted stock (6) 0
Debt origination and discount fees (292) (4)
Proceeds from related parties 0 783
Payments to related parties 0 (183)
Net cash (used in) provided by financing activities (13,943) 866
Increase (decrease) in cash, cash equivalents, and restricted cash 2,993 (359)
Cash, cash equivalents and restricted cash at beginning of period 17,031 11,024
Cash, cash equivalents and restricted cash at end of period 20,024 10,665
Supplemental Cash Flow Information    
Interest paid 9,169 5,028
Taxes paid, net of refunds 13 10
Supplemental disclosure of non-cash investing and financing activities    
Capitalized Preferred Return (4,907) 0
Accrued Current Preferred Return (355) 0
Accrued offering costs 0 457
Accrued capital expenditures for real estate 1,073 370
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 14,473 2,388
Restricted cash 5,551 8,277
Cash, cash equivalents and restricted cash at end of period $ 20,024 $ 10,665