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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (3,753) $ (8,530)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities    
Deferred income taxes (3,968) (2,309)
Depreciation and amortization 14,844 12,241
Amortization of deferred financing costs and debt discounts 657 1,172
Amortization and (accretion) of above and below market lease intangibles, net 227 (332)
Minimum multiple on preferred interests (331) (929)
Loss on extinguishment of debt 36 0
Gain on disposal of property (11,511) 0
Impairment of real estate assets 929 0
Impairment of real estate assets held for sale 2,353 0
Straight-line rent revenue (945) (619)
Amortization of operating lease right-of-use assets (32) (26)
Stock-based compensation 1,119 1,566
Change in fair value of derivatives 18 (3,819)
Change in fair value on debt held under the fair value option (1,288) 0
Bad debt expense 106 47
Changes in operating assets and liabilities    
Accounts receivable 70 262
Other assets (198) (815)
Receivables due from related parties 0 201
Accounts payable and accrued liabilities (1,106) 2,439
Payables due to related parties 7 10
Deferred revenues (284) (166)
Net cash (used in) provided by operating activities (3,050) 393
Cash flows from investing activities    
Cash received on disposition of real estate, net of selling costs 44,779 0
Capitalized pre-acquisition costs, net of refunds 0 (756)
Capital expenditures for real estate (4,829) (3,792)
Net cash provided by (used in) investing activities 39,950 (4,548)
Cash flows from financing activities    
Borrowings under debt agreements 21,024 2,000
Repayments under debt agreements (53,854) (2,086)
Preferred equity returns on preferred equity investment (3,178) 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 (555) (4)
Proceeds from related parties 0 594
Payments to related parties 0 (617)
Net cash used in financing activities (35,171) (113)
Increase (decrease) in cash, cash equivalents, and restricted cash 1,729 (4,268)
Cash, cash equivalents and restricted cash at beginning of period 17,031 11,024
Cash, cash equivalents and restricted cash at end of period 18,760 6,756
Supplemental Cash Flow Information    
Interest paid 13,510 7,696
Taxes paid, net of refunds 19 17
Supplemental disclosure of non-cash investing and financing activities    
Capitalized Preferred Return (7,514) 0
Accrued Current Preferred Return (365) 0
Capitalized interest on Mezzanine loan (822)  
Accrued capital expenditures for real estate 1,556 514
Accrued pre-acquisition costs 0 34
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 13,931 1,559
Restricted cash 4,829 5,197
Cash, cash equivalents and restricted cash at end of period $ 18,760 $ 6,756