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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (7,017) $ (16,273)
Adjustments to reconcile net loss to net cash used in operating activities    
Deferred income taxes (3,968) (5,857)
Depreciation and amortization 18,778 17,436
Amortization of deferred financing costs and debt discounts 834 1,510
Amortization and (accretion) of above and below market lease intangibles, net 319 (387)
Minimum return on basis preferred interest (331) (1,112)
Loss on extinguishment of debt 43 59
Gain on disposal of property (11,486) 0
Impairment of real estate assets 973 0
Impairment of real estate assets held for sale 2,353 0
Straight-line rent receivable (1,137) (945)
Amortization of operating lease right-of-use assets (16) (35)
Stock-based compensation 1,477 1,937
Change in fair value of derivatives 692 (2,638)
Change in fair value on debt held under the fair value option (2,344) 3,151
Bad debt expense 134 235
Write-off of related party receivables 0 8
Changes in operating assets and liabilities    
Accounts receivable (192) (110)
Other assets (28) (838)
Receivables due from related parties (4) 201
Accounts payable and accrued liabilities (2,515) (786)
Payables due to related parties 19 6
Deferred revenues (362) 337
Net cash used in operating activities (3,778) (4,101)
Cash flows from investing activities    
Cash received on disposition of real estate, net of selling costs 44,754 0
Acquisitions of real estate, net of cash and restricted cash received 0 (129,534)
Insurance proceeds 2,022 0
Capitalized pre-acquisition costs, net of refunds 0 197
Capital expenditures for real estate (7,970) (6,154)
Net cash provided by (used in) investing activities 38,806 (135,491)
Cash flows from financing activities    
Borrowings under debt agreements 46,836 121,601
Preferred equity investment 0 80,000
Repayments under debt agreements (81,010) (49,995)
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) (5)
Distributions to preferred noncontrolling interests 0 (20)
Preferred equity return on preferred equity investment (4,297) (100)
Debt and temporary equity origination and discount fees (1,230) (7,382)
Proceeds from related parties 47 1,917
Payments to related parties 0 (417)
Net cash (used in) provided by financing activities (38,262) 145,599
(Decrease) increase in cash, cash equivalents, and restricted cash (3,234) 6,007
Cash, cash equivalents and restricted cash at beginning of period 17,031 11,024
Cash, cash equivalents and restricted cash at end of period 13,797 17,031
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 9,779 12,356
Restricted cash 4,018 4,675
Cash, cash equivalents and restricted cash at end of period 13,797 17,031
Supplemental Cash Flow Information    
Interest paid 17,217 11,297
Taxes paid, net 25 32
Supplemental disclosure of non-cash investing and financing activities    
Acquisition of real estate 0 (20,884)
Common OP Units issued in acquisitions 0 807
Preferred OP Units issued in acquisition 0 4,220
Debt assumed in Mergers 0 15,466
Warrants issued in acquisition 0 391
Warrants issued with Preferred Equity Investment and Mezzanine Loan 0 2,006
Capitalized Preferred Return (10,301) (1,047)
Accrued Current Preferred Return (389) (445)
Capitalized interest on Mezzanine loan (1,126) 0
Accrued acquisition costs 0 46
Accrued pre-acquisition costs 0 2
Accrued capital expenditures for real estate $ 1,890 $ 1,254