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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net (loss) income $ (6,439) $ 1,326
Adjustments to reconcile net (loss) income to net cash from operating activities    
Deferred income taxes 0 (1,692)
Depreciation and amortization 7,609 10,858
Amortization of deferred financing costs and debt discounts 415 500
Amortization of above and below market lease intangibles, net 145 129
Minimum multiple on preferred interests 0 (331)
Loss on extinguishment of debt 7 15
Gain on disposal of property 0 (11,619)
Impairment of real estate assets 441 167
Impairment of real estate assets held for sale 0 1,957
Straight-line rent revenue (746) (734)
Straight-line rent expense 103 (20)
Stock-based compensation 795 765
Change in fair value of derivatives (967) (15)
Change in fair value of debt held under the fair value option (2,553) (2,104)
Bad debt expense 210 66
Write-off related party receivables 4 0
Changes in operating assets and liabilities    
Accounts receivable 513 (322)
Other assets 818 918
Accounts payable and accrued liabilities (688) (2,535)
Payables due to related parties (28) 10
Deferred revenues 18 307
Net cash from operating activities (343) (2,354)
Cash flows from investing activities    
Cash received on disposition of real estate, net of selling costs 0 22,369
Capitalized pre-acquisition costs, net of refunds 5 2
Insurance proceeds 516 0
Capital expenditures for real estate (3,515) (3,081)
Net cash from investing activities (2,994) 19,290
Cash flows from financing activities    
Borrowings under debt agreements 37,082 8,750
Repayments under debt agreements (20,644) (21,713)
Preferred equity return on preferred equity investment (2,344) (2,080)
Proceeds related to interest rate swap 0 2,171
Payments related to interest rate swap 0 (773)
Taxes remitted upon vesting of restricted stock (24) (6)
Debt origination and discount fees (1,070) (292)
Net cash from financing activities 13,000 (13,943)
Increase in cash, cash equivalents, and restricted cash 9,663 2,993
Cash, cash equivalents and restricted cash at beginning of period 13,797 17,031
Cash, cash equivalents and restricted cash at end of period 23,460 20,024
Supplemental Cash Flow Information    
Interest paid 7,692 9,169
Taxes paid, net of refunds 29 13
Supplemental disclosure of non-cash investing and financing activities    
Capitalized Preferred Return (3,757) (4,907)
Accrued Current Preferred Return (394) (355)
Capitalized interest on Mezzanine loan (668) (540)
Accrued capital expenditures for real estate 245 1,073
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 18,857 14,473
Restricted cash 4,603 5,551
Cash, cash equivalents and restricted cash at end of period $ 23,460 $ 20,024