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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities              
Net loss $ (6,268) $ (1,938) $ (5,079) $ (1,660) $ (12,707) $ (3,753)  
Adjustments to reconcile net loss to net cash from operating activities              
Deferred income taxes         0 (3,968)  
Depreciation and amortization         11,307 14,844  
Amortization of deferred financing costs and debt discounts         652 657  
Amortization of above and below market lease intangibles, net         210 227  
Minimum multiple on preferred interests         0 (331)  
Loss on extinguishment of debt 0   21   7 36  
Gain on disposal of property 0   108   0 (11,511)  
Impairment of real estate assets 119   762   560 929  
Impairment of real estate assets held for sale 0   396   0 2,353  
Straight-line rent revenue         (834) (945)  
Straight-line rent expense         103 (32)  
Stock-based compensation         1,288 1,119  
Change in fair value of derivatives 1,432   33   465 18  
Change in fair value of debt held under the fair value option 557   816   (1,996) (1,288)  
Bad debt expense         225 106  
Write-Off Pre-Acquisition Costs         1 0  
Write-off related party receivables         5 0  
Changes in operating assets and liabilities              
Accounts receivable         269 70  
Other assets         (467) (198)  
Accounts payable and accrued liabilities         462 (1,106)  
Payables due to related parties         (18) 7  
Deferred revenues         119 (284)  
Net cash from operating activities         (349) (3,050)  
Cash flows from investing activities              
Cash received on disposition of real estate, net of selling costs         0 44,779  
Capitalized pre-acquisition costs, net of refunds         5 0  
Insurance proceeds         2,125 0  
Capital expenditures for real estate         (4,038) (4,829)  
Net cash from investing activities         (1,908) 39,950  
Cash flows from financing activities              
Borrowings under debt agreements         37,082 21,024  
Repayments under debt agreements         (21,154) (53,854)  
Preferred equity return on preferred equity investment         (3,559) (3,178)  
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) (555)  
Net cash from financing activities         11,275 (35,171)  
Increase in cash, cash equivalents, and restricted cash         9,018 1,729  
Cash, cash equivalents and restricted cash at beginning of period   $ 13,797   $ 17,031 13,797 17,031 $ 17,031
Cash, cash equivalents and restricted cash at end of period 22,815   18,760   22,815 18,760 13,797
Reconciliation of cash and cash equivalents and restricted cash:              
Cash and cash equivalents 18,013   13,931   18,013 13,931 9,779
Restricted cash 4,802   4,829   4,802 4,829 $ 4,018
Cash, cash equivalents and restricted cash at end of period $ 22,815   $ 18,760   22,815 18,760  
Supplemental Cash Flow Information              
Interest paid         11,934 13,510  
Taxes paid, net of refunds         35 19  
Supplemental disclosure of non-cash investing and financing activities              
Capitalized Preferred Return         (5,715) (7,514)  
Accrued Current Preferred Return         (402) (365)  
Capitalized interest on Mezzanine loan         (1,016) (822)  
Accrued capital expenditures for real estate         $ 90 $ 1,556