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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (14,798) $ (7,017)
Adjustments to reconcile net loss to net cash from operating activities    
Deferred income taxes 0 (3,968)
Depreciation and amortization 14,930 18,778
Amortization of deferred financing costs and debt discounts 879 834
Amortization of above and below market lease intangibles, net 281 319
Minimum multiple return on preferred interests 0 (331)
Loss on extinguishment of debt 7 43
Gain on disposal of property 0 (11,486)
Impairment of real estate assets 560 973
Impairment of real estate assets held for sale 0 2,353
Straight-line rent revenue (862) (1,137)
Straight-line rent expense 102 (16)
Stock-based compensation 1,718 1,477
Change in fair value of derivatives (589) 692
Change in fair value of debt held under the fair value option (2,318) (2,344)
Bad debt expense 268 134
Write-off of pre-acquisition costs 1 0
Write-off of related party receivables 4 0
Changes in operating assets and liabilities    
Tenant and accounts receivable (40) (192)
Other assets (840) (28)
Receivables due from related parties (1) (4)
Accounts payable and accrued liabilities 1,300 (2,515)
Payables due to related parties (15) 19
Deferred revenues 14 (362)
Net cash from operating activities 601 (3,778)
Cash flows from investing activities    
Cash received on disposition of real estate, net of selling costs 0 44,754
Insurance proceeds 2,428 2,022
Capitalized pre-acquisition costs, net of refunds 5 0
Capital expenditures for real estate (3,887) (7,970)
Net cash from investing activities (1,454) 38,806
Cash flows from financing activities    
Borrowings under debt agreements 37,206 46,836
Repayments under debt agreements (21,744) (81,010)
Preferred equity return on preferred equity investment (4,786) (4,297)
Capitalized pre-refinancing costs (74) 0
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 and temporary equity origination and discount fees (2,920) (1,230)
Proceeds from related parties 132 47
Net cash from financing activities 7,790 (38,262)
Increase (decrease) in cash, cash equivalents, and restricted cash 6,937 (3,234)
Cash, cash equivalents and restricted cash at beginning of period 13,797 17,031
Cash, cash equivalents and restricted cash at end of period 20,734 13,797
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 16,160 9,779
Restricted cash 4,574 4,018
Cash, cash equivalents and restricted cash at end of period 20,734 13,797
Supplemental Cash Flow Information    
Interest paid 15,967 17,217
Taxes paid, net of refunds 42 25
Supplemental disclosure of non-cash investing and financing activities    
Capitalized Preferred Return (7,822) (10,301)
Accrued Current Preferred Return (424) (389)
Capitalized interest on Mezzanine loan (1,391) (1,126)
Accrued pre-acquisition costs 67 0
Accrued capital expenditures for real estate $ 243 $ 1,890