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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (14,973,000) $ (4,181,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 26,853,000 27,971,000
Share-based compensation expense 1,088,000 858,000
Impairment of real estate investments 9,700,000 0
Provision for bad debt 288,000 301,000
Non-cash casualty loss 990,000 347,000
Amortization of debt premiums and discounts 356,000 409,000
Other, net (186,000) 102,000
Changes in other assets and liabilities:    
Other assets 282,000 878,000
Accounts payable and accrued expenses (2,975,000) (1,256,000)
Net cash provided by operating activities 21,423,000 25,429,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from insurance 417,000 177,000
Payments for improvements of real estate investments (5,316,000) (5,042,000)
Other investing activities (124,000) (20,000)
Net cash used by investing activities (5,023,000) (4,885,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (1,567,000) (1,906,000)
Proceeds from revolving lines of credit 25,255,000 44,893,000
Principal payments on revolving lines of credit (29,750,000) (43,519,000)
Distributions paid to common shareholders (12,904,000) (12,443,000)
Distributions paid to Series D preferred unitholders (57,000) (160,000)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (2,230,000) (2,266,000)
Payments related to tax withholding for share-based compensation (423,000) 0
Other financing activities (110,000) (212,000)
Net cash used by financing activities (21,786,000) (15,613,000)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (5,386,000) 4,931,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 15,651,000 13,129,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 10,265,000 18,060,000
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 1,446,000 1,821,000
Distributions declared but not paid to common shareholders 13,624,000 13,633,000
Retirement of shares withheld for taxes 0 292,000
Involuntary conversion of assets (1,014,000) (463,000)
Non-cash interest income 457,000 413,000
Unrealized gain on investment 209,000 67,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 9,532,000 8,640,000
Balance Sheet Description    
Cash and cash equivalents 7,555,000 11,916,000
Restricted cash 2,710,000 6,144,000
Total cash, cash equivalents, and restricted cash 10,265,000 18,060,000
Operating Partnership Units    
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Operating partnership/ Series E preferred units converted to common shares 811,000 335,000
Series E Preferred Units    
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Operating partnership/ Series E preferred units converted to common shares $ 365,000 $ 14,000