XML 110 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 32,172 $ 61,450
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation, depletion and amortization 4,168 5,588
Amortization of deferred financing fees and discounts/premiums on debt 409 684
Amortization of net origination fees related to notes receivable (2,522) (341)
Stock-based compensation 2,156 2,346
(Gain) on disposition of assets, net (35,864) (54,148)
(Income) from forfeited deposits   (1,205)
(Income) from equity method investment (194) (125)
Current and expected credit losses 1,877 113
Impairment of assets 17,821 790
Amortization of dedesignated interest rate swap (814) (114)
Losses on modification and extinguishment of debt 70 891
Changes in operating assets and liabilities:    
(Increase) Decrease in accounts receivable (121) 1,844
(Increase) Decrease in interest receivable 52 (68)
(Increase) Decrease in other assets 295 1,205
(Increase) Decrease in inventory 343 (324)
Increase (Decrease) in accrued interest (947) (1,982)
Increase (Decrease) in accrued expenses (1,797) (561)
Increase (Decrease) in deferred revenue 303 759
Increase (Decrease) in accrued property taxes 19 (660)
Net cash and cash equivalents provided by operating activities 17,426 16,142
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate acquisitions (7,301) (17,890)
Real estate and other improvements (544) (1,501)
Distributions from equity method investees 50 161
Collections of principal on loans 5,976 11,835
Issuances of loans and financing receivables (30,309) (35,823)
Proceeds from disposition of assets 95,525 311,972
Net cash and cash equivalents provided by investing activities 63,397 268,754
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from mortgage notes payable 31,501 81,001
Repayments on mortgage notes payable (74,483) (239,522)
Issuance of stock   34
Common stock repurchased (37,824) (27,534)
Payment of debt issuance costs (338) (155)
Payment of swap fees (126) (366)
Dividends on common stock (63,744) (21,630)
Shares withheld for income taxes on vesting of equity-based compensation (316) (185)
Distributions on Series A preferred units (2,970) (2,970)
Distributions to non-controlling interests in operating partnership, common (1,671) (617)
Net cash and cash equivalents (used in) financing activities (149,971) (211,944)
Net increase (decrease) in cash and cash equivalents (69,148) 72,952
Cash and cash equivalents, beginning of period 78,441 5,489
Cash and cash equivalents, end of period 9,293 78,441
Cash paid during period for interest 10,863 20,958
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Additions to real estate improvements included in accrued expenses 23 253
Origination fees included in notes receivable 2,941 2,595
Swap fees payable included in accrued interest 146 75
Series A exchange for land 31,000  
Prepaid property tax liability acquired in acquisitions 8 34
Right-of-use assets obtained in exchange for new operating lease liabilities 308 13
Conversion of common units to shares of common stock 7,649  
Common stock    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common stock 11,288 55,797
Common units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 195 1,456
Series A preferred units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 2,600  
Distributions payable, Series A preferred units $ 2,583 $ 2,970