XML 17 R7.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES            
Net loss $ 5,547 $ (1,337) $ (3,339) [1] $ (320) $ (9,721) [1]  
Adjustments to reconcile net loss to net cash provided by operating activities:            
Depreciation and amortization       24,622 21,415  
Amortization of above/below market leases       2,304 1,338  
Amortization of financing transaction and discount costs       1,199 3,145  
Amortization of software costs       26 25  
Net cash received from derivative settlements       778    
Non-cash rental revenue adjustments       (340) (970)  
Gain on sale of real estate (7,583)     (9,244) (337) [1] $ (300)
Stock-based compensation       1,565    
Impairment loss 1,551     4,957 591 [1]  
Changes in operating assets and liabilities:            
Other assets       (1,994) 214  
Accounts payable and accrued liabilities       2,064 (428)  
Net cash provided by operating activities       25,617 15,272  
CASH FLOWS FROM INVESTING ACTIVITIES            
Acquisition of real estate held for investment       (83,797) (523)  
Deposits on real estate held for investment       744 (350)  
Deferred leasing costs and other additions to real estate held for investment       (1,606) (1,103)  
Investment in mortgage loan receivable       (10,274)    
Net proceeds from sale of real estate held for investment       57,129 9,846  
Net proceeds from expropriation       4,953 85  
Additions to software costs         (21)  
Net cash (used in) provided by investing activities       (32,851) 7,934  
CASH FLOWS FROM FINANCING ACTIVITIES            
Contributions from non-controlling convertible preferred interests         108  
Proceeds from debt       50,000    
Repayment of debt       (10,000) (20,913)  
Financing transaction costs         (416)  
Deferred offering costs         (2,843)  
Cash distributions paid to stockholders       (11,996) (1,500)  
Cash distributions paid to Preferred Unit holders       (16) (12)  
Cash distributions paid to non-controlling convertible preferred interests         (4,864)  
Cash distributions paid to non-controlling interests       (6,253)    
Net cash provided by (used in) financing activities       21,735 (30,440)  
Net increase (decrease) in cash and cash equivalents during the period       14,501 (7,234)  
Cash and cash equivalents, beginning of period   $ 5,094   5,094 17,129 17,129
Cash and cash equivalents, end of period $ 19,595   $ 9,895 19,595 9,895 $ 5,094
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
Cash paid for interest       10,900 16,531  
Non-cash disclosures of non-cash investing and financing activities:            
Accrued real estate development and improvement costs       621 1,627  
Accrued deferred leasing fees       111 559  
Accrued deferred offering costs         225  
Conversion of OP Units to Common Stock and additional paid-in capital       82,553    
Distributions payable to convertible non-controlling preferred interests         $ 1,633  
Distributions payable       $ 6,134    
[1] The Company determined that earnings per unit in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor.