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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (14,362) $ (8,238)
Adjustments to net loss:    
Amortization of rent-related intangibles and straight-line rent adjustments (820) (231)
Depreciation and amortization 2,067 1,291
Impairment of real estate [1] 4,060
Unrealized loss on interest rate derivative, net 66
Changes in operating assets and liabilities:    
Increase in due to affiliates 1,896 39
(Increase) decrease in other assets (228) 676
Increase (decrease) in accounts payable 479 (186)
Decrease in accrued expenses and other liabilities (103) (2)
Net cash used in operating activities (6,945) (6,651)
Cash flows from investing activities    
Development of real estate (139,733) (39,596)
Acquisitions of real estate (5,190) (27,254)
Purchase of interest rate cap (159)
Other investing activity (41) (225)
Repayment of loans receivable 38,413
Funding of loans receivable (34,955)
Cash acquired from CMC (Note 5) 87
Net cash used in investing activities (145,123) (63,530)
Cash flows from financing activities    
Proceeds from issuance of debt 21,874
Proceeds from units issued 7,932 14,130
Short-term loan from affiliate 5,500
Payment of debt issuance costs (2,618)
Repayment of short-term loan from affiliate (1,500)
Payment of offering costs (373) (731)
Payment of financing deposits (225)
Contributions from noncontrolling interests 216 268
Other financing activities, net (96) (360)
Return of capital from noncontrolling interests (24)
Proceeds from subscriptions receivable 20,295
Repayment of debt (10,800)
Net cash provided by financing activities 30,686 22,802
Net decrease in cash cash equivalents and restricted cash (121,382) (47,379)
Cash and cash equivalents and restricted cash, beginning of year 144,967 192,346
Cash and cash equivalents and restricted cash, end of year $ 23,585 $ 144,967
[1] During the year ended December 31, 2023, we recorded impairment charges of $4.1 million in relation to one of our real estate assets located in Nashville, Tennessee, based on our conclusion that the estimated fair market value of the real estate asset was lower than the carrying value, and as a result, we reduced the carrying value to the estimated fair market value.