XML 22 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (52,723) $ (48,110) $ 1,094
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization expense 47,742 57,240 65,697
Amortization of above and below market leases (17) (44) (118)
Shares issued as compensation 270 315 394
Amortization of other comprehensive income into interest expense (355) (3,851)  
Loss on extinguishment of debt 1,042 106 78
Gain on consolidation of Sponsored REIT   (394)  
Impairment and loan loss reserve     4,237
(Gain) loss on sale of properties and impairment of assets held for sale, net 20,826 23,384 (27,939)
Changes in operating assets and liabilities:      
Tenant rent receivables 908 10 (247)
Straight-line rents 1,970 625 (5,895)
Lease acquisition costs (666) (2,007) (4,494)
Prepaid expenses and other assets 355 382 (1,805)
Accounts payable and accrued expenses (3,708) (2,709) (5,983)
Accrued compensation (547)   (1,060)
Tenant security deposits 33 494 (509)
Payment of deferred leasing commissions (6,143) (7,575) (8,216)
Net cash provided by operating activities 8,987 17,866 15,234
Cash flows from investing activities:      
Property improvements, fixtures and equipment (25,213) (31,637) (54,910)
Consolidation of Sponsored REIT   3,048  
Proceeds received from sales of properties 95,497 142,225 128,949
Net cash provided by investing activities 70,284 113,636 74,039
Cash flows from financing activities:      
Distributions to stockholders (4,140) (4,133) (53,988)
Proceeds received from termination of interest rate swap   4,206  
Stock repurchases     (4,843)
Borrowings under Bank note payable   77,000 90,000
Repayments of Bank note payable (22,667) (35,000) (42,000)
Repayments of Term loans payable (55,622) (50,000) (110,000)
Repayments of Series A&B Senior Notes (76,379)    
Deferred financing costs (5,660) (2,327) (2,561)
Net cash used in financing activities (164,468) (10,254) (123,392)
Net increase (decrease) in cash, cash equivalents and restricted cash (85,197) 121,248 (34,119)
Cash, cash equivalents and restricted cash, beginning of year 127,880 6,632 40,751
Cash, cash equivalents and restricted cash, end of period 42,683 127,880 6,632
Cash paid for:      
Interest 24,068 25,740 21,085
Taxes on income 385 339 667
Non-cash investing and financing activities:      
Accrued costs for purchase of real estate assets $ 2,888 7,566 $ 9,962
Investment in related party mortgage loan receivable converted to real estate assets and acquired real estate leases in conjunction with variable interest entity consolidation   $ 20,000