v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES:    
Net income (loss) $ 5,400 $ (6,006)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,231 6,598
Deferred financing cost amortization 708 628
Changes in fair value of derivative liabilities 2,310 5,507
Above (below) market lease amortization, net (740) (913)
Loss on repurchase of debt securities 0 700
Gain on preferred stock retirements (3,845) (213)
Unrealized loss on investment securities, net 0 106
Straight-line income (18) (17)
Gain on disposal of properties, net (5,688) 0
Credit adjustments on operating lease receivables 432 (50)
Net changes in assets and liabilities:    
Receivables, net (599) 1,012
Deferred costs and other assets, net (1,590) (2,252)
Accounts payable, accrued expenses and other liabilities 1,839 134
Net cash provided by operating activities 4,440 5,234
INVESTING ACTIVITIES:    
Expenditures for real estate improvements (2,077) (4,134)
Cash received from disposal of properties 18,305 0
Net cash provided by (used in) investing activities 16,228 (4,134)
FINANCING ACTIVITIES:    
Payments for deferred financing costs 0 (445)
Dividends and distributions paid on noncontrolling interest (2,104) (2,688)
Repurchase of noncontrolling interest (21,196) 0
Loan proceeds 0 2,387
Loan principal payments (10,523) (365)
Repurchase of debt securities 0 (1,282)
Loan prepayment premium (541) 0
Net cash used in financing activities (34,364) (2,393)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (13,696) (1,293)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 60,716 39,807
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 47,020 38,514
Supplemental Disclosure:    
Cash and cash equivalents 19,233 17,732
Restricted cash 27,787 20,782
Cash, cash equivalents, and restricted cash $ 47,020 $ 38,514

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