v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES:              
Net Loss $ (30,631) $ (6,006) $ (11,368) $ (409) $ (38,995) $ (13,071)  
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:              
Depreciation and amortization         19,212 21,642  
Deferred financing cost amortization         2,157 2,357  
Changes in fair value of derivative liabilities 39,299   11,163   49,774 6,281  
Loss on conversion of Convertible Notes 368   0   368 0  
Above (below) market lease amortization, net (834)   (1,232)   (2,607) (3,865)  
Paid-in-kind interest         2,031 2,006  
Loss on repurchase of debt securities         700 1,647  
Gain on preferred stock redemptions (2,526)   0   (2,739) 0  
Unrealized gain on investment securities, net         (779) (80)  
Straight-line expense (income)         (51) 7  
Gain on disposal of properties, net         (9,966) (2,204)  
Credit adjustments on operating lease receivables 603   299   540 481  
Impairment charges 1,195   0   1,195 0  
Net changes in assets and liabilities:              
Receivables, net         (445) 1,373  
Deferred costs and other assets, net         (2,722) (3,166)  
Accounts payable, accrued expenses and other liabilities         2,915 1,624  
Net cash provided by operating activities         20,588 15,032  
INVESTING ACTIVITIES:              
Investment property acquisitions         0 (4,259)  
Expenditures for real estate improvements         (18,658) (11,618)  
Purchases of investment securities         (500) (6,500)  
Cash received from disposal of properties         20,720 2,759  
Net cash provided by (used in) investing activities         1,562 (19,618)  
FINANCING ACTIVITIES:              
Payments for deferred financing costs         (1,597) (4,440)  
Dividends and distributions paid on noncontrolling interest         (8,064) (8,064)  
Repurchase of noncontrolling interest         (1,035) 0  
Loan proceeds         33,223 123,230  
Loan principal payments         (27,815) (108,274)  
Repurchase of debt securities         (1,282) (3,116)  
Loan prepayment penalty         (368) (1,758)  
Net cash used in financing activities         (6,938) (2,422)  
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH         15,212 (7,008)  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   $ 39,807   $ 55,865 39,807 55,865 $ 55,865
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 55,019   48,857   55,019 48,857 39,807
Supplemental Disclosure:              
Cash and cash equivalents 37,070   25,419   37,070 25,419 18,404
Restricted cash 17,949   23,438   17,949 23,438 21,403
Cash, cash equivalents, and restricted cash $ 55,019   $ 48,857   $ 55,019 $ 48,857 $ 39,807

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