v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Loss $ (3,006) $ 3,083 $ (7,635) $ (4,018)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:        
Depreciation 3,390 2,800 8,966 8,193
Amortization     3,256 2,840
Loan cost amortization     2,154 5,200
Changes in fair value of derivative liabilities 656 (1,884) 2,533 (303)
Above (below) market lease amortization, net     559 28
Paid-in-kind interest     2,099 0
Straight-line expense     24 26
Loss (gain) on disposal of properties 0 (1,967) 15 (2,143)
Credit losses on operating lease receivables 77 132 267 168
Impairment of assets held for sale     760 2,200
Net changes in assets and liabilities:        
Rents and other tenant receivables, net     770 1,829
Unbilled rent     (548) (1,061)
Deferred costs and other assets, net     3,074 (904)
Accounts payable, accrued expenses and other liabilities     11,660 2,458
Net cash provided by operating activities     27,954 14,513
CASH FLOWS FROM INVESTING ACTIVITIES:        
Investment property acquisitions, net of cash acquired     (135,510) 0
Capital expenditures     (6,382) (3,791)
Cash received from disposal of properties     1,786 7,610
Net cash (used in) provided by investing activities     (140,106) 3,819
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payments for deferred financing costs     (8,748) (6,026)
Loan proceeds     265,000 94,650
Loan principal payments     (127,603) (68,801)
Preferred stock redemption     0 (8,336)
Loan prepayment penalty     (2,614) (687)
Net cash provided by financing activities     126,035 10,800
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     13,883 29,132
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period     40,419 42,768
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 54,302 71,900 54,302 71,900
Non-Cash Transactions:        
Paycheck Protection Program forgiveness     0 552
Initial fair value of warrants     0 2,018
Initial fair value of derivative liability at issuance of convertible notes     0 5,393
Accretion of Preferred Stock discounts   21 438 454
Deemed contribution related to Preferred Stock discount 0 0 0 5,040
Other Cash Transactions:        
Cash paid for interest     14,137 14,305
Cash and cash equivalents 24,057 36,234 24,057 36,234
Restricted cash 30,245 35,666 30,245 35,666
Cash, cash equivalents, and restricted cash 54,302 $ 71,900 54,302 71,900
Common units        
Non-Cash Transactions:        
Conversion of common units to common stock     160 30
Series B Preferred Stock        
Non-Cash Transactions:        
Conversion of common units to common stock     $ 90 $ 72
Accretion of Preferred Stock discounts $ 21      

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