v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Loss $ (53) $ (3,067) $ (4,629) $ (7,101)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:        
Depreciation 2,790 2,700 5,581 5,389
Amortization     1,660 1,966
Loan cost amortization     1,348 4,316
Changes in fair value of derivative liabilities (2,085) 1,234 1,877 1,581
Above (below) market lease amortization, net     16 5
Paid-in-kind interest     2,099 0
Straight-line expense     16 18
Loss (gain) on disposal of properties 0 0 15 (176)
Credit losses on operating lease receivables 137 (83) 190 36
Impairment of assets held for sale     760 2,200
Net changes in assets and liabilities:        
Rents and other tenant receivables, net     832 2,128
Unbilled rent     (234) (771)
Deferred costs and other assets, net     (2,543) (1,143)
Accounts payable, accrued expenses and other liabilities     2,963 1,088
Net cash provided by operating activities     9,951 9,536
CASH FLOWS FROM INVESTING ACTIVITIES:        
Investment property acquisitions     (1,538) 0
Capital expenditures     (3,495) (1,316)
Cash received from disposal of properties     1,786 3,937
Net cash (used in) provided by investing activities     (3,247) 2,621
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payments for deferred financing costs     (3,729) (4,724)
Loan proceeds     75,000 46,150
Loan principal payments     (70,384) (43,175)
Preferred stock redemption     0 (8,337)
Loan prepayment penalty     (1,458) (687)
Net cash provided by (used in) financing activities     (571) (10,773)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     6,133 1,384
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period     40,419 42,768
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 46,552 44,152 46,552 44,152
Non-Cash Transactions:        
Paycheck Protection Program forgiveness     0 552
Initial fair value of warrants     0 2,018
Accretion of Preferred Stock discounts   22 292 309
Deemed contribution related to Preferred Stock discount 0 651 0 5,040
Other Cash Transactions:        
Cash paid for interest     8,937 9,506
Cash and cash equivalents 24,606 10,850 24,606 10,850
Restricted cash 21,946 33,302 21,946 33,302
Cash, cash equivalents, and restricted cash 46,552 $ 44,152 46,552 44,152
Common units        
Non-Cash Transactions:        
Conversion of common units to common stock     159 27
Series B Preferred Stock        
Non-Cash Transactions:        
Conversion of common units to common stock     $ 90 $ 0
Accretion of Preferred Stock discounts $ 22      

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