v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:    
Net income $ 767,000 $ 6,083,000
Adjustments to reconcile consolidated net income to net cash from operating activities    
Depreciation and amortization 25,316,000 28,502,000
Deferred financing cost amortization 2,673,000 2,860,000
Changes in fair value of derivative liabilities 8,332,000 (3,458,000)
Loss on conversion of Convertible Notes 412,000 0
Above (below) market lease amortization, net (3,434,000) (4,849,000)
Paid-in-kind interest 4,133,000 3,908,000
Loss on repurchase of debt securities 700,000 1,647,000
Gain on Preferred Stock retirements (4,772,000) (9,893,000)
Unrealized gain on investment securities, net (840,000) (685,000)
Straight-line income (68,000) (10,000)
Gain on disposal of properties, net (5,550,000) (2,204,000)
Credit adjustments on operating lease receivables 543,000 522,000
Impairment charges 1,195,000 0
Net changes in assets and liabilities    
Receivables, net (1,905,000) (103,000)
Deferred costs and other assets, net (1,471,000) (2,745,000)
Accounts payable, accrued expenses and other liabilities (43,000) 1,359,000
Net cash provided by operating activities 25,988,000 20,934,000
INVESTING ACTIVITIES:    
Investment property acquisitions 0 (4,259,000)
Expenditures for real estate improvements (22,526,000) (20,021,000)
Purchases of investment securities (500,000) (10,000,000)
Cash received from disposal of properties 38,506,000 2,759,000
Net cash provided by (used in) investing activities 15,480,000 (31,521,000)
FINANCING ACTIVITIES:    
Payments for deferred financing costs (1,597,000) (4,440,000)
Dividends and distributions paid on noncontrolling interest (10,441,000) (10,752,000)
Repurchase of noncontrolling interest (11,496,000) 0
Loan proceeds 33,223,000 123,230,000
Loan principal payments (28,598,000) (108,635,000)
Repurchase of debt securities (1,282,000) (3,116,000)
Loan prepayment penalty (368,000) (1,758,000)
Net cash used in financing activities (20,559,000) (5,471,000)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 20,909,000 (16,058,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 39,807,000 55,865,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period 60,716,000 39,807,000
Supplemental Disclosure:    
Cash and cash equivalents 42,964,000 18,404,000
Restricted cash 17,752,000 21,403,000
Cash, cash equivalents, and restricted cash $ 60,716,000 $ 39,807,000

Source

HTML PDF
ZIP