Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (103,483) $ (70,234)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 45,659 83,031
Non-cash revenue adjustments, net (11,216) 783
Impairments 84,910 25,365
Gain on disposition of real estate assets (4,156) 0
Loss on extinguishment of debt, net 0 1,078
Amortization of deferred financing costs 2,767 2,758
Loss on deferred offering costs 576 0
Equity-based compensation 2,498 2,450
Equity in loss of unconsolidated joint venture, net 773 497
Changes in assets and liabilities:    
Accounts receivable, net and other assets, net 234 (698)
Accounts payable, accrued expenses and other liabilities, net (3,505) (3,269)
Net cash provided by operating activities 15,057 41,761
Cash flows from investing activities:    
Investment in real estate assets 0 (34,734)
Capital expenditures and leasing costs (32,586) (12,649)
Proceeds from disposition of real estate, net 44,040 2,070
Return of investment from unconsolidated joint venture 0 987
Origination of member loan to unconsolidated joint venture (8,328) 0
Principal repayments received on member loan to unconsolidated joint venture 3,003 0
Principal repayments received on notes receivable 2,500 1,200
Deposits for real estate assets (425) (1,350)
Uses and refunds of deposits for real estate assets 0 1,350
Proceeds from the settlement of property-related insurance claims 0 171
Net cash provided by (used in) investing activities 8,204 (42,955)
Cash flows from financing activities:    
Proceeds from credit facility revolver 13,000 28,000
Repayments of credit facility revolver (22,000) (14,000)
Payments of deferred financing costs (8) (1,363)
Repurchases of common stock to settle tax obligations (475) (162)
Distributions paid (7,845) (16,759)
Other financing activities (338) (116)
Net cash used in financing activities (17,666) (4,400)
Net change in cash and cash equivalents and restricted cash 5,595 (5,594)
Cash and cash equivalents and restricted cash at beginning of year 57,170 57,198
Cash and cash equivalents and restricted cash at end of period 62,765 51,604
Reconciliation of Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of year 15,600 22,473
Restricted cash at beginning of year 41,570 34,725
Cash and cash equivalents and restricted cash at beginning of year 57,170 57,198
Cash and cash equivalents at end of period 32,639 16,564
Restricted cash at end of period 30,126 35,040
Cash and cash equivalents and restricted cash at end of period $ 62,765 $ 51,604