Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (139,286) $ (102,976) $ (57,311)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 58,746 100,820 109,111
Straight-line rental revenue and other non-cash revenue adjustments, net (13,334) 180 (5,977)
Impairments 99,376 47,552 33,112
Gain on disposition of real estate assets (7,058) 0 (31)
Loss on extinguishment of debt, net 0 1,078 504
Amortization of deferred financing costs 3,699 3,686 3,974
Loss on deferred offering costs 576 0 0
Equity-based compensation 3,896 3,757 2,728
Equity in loss and impairment of investment in unconsolidated joint venture, net 11,822 740 435
Reserve on member loan to unconsolidated joint venture 5,926 0 0
Changes in assets and liabilities:      
Accounts receivable, net and other assets, net 1,285 2,546 1,340
Accounts payable, accrued expenses and other liabilities, net (2,072) (3,123) 1,203
Net cash provided by operating activities 23,576 54,260 89,088
Cash flows from investing activities:      
Investment in real estate assets 0 (34,734) 0
Capital expenditures and leasing costs (51,692) (22,576) (18,442)
Proceeds from disposition of real estate, net 71,526 5,069 21,032
Return of investment from unconsolidated joint venture 0 987 1,840
Origination of member loan to unconsolidated joint venture (8,328) (1,400) 0
Principal repayments received on member loan to unconsolidated joint venture 3,124 0 0
Principal repayments received on notes receivable 2,500 1,200 0
Deposits for real estate assets (775) (1,350) (2,340)
Uses and refunds of deposits for real estate assets 425 1,350 2,340
Proceeds from the settlement of property-related insurance claims 0 191 859
Net cash provided by (used in) investing activities 16,780 (51,263) 5,289
Cash flows from financing activities:      
Proceeds from mortgages payable 0 18,000 0
Repayment of credit facility term loan 0 0 (175,000)
Proceeds from credit facility revolver 13,000 36,000 175,000
Repayments of credit facility revolver (40,000) (33,000) (59,000)
Payments of deferred financing costs (8) (1,302) (5,663)
Repurchases of common stock under Share Repurchase Program 0 0 (5,018)
Repurchases of common stock to settle tax obligations (475) (170) (89)
Payments of deferred equity offering costs (94) 0 (41)
Distributions paid (8,972) (22,355) (22,578)
Other financing activities (338) (198) (101)
Net cash used in financing activities (36,887) (3,025) (92,490)
Net change in cash and cash equivalents and restricted cash 3,469 (28) 1,887
Cash and cash equivalents and restricted cash at beginning of year 57,170 57,198 55,311
Cash and cash equivalents and restricted cash at end of year 60,639 57,170 57,198
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of year 15,600 22,473 20,638
Restricted cash at beginning of year 41,570 34,725 34,673
Cash and cash equivalents and restricted cash at beginning of year 57,170 57,198 55,311
Cash and cash equivalents at end of year 22,362 15,600 22,473
Restricted cash at end of year 38,277 41,570 34,725
Cash and cash equivalents and restricted cash at end of year $ 60,639 $ 57,170 $ 57,198