Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 11,015 $ (34,456)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 26,679 30,950
Straight-line rental revenue and other non-cash revenue adjustments, net (1,109) (6,319)
Impairments 6,296 21,212
Gain on disposition of real estate assets (28,826) (891)
Loss on extinguishment of debt, net 532 0
Amortization of deferred financing costs 1,773 1,834
Equity-based compensation, net 1,682 1,526
Equity in loss of unconsolidated joint venture, net 0 517
Recovery of reserve on Member Loan (439) 0
Changes in assets and liabilities:    
Accounts receivable, net and other assets, net (482) 248
Accounts payable, accrued expenses and other liabilities, net (8,766) (5,305)
Net cash provided by operating activities 8,355 9,316
Cash flows from investing activities:    
Investment in real estate assets (14,830) 0
Capital expenditures and leasing costs (33,661) (15,631)
Proceeds from disposition of real estate, net 81,443 22,825
Origination of Member Loan 0 (8,328)
Principal repayments received on Member Loan 1,117 2,123
Principal repayments received on notes receivable 0 2,500
Deposits for real estate assets (305) 0
Uses and refunds of deposits for real estate assets 655 0
Net cash provided by investing activities 34,419 3,489
Cash flows from financing activities:    
Payments on mortgages payable (38,402) 0
Payments of deferred financing costs (8,228) (8)
Repurchases of common stock to settle tax obligations (619) (466)
Distributions paid (2,263) (6,719)
Other financing activities (372) (308)
Net cash used in financing activities (39,884) (16,501)
Net change in cash and cash equivalents and restricted cash 2,890 (3,696)
Cash and cash equivalents and restricted cash, beginning of year 60,639 57,170
Cash and cash equivalents and restricted cash, end of period 63,529 53,474
Reconciliation of Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of year 22,362 15,600
Restricted cash at beginning of year 38,277 41,570
Cash and cash equivalents and restricted cash, beginning of year 60,639 57,170
Cash and cash equivalents at end of period 16,870 17,384
Restricted cash at end of period 46,659 36,090
Cash and cash equivalents and restricted cash, end of period 63,529 53,474
Original Revolving Facility    
Cash flows from financing activities:    
Proceeds from Revolving Facility 18,000 13,000
Repayments of Revolving Facility (110,000) (22,000)
New Revolving Facility    
Cash flows from financing activities:    
Proceeds from Revolving Facility 127,000 0
Repayments of Revolving Facility $ (25,000) $ 0