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, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 7,742 $ (103,483)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 39,197 45,659
Straight-line rental revenue and other non-cash revenue adjustments, net (4,115) (11,216)
Impairments 6,296 84,910
Gain on disposition of real estate assets (28,826) (4,156)
Loss on extinguishment of debt, net 532 0
Amortization of deferred financing costs 2,854 2,767
Loss on deferred offering costs 0 576
Equity-based compensation, net 2,486 2,498
Equity in loss of Unconsolidated Joint Venture, net 0 773
Recovery of reserve on Member Loan (439) 0
Changes in assets and liabilities:    
Accounts receivable, net and other assets, net (324) 234
Accounts payable, accrued expenses and other liabilities, net (7,039) (3,505)
Net cash provided by operating activities 18,364 15,057
Cash flows from investing activities:    
Investment in real estate assets (14,830) 0
Capital expenditures and leasing costs (41,632) (32,586)
Proceeds from disposition of real estate, net 81,443 44,040
Origination of Member Loan 0 (8,328)
Principal repayments received on Member Loan 1,117 3,003
Principal repayments received on notes receivable 0 2,500
Deposits for real estate assets (305) (425)
Uses and refunds of deposits for real estate assets 655 0
Net cash provided by investing activities 26,448 8,204
Cash flows from financing activities:    
Payments on mortgages payable (38,506) 0
Payments of deferred financing costs (8,324) (8)
Repurchases of common stock to settle tax obligations (619) (475)
Distributions paid (3,405) (7,845)
Other financing activities (416) (338)
Net cash used in financing activities (41,270) (17,666)
Net change in cash and cash equivalents and restricted cash 3,542 5,595
Cash and cash equivalents and restricted cash, beginning of year 60,639 57,170
Cash and cash equivalents and restricted cash, end of period 64,181 62,765
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 13,731 32,639
Restricted cash at end of period 50,450 30,126
Cash and cash equivalents and restricted cash, end of period 64,181 62,765
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