v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash flows from operating activities:      
Net loss $ (8,592,000) $ (7,608,000)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 3,591,000 5,261,000  
Amortization of deferred financing costs 253,000 386,000  
Accretion of below- and amortization of above-market lease liabilities and assets, net (124,000) (55,000)  
Equity-based compensation 92,000 54,000  
Common stock issued to the Advisor in connection with Advisor related fees (see Note 7) 0 533,000  
Impairments of real estate investments 0 0  
Changes in assets and liabilities:      
Straight-line rent receivable 120,000 (30,000)  
Straight-line rent payable 27,000 27,000  
Prepaid expenses, other assets and deferred costs 857,000 234,000  
Accounts payable, accrued expenses and other liabilities 419,000 2,470,000  
Deferred revenue 320,000 383,000  
Net cash provided by (used in) operating activities (3,037,000) 1,655,000  
Cash flows from investing activities:      
Capital expenditures (72,000) (364,000)  
Net cash used in investing activities (72,000) (364,000)  
Cash flows from financing activities:      
Net cash (used in) provided by financing activities 0 0  
Net change in cash, cash equivalents and restricted cash (3,109,000) 1,291,000  
Cash, cash equivalents and restricted cash, beginning of period 18,935,000 12,808,000 $ 12,808,000
Cash, cash equivalents and restricted cash, end of period 15,826,000 14,099,000 18,935,000
Cash and cash equivalents 7,083,000 5,293,000 9,776,000
Restricted cash 8,743,000 8,806,000 9,159,000
Cash, cash equivalents and restricted cash, end of period 15,826,000 14,099,000 $ 18,935,000
Supplemental Disclosures:      
Cash paid for interest 3,319,000 4,321,000  
Non-Cash Investing and Financing Activities:      
Net change in accrued capital expenditures for the period 8,000 43,000  
Common stock issued to the Advisor in connection with Advisor related fees (see Note 7) $ 0 $ 533,000