v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash Flows from Operating Activities:      
Net (loss) income $ (33,272) $ 37,574  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 26,406 27,534  
Unrealized loss on real estate equity securities 5,223 19,512  
Deferred rents (2,236) (3,488)  
Amortization of above- and below-market leases, net (80) (160)  
Amortization of deferred financing costs 2,312 2,482  
Unrealized loss (gain) on derivative instruments 4,523 (8,904)  
Gains related to swap terminations 0 (178)  
Interest rate swap settlement for early terminated swaps 0 6,552  
Gain from extinguishment of debt 0 (56,372)  
Gain on sale of real estate 0 (14,781)  
Changes in operating assets and liabilities:      
Rents and other receivables 2,260 (3,395)  
Prepaid expenses and other assets (7,572) (8,090)  
Accounts payable and accrued liabilities (3,042) 326  
Due to affiliate (134) 1,300  
Other liabilities (103) 1,965  
Net cash (used in) provided by operating activities (5,715) 1,877  
Cash Flows from Investing Activities:      
Improvements to real estate (4,424) (9,887)  
Proceeds from sale of real estate, net 0 46,929  
Net cash (used in) provided by investing activities (4,424) 37,042  
Cash Flows from Financing Activities:      
Proceeds from notes payable 18,665 10,000  
Principal payments on notes payable (1,606) (46,910)  
Payments of deferred financing costs (4,090) (3,184)  
Restricted cash surrendered from deed-in-lieu of foreclosure 0 (1,886)  
Payments of other offering costs 0 (2)  
Net cash provided by (used in) financing activities 12,969 (41,982)  
Net increase (decrease) in cash, cash equivalents and restricted cash 2,830 (3,063)  
Cash, cash equivalents and restricted cash, beginning of period 41,574 50,922 $ 50,922
Cash, cash equivalents and restricted cash, end of period 44,404 47,859 $ 41,574
Supplemental Disclosure of Cash Flow Information:      
Interest paid 22,682 22,082  
Supplemental Disclosure of Noncash Investing and Financing Activities:      
Mortgage loan extinguished in connection with deed-in-lieu of foreclosure 0 125,000  
Real estate transferred in connection with deed-in-lieu of foreclosure 0 69,028  
Net liabilities transferred in connection with deed-in-lieu of foreclosure 0 2,286  
Accrued improvements to real estate 7,118 12,276  
Accrued deferred loan financing costs 14,740 0  
Accrued disposition fees $ 500 $ 0