v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - 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 $ (5,629) $ (1,938)  
Adjustments to reconcile net loss to net cash from operating activities      
Depreciation and amortization 3,580 3,819  
Amortization of deferred financing costs and debt discounts 241 193  
Amortization of above and below market lease intangibles, net 85 81  
Loss on extinguishment of debt 0 7  
Impairment of real estate assets 43 110  
Straight-line rent revenue 143 (352)  
Straight-line rent expense (2) 66  
Stock-based compensation 348 360  
Change in fair value of derivatives 582 (889)  
Change in fair value of debt held under the fair value option 240 (2,343)  
Bad debt (recovery) expense (71) 142  
Write-off of pre-acquisition costs 68 0  
Write-off related party receivables 0 4  
Changes in operating assets and liabilities      
Tenants and accounts receivable, net (508) (49)  
Other assets (394) 262  
Accounts payable and accrued liabilities 282 2,031  
Payables due to related parties (27) (32)  
Deferred revenues 11 (176)  
Net cash from operating activities (1,008) 1,296  
Cash flows from investing activities      
Capitalized pre-acquisition costs, net of refunds 0 5  
Insurance proceeds 776 516  
Capital expenditures for real estate (749) (2,806)  
Net cash from investing activities 27 (2,285)  
Cash flows from financing activities      
Borrowings under debt agreements 385 17,869  
Repayments under debt agreements (537) (11,706)  
Preferred equity return on preferred equity investment (1,239) (1,153)  
Capitalized pre-refinancing costs 0 (125)  
Taxes remitted upon vesting of restricted stock (5) (24)  
Debt origination and discount fees (46) (388)  
Net cash from financing activities (1,442) 4,473  
(Decrease) increase in cash, cash equivalents, and restricted cash (2,423) 3,484  
Cash, cash equivalents and restricted cash at beginning of period 20,734 13,797 $ 13,797
Cash, cash equivalents and restricted cash at end of period 18,311 17,281 20,734
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 13,504 14,631 16,160
Restricted cash 4,807 2,650 $ 4,574
Cash, cash equivalents and restricted cash at end of period 18,311 17,281  
Supplemental Cash Flow Information      
Interest paid 4,750 3,773  
Taxes paid, net of refunds 0 8  
Supplemental disclosure of non-cash investing and financing activities      
Capitalized Preferred Return (2,248) (1,860)  
Accrued Current Preferred Return (433) (399)  
Capitalized interest on Mezzanine loan (400) (331)  
Accrued capital expenditures for real estate $ 283 $ 148