v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 9,885 $ (644)
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation, depletion and amortization 2,303 2,911
Amortization of deferred financing fees and discounts/premiums on debt 223 370
Amortization of net origination fees related to notes receivable (1,218) (9)
Stock-based compensation 1,047 1,003
(Gain) loss on disposition of assets, net (24,991) 96
(Income) from forfeited deposits   (1,205)
(Income) from equity method investment (2) (95)
Current and expected credit losses 69 (10)
Impairment of assets 16,821  
Amortization of dedesignated interest rate swap (416)  
Losses on modification and extinguishment of debt 23 55
Changes in operating assets and liabilities:    
(Increase) Decrease in accounts receivable 2,729 5,003
(Increase) Decrease in interest receivable (50) (10)
(Increase) Decrease in other assets 1,662 2,108
(Increase) Decrease in inventory 68 (686)
Increase (Decrease) in accrued interest (736) (45)
Increase (Decrease) in accrued expenses (3,234) (2,067)
Increase (Decrease) in deferred revenue 323 (866)
Increase (Decrease) in accrued property taxes (320) (101)
Net cash and cash equivalents provided by operating activities 4,186 5,808
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate acquisitions (6,501) (16,255)
Real estate and other improvements (251) (873)
Distributions from equity method investees 50 161
Collections of principal on loans 4,497 490
Issuances of loans and financing receivables (12,059) (878)
Proceeds from sale of property 81,556 1,610
Net cash and cash equivalents provided by (used in) investing activities 67,292 (15,745)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from mortgage notes payable 23,000 72,501
Repayments on mortgage notes payable (34,183) (42,634)
Issuance of stock   34
Common stock repurchased (24,263)  
Payment of debt issuance costs   (93)
Payment of swap fees (126) (219)
Dividends on common stock (58,503) (15,850)
Shares withheld for income taxes on vesting of equity-based compensation (273) (178)
Distributions on Series A preferred units (2,970) (2,970)
Distributions to non-controlling interests in operating partnership, common (1,528) (397)
Net cash and cash equivalents provided by (used in) financing activities (98,846) 10,194
Net increase (decrease) in cash and cash equivalents (27,368) 257
Cash and cash equivalents, beginning of period 78,441 5,489
Cash and cash equivalents, end of period 51,073 5,746
Cash paid during period for interest 6,002 10,662
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Additions to real estate improvements included in accrued expenses 138 94
Origination fees included in notes receivable 591 15
Swap fees payable included in accrued interest 146 146
Prepaid property tax liability acquired in acquisitions 6 32
Conversion of common units to shares of common stock 7,649  
Right-of-use assets obtained in exchange for new operating lease liabilities 656 13
Common stock    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common stock 2,718 2,892
Common units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 45 72
Series A preferred units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Distributions payable, Series A preferred units $ 1,485 $ 1,485