v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES                
Net loss $ (16,785)   $ (1,663) $ (20,966) $ (6,455)      
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization, including amortization of capitalized loan costs       55,425 53,314      
Loss on sale of real estate and other investments       0 577      
Share-based compensation expense       1,691 1,481      
Impairment of real estate investments       14,543 0      
Amortization of debt premiums and discounts       817 516      
Other, net       1,471 1,400      
Changes in other assets and liabilities:                
Other assets       854 1,748      
Accounts payable and accrued expenses       (3,141) (5,317)      
Net cash provided by operating activities       50,694 47,264      
CASH FLOWS FROM INVESTING ACTIVITIES                
Increase in mortgages and real estate related notes receivable       0 (13,147)      
Net proceeds from sale of real estate and other investments       0 18,251      
Payments for acquisitions of real estate investments       (150,076) 0      
Proceeds from insurance       503 1,949      
Payments for improvements of real estate investments       (14,771) (35,586)      
Other investing activities       (124) 117      
Net cash used by investing activities       (164,468) (28,416)      
CASH FLOWS FROM FINANCING ACTIVITIES                
Principal payments on mortgages payable       (14,002) (3,125)      
Proceeds from revolving lines of credit       237,907 58,556      
Principal payments on revolving lines of credit       (69,236) (40,556)      
Net proceeds from issuance of common shares       0 7,388      
Repurchase of common shares       0 (4,703)      
Redemption of Series D preferred units       (5,250) 0      
Distributions paid to common shareholders       (25,322) (22,090)      
Distributions paid to preferred shareholders       0 (3,214)      
Distributions paid to Series D preferred unitholders       (320) (320)      
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units       (4,553) (4,596)      
Other financing activities       (386) (45)      
Net cash provided by (used by) financing activities       118,838 (12,705)      
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH       5,064 6,143      
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD   $ 13,129   13,129 9,269 $ 9,269 $ 9,269  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 18,193   15,412 18,193 15,412   13,129 $ 9,269
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES                
Accrued capital expenditures       3,148 4,915      
Distributions declared but not paid to common shareholders 13,642   11,907 13,642 11,907      
Retirement of shares withheld for taxes       296 121      
Involuntary conversion of assets       (628) (900)      
Non-cash interest income       842 336      
Unrealized gain (loss) on investment       (48) 11      
Contribution to noncontrolling interests - consolidated real estate entities through issuance of note receivable       1,428 0      
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                
Cash paid for interest       16,429 16,762      
Cash and cash equivalents 12,378   14,328 12,378 14,328   12,030  
Restricted cash 5,815   1,084 5,815 1,084   1,099  
Total cash, cash equivalents and restricted cash $ 18,193   $ 15,412 18,193 15,412   13,129 9,269
Operating Partnership Units                
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES                
Operating partnership units and Series E preferred units converted to common shares (as adjusted)   335   535 1,534 2,346 3,218 5,224
Series E Preferred Units                
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES                
Operating partnership units and Series E preferred units converted to common shares (as adjusted)   $ 14   $ 338 $ 1,150 $ 1,810 $ 7,784 $ 1,557