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 loss $ (22,349) $ (132,468)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 42,245 42,666
Amortization of deferred financing costs 2,295 1,661
Accretion of terminated swap 0 (1,218)
Amortization of mortgage premiums and discounts, net 44 45
Amortization (accretion) of market lease and other intangibles, net 2,196 (687)
Bad debt expense 615 796
Equity-based compensation 570 460
Gain (loss) on sale of real estate investments (27,641) 225
Cash received from non-designated derivative instruments 1,775 3,565
Gain on non-designated derivative instruments (31) (2,833)
Impairment charges 27,111 2,669
Gain on extinguishment of debt (257) 0
Deferred tax valuation allowance 946 0
Changes in assets and liabilities:    
Straight-line rent receivable (1,658) 98
Prepaid expenses and other assets (1,990) (1,824)
Termination fees payable to related parties 0 98,241
Accounts receivable, net 3,461 0
Accounts payable, accrued expenses and other liabilities (36,416) (2,854)
Deferred leasing costs (6,223) 0
Deferred rent 2,130 393
Net cash (used in) provided by operating activities (13,177) 8,935
Cash flows from investing activities:    
Property acquisitions (250) (5,606)
Capital expenditures (12,365) (11,159)
Investments in non-designated interest rate caps 0 (1,709)
Proceeds from sales of real estate investments 88,759 2,896
Net cash provided by (used in) investing activities 76,144 (15,578)
Cash flows from financing activities:    
Payments on credit facilities (24,593) (2,885)
Proceeds from credit facilities 0 6,960
Payments on mortgage notes payable (429) (584)
Payments of deferred financing costs (205) (199)
Repurchase of preferred stock (1,738) 0
Distributions to non-controlling interest holders (93) (92)
Net cash used in financing activities (33,892) (3,700)
Net change in cash, cash equivalents and restricted cash 29,075 (10,343)
Cash, cash equivalents and restricted cash, beginning of period 74,095 91,316
Cash, cash equivalents and restricted cash, end of period 103,170 80,973
Series A Preferred Stock    
Cash flows from financing activities:    
Distributions paid on preferred stock (3,634) (3,668)
Series B Preferred Stock    
Cash flows from financing activities:    
Distributions paid on preferred stock $ (3,200) $ (3,232)