v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (4,281) $ (1,515)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,738 23,706
Amortization of deferred financing costs and mortgage discounts (premiums) 1,044 858
Accretion of terminated swap (1,476) 0
(Accretion) amortization of market lease and other intangibles, net (147) 2,331
Stock-based compensation amortization expense 612 0
Gain on sale of real estate investments 0 (24,989)
Cash received from non-designated derivative instruments 375 930
Loss on non-designated derivative instruments 87 1
Impairment charges 0 11,899
Deferred tax valuation allowance (79) 601
Changes in assets and liabilities:    
Straight-line rent receivable, net (268) (1,023)
Prepaid expenses and other assets, net 597 393
Accounts receivable, net 59 2,436
Accounts payable, accrued expenses and other liabilities (2,188) (37,065)
Deferred leasing costs (738) (849)
Deferred rent (2,322) 1,057
Net cash provided by (used in) operating activities 9,013 (21,229)
Cash flows from investing activities:    
Capital expenditures (5,265) (5,669)
Investments in non-designated interest rate caps, net (154) 0
Proceeds from sales of real estate, net 0 83,712
Net cash (used in) provided by investing activities (5,419) 78,043
Cash flows from financing activities:    
Repayments of Fannie Mae secured debt (1,442) (1,442)
Repayments of mortgage notes payable (221) (210)
Proceeds from interest rate swap terminations 0 648
Taxes paid for net settlement of equity-based awards (444) 0
Distributions to non-controlling interest holders (46) (47)
Net cash used in financing activities (5,447) (4,501)
Net change in cash, cash equivalents and restricted cash (1,853) 52,313
Cash, cash equivalents and restricted cash, beginning of period 108,452 74,095
Cash, cash equivalents and restricted cash, end of period 106,599 126,408
Supplemental disclosures of cash flow information:    
Cash paid for interest (14,302) (12,741)
Cash paid for taxes, net [1] (146) (184)
Non-cash investing and financing activities:    
Accrued offering costs (670) 0
Preferred stock dividend declared (3,342) (3,496)
Mortgage notes payable repaid with proceeds from real estate sales 0 (68,394)
Net change in accrued capital expenditures for the period 86 0
Series A preferred stock    
Cash flows from financing activities:    
Distributions paid on preferred stock (1,773) (1,834)
Series B preferred stock    
Cash flows from financing activities:    
Distributions paid on preferred stock $ (1,521) $ (1,616)
[1]
(1)     For the three months ended March 31, 2026, relates to cash paid for income taxes, net of refunds. For the three months ended March 31, 2025, relates to cash paid for income and franchise taxes.