v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 17, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (3,087)      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation 746      
Net amortization of debt premiums, discounts and issuance costs 236      
Amortization of acquired real estate leases and assumed real estate lease obligations, net 7,207      
Amortization of deferred leasing costs 1      
Loss on sale of real estate 0      
Loss on impairment of real estate 0      
Net gain on early extinguishment of debt 0      
Fair value adjustment of warrants 1,491   $ 0 $ 0
Non-cash reorganization items 0      
Straight line rental income (1,337)      
Other non-cash expenses, net 0      
Equity in net (earnings) losses of investees (92)      
Change in assets and liabilities:        
Rents receivable (3,241)      
Due from related persons 517      
Deferred leasing costs (92)      
Other assets 1,862      
Accounts payable and other liabilities 3,926      
Due to related persons 1,427      
Net cash provided by (used in) operating activities 9,564      
CASH FLOWS FROM INVESTING ACTIVITIES:        
Real estate improvements 0      
Proceeds from sale of property, net 0      
Net cash (used in) provided by investing activities 0      
CASH FLOWS FROM FINANCING ACTIVITIES:        
Repayment of senior unsecured notes 0      
Repayment of senior secured notes 0      
Payment of debt issuance costs 0      
Borrowings on debtor-in-possession secured term loan 0   115,000 0
Proceeds from rights offering 0   33,584 0
Proceeds from issuance of common shares, net 0      
Repurchases of common shares 0      
Distributions to common shareholders 0      
Net cash provided by (used in) financing activities 0      
Increase (decrease) in cash, cash equivalents and restricted cash 9,564      
Cash, cash equivalents and restricted cash at end of period 104,789      
SUPPLEMENTAL CASH FLOW INFORMATION:        
Interest paid 0      
Income taxes paid 0      
Cash paid for reorganization items, net 23      
NON-CASH INVESTING ACTIVITIES:        
Real estate improvements accrued, not paid 3,077      
NON-CASH FINANCING ACTIVITIES:        
Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes 0      
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:        
Cash and cash equivalents 50,751   45,799  
Restricted cash [1] 54,038      
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 104,789      
Predecessor        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss   $ (41,186) (882,040) (87,053)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation     75,685 59,785
Net amortization of debt premiums, discounts and issuance costs   11,364 4,653 23,283
Amortization of acquired real estate leases and assumed real estate lease obligations, net     15,586 22,010
Amortization of deferred leasing costs     8,865 6,824
Loss on sale of real estate   (159) 0 4,578
Loss on impairment of real estate   2,426 0 2,426
Net gain on early extinguishment of debt     0 (1,430)
Fair value adjustment of warrants   0 0 0
Non-cash reorganization items     648,892 0
Straight line rental income     1,063 (13,492)
Other non-cash expenses, net     751 156
Equity in net (earnings) losses of investees   128 (492) 380
Change in assets and liabilities:        
Rents receivable     (2,797) (2,503)
Due from related persons     (692) (3,170)
Deferred leasing costs     (2,635) (11,405)
Other assets     4,707 505
Accounts payable and other liabilities     18,136 3,982
Due to related persons     (1,365) (1,065)
Net cash provided by (used in) operating activities     (111,683) 3,811
CASH FLOWS FROM INVESTING ACTIVITIES:        
Real estate improvements     (22,337) (21,739)
Proceeds from sale of property, net     0 26,245
Net cash (used in) provided by investing activities     (22,337) 4,506
CASH FLOWS FROM FINANCING ACTIVITIES:        
Repayment of senior unsecured notes     0 (171,600)
Repayment of senior secured notes     0 (18,469)
Payment of debt issuance costs     0 (1,153)
Proceeds from issuance of common shares, net     0 1,106
Repurchases of common shares     0 (5)
Distributions to common shareholders     0 (1,407)
Net cash provided by (used in) financing activities     148,584 (191,528)
Increase (decrease) in cash, cash equivalents and restricted cash     14,564 (183,211)
Cash, cash equivalents and restricted cash at beginning of period $ 95,225     275,165
Cash, cash equivalents and restricted cash at end of period   91,954 95,225 91,954
SUPPLEMENTAL CASH FLOW INFORMATION:        
Interest paid     80,604 85,736
Income taxes paid     279 139
Cash paid for reorganization items, net     128,246 0
NON-CASH INVESTING ACTIVITIES:        
Real estate improvements accrued, not paid     7,535 14,772
NON-CASH FINANCING ACTIVITIES:        
Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes     0 (6,537)
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:        
Cash and cash equivalents   78,176   78,176
Restricted cash [1]   13,778   13,778
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows   $ 91,954 $ 95,225 $ 91,954
[1] Restricted cash consists of cash held for operations and amounts escrowed for professional fees and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our debt agreements.