v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES        
Net loss $ (6,128,000) $ (28,506,000) $ (36,446,000) $ (50,708,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Equity in loss of unconsolidated entities (508,000) (756,000) 6,659,000 7,172,000
Loss on sale of interests in unconsolidated entities 0 1,417,000 0 1,417,000
Distributions from unconsolidated entities     2,346,000 2,605,000
Gain on sale of real estate     (35,000) (8,903,000)
Impairment of real estate assets 0 18,000,000 15,183,000 18,000,000
Share-based compensation     0 201,000
Depreciation and amortization 390,000 2,040,000 790,000 4,115,000
Amortization of deferred financing costs     1,983,000 0
Amortization of above and below market leases, net     82,000 87,000
Straight-line rent adjustment     (5,000) 225,000
Non-cash lease expense     1,000 875,000
Change in operating assets and liabilities        
Tenant and other receivables     298,000 470,000
Prepaid expenses, deferred expenses and other assets     3,766,000 970,000
Accounts payable, accrued expenses and other liabilities     (1,913,000) 2,240,000
Net cash used in operating activities     (7,291,000) (21,234,000)
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in unconsolidated entities     (2,519,000) (362,000)
Distributions from unconsolidated entities     6,430,000 4,838,000
Net proceeds from sale of interests in unconsolidated entities     0 8,092,000
Net proceeds from sale of real estate     8,989,000 51,560,000
Development of real estate     (896,000) (18,041,000)
Net cash provided by investing activities     12,004,000 46,087,000
CASH FLOW FROM FINANCING ACTIVITIES        
Repayment of term loan     0 (40,000,000)
Preferred dividends paid     (2,450,000) (2,450,000)
Contributions from non-controlling member of consolidated variable interest entities     54,000 18,000
Distributions to non-controlling member of consolidated variable interest entities     (1,741,000) 0
Net cash used in financing activities     (4,137,000) (42,432,000)
Net increase (decrease) in cash and cash equivalents, and restricted cash     576,000 (17,579,000)
Cash and cash equivalents, and restricted cash, beginning of period     62,285,000 97,709,000
Cash and cash equivalents, and restricted cash, end of period 62,861,000 80,130,000 62,861,000 80,130,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH        
Cash and cash equivalents at beginning of period     48,088,000 85,206,000
Restricted cash at beginning of period     14,197,000 12,503,000
Cash and cash equivalents at end of period 48,426,000 71,802,000 48,426,000 71,802,000
Restricted cash at end of period 14,435,000 8,328,000 14,435,000 8,328,000
Cash and cash equivalents and restricted cash at end of period $ 62,861,000 $ 80,130,000 62,861,000 80,130,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION        
Cash payments for interest     3,774,000 10,536,000
Income taxes paid     0 128,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES        
Accounts payable related to development of real estate     332,000 6,220,000
Preferred dividends declared and unpaid     $ 1,225,000 $ 1,225,000