Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,230 $ 12,744
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,803 17,602
Amortization of debt issuance costs 581 465
Amortization of deferred rent assets and liabilities, net 6,098 505
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 49 46
Loss from investments in unconsolidated entities 186 171
Bad debt expense 106 220
Gain on dispositions of real estate assets, net (13,261) (7,473)
Property and casualty (loss) recovery, net (137) 9
Changes in operating assets and liabilities:    
Investments in water assets (460) (1,590)
Other assets, net (510) (3,242)
Accounts payable and accrued expenses (7,150) (552)
Due to related parties, net 270 (759)
Other liabilities, net (1,389) 1,187
Net cash provided by operating activities 8,416 19,333
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (4,617) (2,319)
Proceeds from dispositions of real estate assets, net 62,012 63,997
Net cash provided by investing activities 57,395 61,678
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of lines of credit (3,400) 0
Borrowings from notes and bonds payable 10,600 0
Repayments of notes and bonds payable (38,567) (24,949)
Payments of financing fees (69) (9)
Proceeds from issuance of preferred and common equity 0 304
Offering costs (8) (43)
Redemptions of cumulative redeemable preferred stock (18) (2,895)
Dividends paid on cumulative redeemable preferred stock (12,004) (12,223)
Distributions paid on common stock (10,139) (10,010)
Net cash used in financing activities (53,605) (49,825)
NET INCREASE IN CASH AND CASH EQUIVALENTS 12,206 31,186
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,275 18,571
CASH AND CASH EQUIVALENTS AT END OF PERIOD 30,481 49,757
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 425 887
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net $ 45 $ 18