Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,317 $ 12,750
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 25,198 26,407
Impairment charge 316 2,106
Amortization of debt issuance costs 801 687
Amortization of deferred rent assets and liabilities, net 9,075 (134)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 74 69
Loss from investments in unconsolidated entities 128 143
Bad debt expense 106 292
Gain on dispositions of real estate assets, net (16,323) (6,641)
Property and casualty (loss) recovery, net (137) 284
Changes in operating assets and liabilities:    
Investments in water assets (909) (2,663)
Other assets, net (12,776) (6,810)
Accounts payable and accrued expenses (12,574) (4,155)
Due to related parties, net (279) (1,069)
Other liabilities, net (5,637) (3,300)
Net cash (used in) provided by operating activities (3,620) 17,966
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (6,063) (3,958)
Proceeds from dispositions of real estate assets, net 82,465 63,997
Net cash provided by investing activities 76,402 60,039
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 (54,705) (43,767)
Payments of financing fees (114) (23)
Proceeds from issuance of preferred and common equity 1,140 393
Offering costs (20) (58)
Redemptions of cumulative redeemable preferred stock (31) (6,631)
Dividends paid on cumulative redeemable preferred stock (18,006) (18,246)
Distributions paid on common stock (15,209) (15,031)
Net cash used in financing activities (79,745) (83,363)
NET DECREASE IN CASH AND CASH EQUIVALENTS (6,963) (5,358)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,275 18,571
CASH AND CASH EQUIVALENTS AT END OF PERIOD 11,312 13,213
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net $ 878 $ 452