Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 13,529 $ 13,290 $ 14,565
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 34,549 35,055 37,161
Impairment charge 3,921 2,106 0
Amortization of debt issuance costs 1,247 990 1,065
Amortization of deferred rent assets and liabilities, net 11,227 2,055 534
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 100 56 92
Loss from investments in unconsolidated entities 26 60 59
Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series E) 547 0 0
Gain on dispositions of real estate assets, net (13,882) (5,886) (5,208)
Property and casualty (recovery) loss, net (137) 284 1,016
Changes in operating assets and liabilities:      
Crop inventory (1,053) 0 0
Investments in water assets (1,297) (4,121) (2,043)
Other assets, net (21,613) (6,782) (4,722)
Accounts payable and accrued expenses (13,853) (5,101) (2,904)
Due to related parties, net (128) (1,000) (496)
Other liabilities, net (6,190) (1,458) 962
Net cash provided by operating activities 6,993 29,548 40,081
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures on existing real estate assets (7,161) (5,197) (12,805)
Contributions to unconsolidated real estate entities (68) 0 0
Proceeds from dispositions of real estate assets, net 91,295 68,505 9,037
Net cash provided by (used in) investing activities 84,066 63,308 (3,768)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings from lines of credit 2,900 3,400 200
Repayments of lines of credit (6,300) 0 (100)
Borrowings from notes and bonds payable 10,600 0 0
Repayments of notes and bonds payable (61,557) (50,519) (53,015)
Payments of financing fees (114) (50) (192)
Proceeds from issuance of preferred and common equity 17,070 5,094 21,268
Offering costs (180) (104) (763)
Redemptions of cumulative redeemable preferred stock (102) (6,630) (1,191)
Dividends paid on cumulative redeemable preferred stock (24,008) (24,248) (25,301)
Distributions paid on common stock (20,466) (20,095) (19,789)
Net cash used in financing activities (82,157) (93,152) (78,883)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,902 (296) (42,570)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,275 18,571 61,141
CASH AND CASH EQUIVALENTS AT END OF PERIOD 27,177 18,275 18,571
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid [1] 22,755 24,396 26,218
NON-CASH INVESTING AND FINANCING INFORMATION:      
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 254 802 441
Tenant-funded improvements included within Real estate, at cost 0 0 25
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 0 4 11
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 0 0 7
Dividends paid on Series C Preferred Stock via additional share issuances $ 0 $ 0 $ 320
[1] Includes distributions made on our cumulative term preferred stock