Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (4,305) $ 15,108
Adjustments to reconcile net (loss) income to net provided by operating activities:    
Depreciation and amortization 10,370 8,429
Impairment charge 884 0
Amortization of debt issuance costs 149 365
Straight-line rent adjustment 1,105 (738)
Amortization of deferred rent assets and liabilities, net 1,972 3,253
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 25 24
Loss from investments in unconsolidated entities 191 136
Loss (gain) on dispositions of real estate assets, net 459 (15,410)
Property and casualty loss (recovery), net 93 (137)
Changes in operating assets and liabilities:    
Crop inventory (1,913) (1,188)
Investments in water assets (143) (514)
Other assets, net 3,039 1,213
Accounts payable and accrued expenses (2,715) (3,973)
Due to related parties, net 278 376
Other liabilities, net (194) (2,477)
Net cash provided by operating activities 9,295 4,467
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (219) (1,796)
Proceeds from dispositions of real estate assets, net 0 62,012
Net cash (used in) provided by investing activities (219) 60,216
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings from lines of credit 40,800 0
Repayments of lines of credit (24,300) (3,400)
Repayments of notes and bonds payable (6,022) (25,546)
Payments of financing fees (13) (7)
Proceeds from issuance of common equity 37,121 0
Offering costs (374) 2
Dividends paid on cumulative redeemable preferred stock (5,989) (6,002)
Distributions paid on common stock (5,762) (5,070)
Net cash used in financing activities (27,630) (40,041)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (18,554) 24,642
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 27,177 18,275
CASH AND CASH EQUIVALENTS AT END OF PERIOD 8,623 42,917
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses 428 847
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses 123 10
Financing fees included in Accounts payable and accrued expenses 54 22
Series D Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of cumulative preferred stock (60,375) 0
Redeemable Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of cumulative preferred stock $ (2,716) $ (18)