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
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (12,764) $ 7,230
Adjustments to reconcile net (loss) income to net provided by operating activities:    
Depreciation and amortization 18,255 16,803
Impairment charge 5,078 0
Amortization of debt issuance costs 274 581
Straight-line rent adjustment 1,907 (842)
Amortization of deferred rent assets and liabilities, net 3,949 6,098
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 50 49
Loss from investments in unconsolidated entities 117 186
Loss (gain) on dispositions of real estate assets, net 21 (13,261)
Property and casualty loss (recovery), net 115 (137)
Changes in operating assets and liabilities:    
Crop inventory (4,368) (3,263)
Investments in water assets (291) (460)
Other assets, net 15,502 3,701
Accounts payable and accrued expenses (1,374) (7,150)
Due to related parties, net 366 270
Other liabilities, net 2,389 (1,389)
Net cash provided by operating activities 29,226 8,416
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (452) (4,617)
Contributions to unconsolidated real estate entities (74) 0
Proceeds from dispositions of real estate assets, net 0 62,012
Net cash (used in) provided by investing activities (526) 57,395
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings from lines of credit 66,200 0
Repayments of lines of credit (45,300) (3,400)
Borrowings from notes and bonds payable 0 10,600
Repayments of notes and bonds payable (8,686) (38,567)
Payments of financing fees (349) (69)
Proceeds from issuance of common equity 51,350 0
Offering costs (547) (8)
Dividends paid on cumulative redeemable preferred stock (11,853) (12,004)
Distributions paid on common stock (11,792) (10,139)
Net cash used in financing activities (33,326) (53,605)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4,626) 12,206
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 27,177 18,275
CASH AND CASH EQUIVALENTS AT END OF PERIOD 22,551 30,481
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses 719 425
Financing fees included in Accounts payable and accrued expenses 94 45
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 $ (11,974) $ (18)