Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (1,740) $ 9,317
Adjustments to reconcile net (loss) income to net provided by operating activities:    
Depreciation and amortization 25,624 25,198
Impairment charge 7,272 316
Amortization of debt issuance costs 459 801
Straight-line rent adjustment 1,638 (1,235)
Amortization of deferred rent assets and liabilities, net 5,926 9,075
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 75 74
Loss from investments in unconsolidated entities 209 128
Loss (gain) on dispositions of real estate assets, net 207 (16,323)
Property and casualty loss (recovery), net 115 (137)
Changes in operating assets and liabilities:    
Crop inventory (7,051) (6,379)
Investments in water assets (678) (909)
Other assets, net (4,408) (5,056)
Accounts payable and accrued expenses (1,799) (12,574)
Due to related parties, net (124) (279)
Other liabilities, net (2,115) (5,637)
Net cash provided by (used in) operating activities 23,610 (3,620)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (1,150) (6,063)
Contributions to unconsolidated real estate entities (74) 0
Proceeds from dispositions of real estate assets, net 4,273 82,465
Net cash provided by investing activities 3,049 76,402
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings from lines of credit 87,300 0
Repayments of lines of credit (50,400) (3,400)
Borrowings from notes and bonds payable 0 10,600
Repayments of notes and bonds payable (19,757) (54,705)
Payments of financing fees (443) (114)
Proceeds from issuance of common equity 52,896 1,140
Offering costs (562) (20)
Dividends paid on cumulative redeemable preferred stock (17,542) (18,006)
Distributions paid on common stock (17,842) (15,209)
Net cash used in financing activities (48,824) (79,745)
NET DECREASE IN CASH AND CASH EQUIVALENTS (22,165) (6,963)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 27,177 18,275
CASH AND CASH EQUIVALENTS AT END OF PERIOD 5,012 11,312
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses 608 878
Financing fees included in Accounts payable and accrued expenses 54 0
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 $ (22,099) $ (31)