v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (34,881) $ (173,237)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 60,274 63,386
Amortization of deferred financing costs 3,035 2,519
Accretion of terminated swap 0 (1,218)
Amortization of mortgage premiums and discounts, net 65 67
Amortization (accretion) of market lease and other intangibles, net 2,022 (822)
Bad debt expense 659 914
Equity-based compensation 1,903 613
Gain on sale of real estate investments (28,267) (1,354)
Cash received from non-designated derivative instruments 2,609 5,405
Loss (gain) on non-designated derivative instruments 46 (449)
Impairment charges 33,752 11,498
Gain on extinguishment of debt (257) 0
Deferred tax valuation allowance 1,215 2,126
Changes in assets and liabilities:    
Straight-line rent receivable (2,412) (360)
Prepaid expenses and other assets (7,155) (2,303)
Termination fees payable to related parties 0 0
Accounts receivable, net 4,391 965
Accounts payable, accrued expenses and other liabilities (35,838) 6,314
Deferred leasing costs (7,182) 0
Deferred rent 3,013 (364)
Net cash used in operating activities (3,008) (86,300)
Cash flows from investing activities:    
Property acquisitions (250) (5,606)
Capital expenditures (16,953) (16,400)
Investments in non-designated interest rate caps 0 (1,709)
Proceeds from sales of real estate investments 90,340 82,278
Net cash provided by investing activities 73,137 58,563
Cash flows from financing activities:    
Payments on Fannie Mae and other secured debt (26,034) (4,327)
Proceeds from Fannie Mae and other secured debt 0 6,960
Payments on mortgage notes payable (645) (879)
Payments of deferred financing costs (205) (199)
Proceeds from promissory note 0 30,267
Repurchase of preferred stock (4,503) 0
Distributions to non-controlling interest holders (139) (139)
Net cash (used in) provided by financing activities (41,688) 21,333
Net change in cash, cash equivalents and restricted cash 28,441 (6,404)
Cash, cash equivalents and restricted cash, beginning of period 74,095 91,316
Cash, cash equivalents and restricted cash, end of period 102,536 84,912
Series A Preferred Stock    
Cash flows from financing activities:    
Distributions paid on preferred stock (5,410) (5,501)
Series B Preferred Stock    
Cash flows from financing activities:    
Distributions paid on preferred stock $ (4,752) $ (4,849)