v3.25.4
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 loss $ (57,685) $ (190,263) $ (72,380)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 78,261 84,067 82,873
Amortization of deferred financing costs and mortgage discounts (premiums) 4,753 3,465 6,793
Accretion of terminated swap (344) (1,218) (4,195)
Amortization (accretion) of market lease and other intangibles, net 1,891 (1,428) (890)
Stock-based compensation amortization expense 3,766 613 919
Loss (gain) on non-designated derivative instruments 72 (1,544) 1,995
Cash received from non-designated derivative instruments 3,292 6,810 5,580
(Gain) loss on sale of real estate investments (27,800) (9,307) 322
Gain on extinguishment of debt (257) (392) 0
Impairment charges 44,914 24,881 4,676
Deferred tax valuation allowance 1,711 2,397 1,165
Changes in assets and liabilities:      
Straight-line rent receivable, net 1,355 (794) (1,049)
Prepaid expenses and other assets, net 3,692 (6,021) (5,549)
Accounts receivable, net (3,399) 3,093 705
Deferred leasing costs (8,081) (11,266) (3,134)
Accounts payable, accrued expenses and other liabilities (41,220) 15,925 3,217
Deferred rent 2,030 1,136 576
Net cash provided by (used in) operating activities 6,951 (79,846) 21,624
Cash flows from investing activities:      
Acquisitions of real estate (250) (5,606) (35,261)
Capital expenditures (28,726) (21,908) (22,397)
Investments in non-designated interest rate caps, net (1,379) (1,709) (9,962)
Proceeds from sales of real estate, net 100,161 93,195 4,803
Net cash provided by (used in) investing activities 69,806 63,972 (62,817)
Cash flows from financing activities:      
Repayments of Fannie Mae and other secured debt (27,476) (5,769) (200,602)
Proceeds from mortgage notes payable 0 0 240,000
Repayments of mortgage notes payable (331,113) (18,822) (1,139)
Proceeds from interest rate swap terminations 8,259 0 5,413
Payments of deferred financing costs (6,211) 0 (8,748)
Proceeds from promissory note 0 30,267 0
Taxes paid for net settlement of equity-based awards (612) 0 0
Payment of offering costs (1,217) 0 0
Repurchase of Preferred Stock (5,423) 0 0
Purchase of non-controlling interest (978) 0 0
Contributions from non-controlling interest holders 0 0 284
Distributions to non-controlling interest holders (184) (184) (185)
Net cash (used in) provided by financing activities (42,400) (1,347) 55,971
Net change in cash, cash equivalents and restricted cash 34,357 (17,221) 14,778
Cash, cash equivalents and restricted cash, beginning of year 74,095 91,316 76,538
Cash, cash equivalents and restricted cash, end of year 108,452 74,095 91,316
Cash and cash equivalents 57,620 21,652 46,409
Restricted cash 50,832 52,443 44,907
Cash, cash equivalents and restricted cash, end of period 108,452 74,095 91,316
Supplemental disclosures of cash flow information:      
Cash paid for interest (54,018) (61,038) (63,720)
Cash (received) paid for income and franchise taxes [1] 10 (416) (454)
Non-cash investing and financing activities:      
Common stock issued through stock dividends 0 23,695 91,250
Preferred stock dividend declared (3,340) (3,496) (3,496)
Mortgages issued with acquisition of real estate investments 0 7,500 0
Accrued capital expenditures 598 455 2,902
Accrued offering costs on Series B Preferred Stock 0 0 0
Proceeds from real estate sales used to repay mortgage notes payable 82,797 20,370 2,663
Mortgage notes payable repaid with proceeds from real estate sales (82,797) (20,370) (2,663)
Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility 0 0 5,167
Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales 0 0 (5,167)
Fannie Mae and other secured debt      
Cash flows from financing activities:      
Borrowings/Proceeds from credit facility 0 6,960 34,748
Credit Agreement      
Cash flows from financing activities:      
Borrowings/Proceeds from credit facility 336,000 0 0
Series A Preferred Stock      
Cash flows from financing activities:      
Dividend paid on Preferred stock (7,181) (7,333) (7,334)
Series B Preferred Stock      
Cash flows from financing activities:      
Dividend paid on Preferred stock $ (6,264) $ (6,466) $ (6,466)
[1] For the year ended December 31, 2025, relates to cash received for income tax refunds. For the years ended December 31, 2024 and 2023, relates to cash paid for income and franchise taxes.