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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:        
Net loss $ (9,390) $ (11,074) $ (32,047) $ (35,787)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization 6,499 6,941 20,200 20,963
Amortization of deferred financing costs     1,157 1,157
Accretion of below- and amortization of above-market lease liabilities and assets, net     (45) (131)
Equity-based compensation 1,208 2,263 5,712 6,584
Management fees paid/reinvested in common stock by the Advisor     485 3,580
Impairments of real estate investments 362 0 513 0
Changes in assets and liabilities:        
Straight-line rent receivable     (787) (3,011)
Straight-line rent payable     81 82
Prepaid expenses, other assets and deferred costs     (1,710) 1,090
Accounts payable, accrued expenses and other liabilities     2,846 8,718
Deferred revenue     (337) 93
Net cash provided by (used in) operating activities     (3,932) 3,338
Cash flows from investing activities:        
Capital expenditures     (3,209) (4,865)
Net cash used in investing activities     (3,209) (4,865)
Cash flows from financing activities:        
Payments on mortgage note payable     0 (5,500)
Proceeds from issuance of common stock to affiliates of the Advisor, net under Cash Management Plan (see Note 9)     0 1,980
Proceeds from Rights Offering, net (see Note 7)     4,059 0
Dividends paid on common stock     0 (2,670)
Redemption of fractional shares of common stock and restricted shares     (24) 0
Distributions to non-controlling interest holders     0 (80)
Common stock shares withheld upon vesting of restricted shares     (10) 0
Net cash provided by (used in) financing activities     4,025 (6,270)
Net change in cash, cash equivalents and restricted cash     (3,116) (7,797)
Cash, cash equivalents and restricted cash, beginning of period     16,117 28,428
Cash, cash equivalents and restricted cash, end of period 13,001 20,631 13,001 20,631
Cash and cash equivalents 5,090 7,378 5,090 7,378
Restricted cash 7,911 13,253 7,911 13,253
Cash, cash equivalents and restricted cash, end of period $ 13,001 $ 20,631 13,001 20,631
Non-Cash Investing and Financing Activities:        
Common stock issued to directors in lieu of cash for board fees     0 121
Net change in accrued capital expenditures for the period     559 453
Common stock issued to the Advisor in connection with management fees (see Note 7)     $ 485 $ 3,580