v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities    
Net income (loss) $ (10,577,000) $ (23,507,000)
Changes in operating assets and liabilities:    
Net cash used in the Company's operating activities (199,000) (11,142,000)
Cash Flows From Investing Activities    
Net cash used in the Company's investing activities (14,364,000) (43,955,000)
Cash Flows From Financing Activities    
Net cash provided by the Company's financing activities 1,026,000 57,580,000
Net Change in Cash and Restricted Cash (13,537,000) 2,483,000
Cash and Restricted Cash at Beginning of Period 17,640,000 15,934,000
Cash and Restricted Cash at End of Period 4,103,000 18,417,000
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 3,805,000 7,657,000
Restricted cash at beginning of period 13,835,000 8,277,000
Cash and Restricted Cash at Beginning of Period 17,640,000 15,934,000
Cash at end of period 1,569,000 5,531,000
Restricted cash at end of period 2,534,000 12,886,000
Cash and Restricted Cash at End of Period 4,103,000 18,417,000
Excluding consolidated VIE    
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 439,000 392,000
Non-cash lease expense 15,000 (285,000)
Non-cash performance allocations 0 (2,382,000)
Equity-based compensation 1,723,000 3,017,000
(Gain) loss on disposal of furniture, fixtures and equipment 5,000 0
Gain on investments in unconsolidated entities (231,000) 0
Impairment (10,000) 0
Amortization of above-market/below market leases and straight-line rent, net 181,000 178,000
Amortization of deferred financing costs 47,000 25,000
Changes in operating assets and liabilities:    
Due from related parties 923,000 1,364,000
Prepaid expenses, right-of-use assets and other assets 25,000 3,307,000
Accounts payable and accrued expenses 121,000 464,000
Due to related parties (47,000) (84,000)
Lease liabilities and other liabilities 120,000 248,000
Cash Flows From Investing Activities    
Investments in real estate assets (686,000) (224,000)
Acquisition of real estate assets 0 (19,472,000)
Investments in unconsolidated entities (267,000) (134,000)
Funding of notes receivable - related parties (184,000) (980,000)
Payment received on notes receivable - related parties 7,765,000 930,000
Cash Flows From Financing Activities    
Payment of deferred financing costs (31,000) (253,000)
Proceeds from the issuance of common stock, net of issuance costs 0 2,599,000
Payments of treasury stock - buyback obligation 0 (183,000)
Excluding consolidated VIE | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 0 4,000,000
Repayments of notes payable 0 (4,365,000)
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 1,399,000 43,010,000
Repayments of notes payable (5,541,000) (3,181,000)
VIE, primary beneficiary    
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 4,841,000 7,926,000
Non-cash lease expense (9,000) (80,000)
Loss on extinguishment of debt 0 2,000
Gain on derivative instruments (311,000) (114,000)
(Gain) loss on disposal of furniture, fixtures and equipment (9,000) 687,000
Amortization of advanced key money (12,000) (56,000)
Amortization of above-market/below market leases and straight-line rent, net (164,000) (333,000)
Amortization of deferred financing costs 334,000 1,147,000
Changes in operating assets and liabilities:    
Accounts receivable, net (1,277,000) 533,000
Due from related parties (197,000) (12,000)
Prepaid expenses, right-of-use assets and other assets 1,929,000 (4,939,000)
Accounts payable and accrued expenses 996,000 849,000
Due to related parties 984,000 327,000
Lease liabilities and other liabilities (38,000) 184,000
Cash Flows From Investing Activities    
Consolidation of VIEs 0 12,927,000
Deconsolidation of VIEs (17,641,000) (12,418,000)
Investments in real estate assets (5,015,000) (12,040,000)
Acquisition of real estate assets 0 (6,643,000)
Funding of notes receivable - related parties (17,529,000) (11,986,000)
Payment received on notes receivable - related parties 19,193,000 6,085,000
Cash Flows From Financing Activities    
Payment of deferred financing costs (1,342,000) (2,522,000)
Proceeds from notes payable 16,567,000 61,681,000
Repayments of notes payable (17,230,000) (58,734,000)
Contributions from noncontrolling interest holders 14,925,000 21,286,000
Redemptions of noncontrolling interests (2,020,000) (1,770,000)
Distributions to noncontrolling interest holders (5,701,000) (5,002,000)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 511,000 5,647,000
Repayments of notes payable $ (511,000) $ (4,633,000)

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