v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities    
Net (loss) income $ (11,285) $ 19,717
Changes in operating assets and liabilities:    
Net cash provided by operating activities (3,459) 989
Cash Flows From Investing Activities    
Net cash used in investing activities (42,920) (17,882)
Cash Flows From Financing Activities    
Net cash provided by financing activities 51,857 27,301
Net Change in Cash and Restricted Cash 5,478 10,408
Cash and Restricted Cash at Beginning of Period 15,934 16,532
Cash and Restricted Cash at End of Period 21,412 26,940
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 7,657 8,378
Restricted cash at beginning of period 8,277 8,154
Cash and Restricted Cash at Beginning of Period 15,934 16,532
Cash at end of period 8,555 15,580
Restricted cash at end of period 12,857 11,360
Cash and Restricted Cash at End of Period 21,412 26,940
Excluding consolidated VIE    
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 258 16
Non-cash lease expense and gain on lease extinguishment (290) 0
Non-cash performance allocations (2,382) 0
Equity-based compensation 2,624 201
Amortization of above-market/below market leases and straight-line rent, net 108 0
Amortization of deferred financing costs (15) 0
Changes in operating assets and liabilities:    
Due from related parties 637 1,257
Prepaid expenses, right-of-use assets and other assets 3,198 (1,038)
Accounts payable and accrued expenses 1,405 (204)
Due to related parties (70) (610)
Lease liabilities and other liabilities 359 (455)
Cash Flows From Investing Activities    
Investments in real estate assets (127) (128)
Acquisition of real estate assets (19,472) 0
Investments in unconsolidated entities (90) (686)
Funding of notes receivable - related party (980) 0
Payment received on notes receivable - related party 480 0
Cash Flows From Financing Activities    
Payment of deferred financing costs (253) 0
Proceeds from the issuance of common stock, net of issuance costs 3,248 12
Payments of treasury stock - buyback obligation (183) (157)
Excluding consolidated VIE | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 4,000 0
Repayments of notes payable (4,365) (35)
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 42,816 6,585
Repayments of notes payable (2,237) (868)
VIE, primary beneficiary    
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 5,134 4,648
Non-cash lease expense and gain on lease extinguishment (53) 0
Amortization of above-market/below market leases and straight-line rent, net (244) (38)
Amortization of deferred financing costs 737 326
Gain on the disposition of real estate 0 (21,530)
Loss (gain) on extinguishment of debt 2 (3,131)
Gain on derivative instruments (30) 0
Loss on disposal of furniture, fixtures and equipment 413 0
Impairment 0 182
Amortization of advanced key money (37) (38)
Changes in operating assets and liabilities:    
Accounts receivable, net 1,267 (63)
Due from related parties 11 97
Prepaid expenses, right-of-use assets and other assets (4,617) (209)
Accounts payable and accrued expenses (773) (200)
Due to related parties 266 598
Lease liabilities and other liabilities (82) 1,463
Cash Flows From Investing Activities    
Investments in real estate assets (10,223) (28,375)
Acquisition of real estate assets (6,643) 0
Funding of notes receivable - related party (8,309) (4,067)
Payment received on notes receivable - related party 1,935 191
Consolidation of VIEs 12,927 1,393
Deconsolidation of VIEs (12,418) (16,882)
Proceeds from the sale of real estate assets 0 30,672
Cash Flows From Financing Activities    
Payment of deferred financing costs (2,515) (241)
Proceeds from notes payable 60,535 23,315
Repayments of notes payable (57,687) (16,969)
Contributions from noncontrolling interest holders 14,416 16,563
Redemptions of noncontrolling interests (1,290) (1,610)
Distributions to noncontrolling interest holders (3,234) (1,992)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 3,239 10,455
Repayments of notes payable $ (4,633) $ (7,757)

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