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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income (loss) $ (5,262) $ 295
Changes in operating assets and liabilities:    
Net cash (used in) provided by the Company's operating activities (1,527) 1,050
Cash Flows From Investing Activities    
Net cash used in the Company's investing activities (16,052) (35,981)
Cash Flows From Financing Activities    
Net cash provided by the Company's financing activities 5,273 42,722
Net Change in Cash and Restricted Cash (12,306) 7,791
Cash and Restricted Cash at Beginning of Period 17,640 15,934
Cash and Restricted Cash at End of Period 5,334 23,725
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 3,805 7,657
Restricted cash at beginning of period 13,835 8,277
Cash and Restricted Cash at Beginning of Period 17,640 15,934
Cash at end of period 2,095 10,673
Restricted cash at end of period 3,239 13,052
Cash and Restricted Cash at End of Period 5,334 23,725
Excluding consolidated VIE    
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 140 127
Non-cash lease expense and gain on lease extinguishment 3 (297)
Non-cash performance allocations 0 (2,382)
Equity-based compensation 400 702
Amortization of above-market/below market leases and straight-line rent, net 77 0
Amortization of deferred financing costs 10 (6)
Changes in operating assets and liabilities:    
Due from related parties 312 21
Prepaid expenses, right-of-use assets and other assets (93) 2,256
Accounts payable and accrued expenses 810 597
Due to related parties (100) 99
Lease liabilities and other liabilities 104 684
Cash Flows From Investing Activities    
Investments in real estate assets (193) (23)
Acquisition of real estate assets 0 (19,472)
Investments in unconsolidated entities (150) (10)
Funding of notes receivable - related parties 0 (250)
Payment received on notes receivable - related parties 50 0
Cash Flows From Financing Activities    
Payment of deferred financing costs (9) (253)
Payments of treasury stock - buyback obligation 0 (183)
Excluding consolidated VIE | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 0 4,000
Repayments of notes payable 0 (4,000)
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 296 36,873
Repayments of notes payable (1,144) (311)
VIE, primary beneficiary    
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 2,094 2,374
Non-cash lease expense and gain on lease extinguishment (12) (26)
Loss on the disposition of real estate (9) 0
Loss on extinguishment of debt 0 2
Amortization of above-market/below market leases and straight-line rent, net (51) 4
Amortization of deferred financing costs 300 300
(Gain) loss on derivative instruments (159) 279
Amortization of advanced key money (19) (19)
Amortization of deferred financing costs 285 335
Changes in operating assets and liabilities:    
Accounts receivable, net (1,201) (1,860)
Due from related parties 1 13
Prepaid expenses, right-of-use assets and other assets (624) (3,732)
Accounts payable and accrued expenses 1,648 1,059
Due to related parties 252 85
Lease liabilities and other liabilities (133) 440
Cash Flows From Investing Activities    
Investments in real estate assets (1,062) (7,125)
Acquisition of real estate assets 0 (6,643)
Proceeds from the sale of real estate assets 293 0
Funding of notes receivable - related parties (2,470) (3,902)
Payment received on notes receivable - related parties 7,084 935
Consolidation of VIEs 0 12,927
Deconsolidation of VIEs (19,604) (12,418)
Cash Flows From Financing Activities    
Payment of deferred financing costs (66) (2,439)
Proceeds from notes payable 3,117 60,157
Repayments of notes payable (3,342) (56,899)
Contributions from noncontrolling interest holders 6,388 7,629
Redemptions of noncontrolling interests (670) (295)
Distributions to noncontrolling interest holders (1,604) (1,752)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 2,307 2,997
Repayments of notes payable $ 0 $ (2,802)

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