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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net (loss) income $ (23,507,000) $ 19,050,000
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Loss (gain) on extinguishment of debt 0 (1,421,000)
Changes in operating assets and liabilities:    
Net cash used in operating activities (11,142,000) (3,816,000)
Cash Flows From Investing Activities    
Net cash used in investing activities (43,955,000) (23,877,000)
Cash Flows From Financing Activities    
Net cash provided by financing activities 57,580,000 29,570,000
Net Change in Cash and Restricted Cash 2,483,000 1,877,000
Cash and Restricted Cash at Beginning of Period 15,934,000 16,532,000
Cash and Restricted Cash at End of Period 18,417,000 18,409,000
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 7,657,000 8,378,000
Restricted cash at beginning of period 8,277,000 8,154,000
Cash and Restricted Cash at Beginning of Period 15,934,000 16,532,000
Cash at end of period 5,531,000 10,978,000
Restricted cash at end of period 12,886,000 7,431,000
Cash and Restricted Cash at End of Period 18,417,000 18,409,000
Excluding consolidated VIE    
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 392,000 23,000
Non-cash lease expense and gain on lease extinguishment (285,000) 0
Non-cash performance allocations (2,382,000) 0
Equity-based compensation 3,017,000 459,000
Gain on the disposition of real estate 0 (27,000)
Loss (gain) on extinguishment of debt 0 (1,421,000)
Impairment 0 9,000
Amortization of above-market/below market leases and straight-line rent, net 178,000 0
Amortization of deferred financing costs 25,000 0
Changes in operating assets and liabilities:    
Due from related parties 1,364,000 (3,029,000)
Prepaid expenses, right-of-use assets and other assets 3,307,000 (2,099,000)
Accounts payable and accrued expenses 464,000 (695,000)
Due to related parties (84,000) (703,000)
Lease liabilities and other liabilities 248,000 (514,000)
Cash Flows From Investing Activities    
Investments in real estate assets (224,000) (228,000)
Acquisition of real estate assets (19,472,000) 0
Proceeds from the sale of real estate assets 0 144,000
Investments in unconsolidated entities (134,000) (877,000)
Funding of notes receivable - related party (980,000) 0
Payment received on notes receivable - related party 930,000 0
Cash Flows From Financing Activities    
Payment of deferred financing costs (253,000) 0
Proceeds from the issuance of common stock, net of issuance costs 2,599,000 12,000
Payments of treasury stock - buyback obligation (183,000) (236,000)
Excluding consolidated VIE | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 4,000,000 0
Repayments of notes payable (4,365,000) (490,000)
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 43,010,000 9,015,000
Repayments of notes payable (3,181,000) (981,000)
VIE, primary beneficiary    
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 7,926,000 6,809,000
Non-cash lease expense and gain on lease extinguishment (80,000) 0
Gain on the disposition of real estate 0 (21,547,000)
Loss (gain) on extinguishment of debt 2,000 (3,131,000)
Impairment 0 144,000
Amortization of above-market/below market leases and straight-line rent, net (333,000) (61,000)
Amortization of deferred financing costs 1,100,000 400,000
Amortization of deferred financing costs 1,147,000 583,000
Gain on derivative instruments (114,000) 0
Loss on disposal of furniture, fixtures and equipment 687,000 0
Amortization of advanced key money (56,000) (56,000)
Changes in operating assets and liabilities:    
Accounts receivable, net 533,000 (381,000)
Due from related parties (12,000) 194,000
Prepaid expenses, right-of-use assets and other assets (4,939,000) 42,000
Accounts payable and accrued expenses 849,000 783,000
Due to related parties 327,000 382,000
Lease liabilities and other liabilities 184,000 1,370,000
Cash Flows From Investing Activities    
Investments in real estate assets (12,040,000) (32,676,000)
Acquisition of real estate assets (6,643,000) 0
Proceeds from the sale of real estate assets 0 30,705,000
Funding of notes receivable - related party (11,986,000) (6,485,000)
Payment received on notes receivable - related party 6,085,000 1,393,000
Consolidation of VIEs 12,927,000 1,393,000
Deconsolidation of VIEs (12,418,000) (17,246,000)
Cash Flows From Financing Activities    
Payment of deferred financing costs (2,522,000) (355,000)
Proceeds from notes payable 61,681,000 27,085,000
Repayments of notes payable (58,734,000) (26,012,000)
Contributions from noncontrolling interest holders 21,286,000 20,408,000
Redemptions of noncontrolling interests (1,770,000) (1,885,000)
Distributions to noncontrolling interest holders (5,002,000) (2,977,000)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 5,647,000 15,243,000
Repayments of notes payable $ (4,633,000) $ (9,257,000)

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