v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 1,445 $ 323
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales (2,422) 0
Straight-line rents (283) (58)
Credit adjustments on operating lease receivables 189 (47)
Depreciation and amortization 1,976 1,892
Above (below) market lease amortization, net (45) (75)
Amortization of deferred financing costs 108 146
Loss on loan prepayment 718 0
Changes in operating assets and liabilities:    
Receivables, net 24 388
Deferred costs and other assets, net 257 (451)
Accounts payable, accrued expenses, and other liabilities 291 (52)
Net cash provided by operating activities 2,258 2,066
INVESTING ACTIVITIES    
Expenditures for real estate improvements (467) (2,102)
Net proceeds from sales of real estate 16,672 0
Net cash provided by (used in) investing activities 16,205 (2,102)
FINANCING ACTIVITIES    
Advances under Revolving Credit Agreement 0 1,387
Loan prepayment premium (521) 0
Term loan proceeds 0 1,000
Term loan principal payments (9,160) 0
Payments for deferred financing costs 0 (445)
Preferred stock dividends (2,104) (2,688)
Preferred stock repurchases (21,196) 0
Net cash used in financing activities (32,981) (746)
Net decrease in cash, cash equivalents and restricted cash (14,518) (782)
Cash, cash equivalents and restricted cash at beginning of period 30,624 15,908
Cash, cash equivalents and restricted cash at end of period 16,106 15,126
Reconciliation to condensed consolidated balance sheets:    
Cash and cash equivalents 7,355 5,334
Restricted cash 8,751 9,792
Cash, cash equivalents and restricted cash $ 16,106 $ 15,126

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