v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES        
Net (loss) income $ (5,049,000) $ 357,000 $ (3,737,000) $ 698,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Gain on sales, net     (2,422,000) (1,648,000)
Impairment charges 4,436,000 1,064,000 4,436,000 1,064,000
Straight-line rents     (556,000) (194,000)
Credit adjustments on operating lease receivables     219,000 149,000
Depreciation and amortization     5,903,000 6,487,000
Above (below) market lease amortization, net     (136,000) (181,000)
Amortization of deferred financing costs     433,000 762,000
Loss on loan prepayment 0 0 718,000 0
Changes in operating assets and liabilities:        
Receivables, net     (185,000) 492,000
Deferred costs and other assets, net     (1,026,000) (2,127,000)
Accounts payable, accrued expenses, and other liabilities     1,576,000 253,000
Net cash provided by operating activities     5,223,000 5,755,000
INVESTING ACTIVITIES        
Expenditures for real estate improvements     (2,258,000) (9,972,000)
Net proceeds from sales of real estate     16,672,000 19,408,000
Net cash provided by investing activities     14,414,000 9,436,000
FINANCING ACTIVITIES        
Payments for deferred financing costs     (456,000) (444,000)
Loan prepayment premium     (521,000) 0
Preferred stock dividends     (5,244,000) (8,064,000)
Preferred stock repurchases     (41,861,000) (1,035,000)
Net cash used in financing activities     (37,045,000) (7,043,000)
Net (decrease) increase in cash, cash equivalents and restricted cash     (17,408,000) 8,148,000
Cash, cash equivalents and restricted cash at beginning of period     30,624,000 15,908,000
Cash, cash equivalents and restricted cash at end of period 13,216,000 24,056,000 13,216,000 24,056,000
Reconciliation to condensed consolidated balance sheets:        
Cash and cash equivalents 3,545,000 17,514,000 3,545,000 17,514,000
Restricted cash 9,671,000 6,542,000 9,671,000 6,542,000
Cash, cash equivalents and restricted cash $ 13,216,000 $ 24,056,000 13,216,000 24,056,000
Variable Rate        
FINANCING ACTIVITIES        
Loan proceeds     20,250,000 5,223,000
Loan payments     0 (5,223,000)
Fixed Rate        
FINANCING ACTIVITIES        
Loan proceeds     0 2,500,000
Loan payments     $ (9,213,000) $ 0

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