Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net loss $ (33,801) $ (15,715) $ (60,027) $ (24,589)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization 38,614 27,877 63,118 56,043
Non-cash revenue adjustments, net     (719) (4,968)
Impairments 5,680 11,819 25,365 15,573
Loss on extinguishment of debt, net 1,078 504 1,078 504
Amortization of deferred financing costs     1,838 2,108
Equity-based compensation     1,725 1,215
Equity in loss of unconsolidated joint venture, net 163 95 279 218
Changes in assets and liabilities:        
Accounts receivable, net and other assets, net     653 (1,884)
Accounts payable, accrued expenses and other liabilities, net     (5,301) (302)
Net cash provided by operating activities     28,009 43,918
Cash flows from investing activities:        
Capital expenditures and leasing costs     (8,164) (6,744)
Proceeds from disposition of real estate, net     2,070 0
Return of investment from unconsolidated joint venture     888 881
Principal repayments received on notes receivable     200 0
Deposits for real estate assets     (350) (2,340)
Refunds of deposits for real estate assets     350 2,340
Proceeds from the settlement of property-related insurance claims     171 715
Net cash used in investing activities     (4,835) (5,148)
Cash flows from financing activities:        
Proceeds from credit facility revolver     0 175,000
Repayments of credit facility revolver     (9,000) 0
Repayment of credit facility term loan     0 (175,000)
Payments of deferred financing costs     (965) (5,659)
Repurchases of common stock to settle tax obligations     (162) (74)
Payments of deferred equity offering costs     0 (41)
Distributions paid     (11,166) (11,331)
Other financing activities     (116) (68)
Net cash used in financing activities     (21,409) (17,173)
Net change in cash and cash equivalents and restricted cash     1,765 21,597
Cash and cash equivalents and restricted cash at beginning of year     57,198 55,311
Cash and cash equivalents and restricted cash at end of period 58,963 76,908 58,963 76,908
Reconciliation of Cash and Cash Equivalents and Restricted Cash        
Cash and cash equivalents at beginning of year     22,473 20,638
Restricted cash at beginning of year     34,725 34,673
Cash and cash equivalents and restricted cash at beginning of year     57,198 55,311
Cash and cash equivalents at end of period 24,224 42,209 24,224 42,209
Restricted cash at end of period 34,739 34,699 34,739 34,699
Cash and cash equivalents and restricted cash at end of period $ 58,963 $ 76,908 $ 58,963 $ 76,908