v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (10,673) $ (8,623)
Adjustments to net loss:    
Depreciation and amortization including intangible assets and deferred financing costs 3,751 2,445
Amortization of rent-related intangibles and straight-line rent adjustments (52) (37)
Unrealized (gain) loss on interest rate derivatives (45) 3
Changes in operating assets and liabilities:    
Increase in other assets and due from affiliates (3,864) (1,188)
Increase in due to affiliates 568 691
Increase (decrease) in accounts payable 11 (132)
Increase in accrued expenses and other liabilities 4,198 223
Net cash used in operating activities (6,106) (6,618)
Cash flows from investing activities    
Development of real estate (10,226) (20,603)
Funding of convertible loan receivable to affiliate (5,000)
Other investing activity (40) (26)
Net cash used in investing activities (15,266) (20,629)
Cash flows from financing activities    
Proceeds from construction loans 11,974 24,042
Proceeds from units issued 3,210 270
Proceeds from term loans 2,230 1,541
Redemption of noncontrolling interests (1,641)
Other financing activities 193 75
Payment of offering costs (6)
Net cash provided by financing activities 15,966 25,922
Net decrease in cash and cash equivalents and restricted cash (5,406) (1,325)
Cash and cash equivalents and restricted cash, beginning of period 28,672 28,831
Cash and cash equivalents and restricted cash, end of period $ 23,266 $ 27,506