v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (4,675) $ (3,647)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 23,239 24,943
Credit losses on lease related receivables 983 1,451
Share-based compensation expense 1,372 1,090
Net amortization of debt premiums, discounts and related financing costs 1,071 1,058
Gain on land easements 0 (1,410)
Changes in operating other assets (573) (941)
Changes in operating other liabilities (5,242) (1,328)
Net cash provided by operating activities 16,175 21,216
Cash flows from investing activities    
Capital improvements to real estate (5,688) (13,617)
Non-real estate capital improvements (10) (5)
Payments received for land easements 0 3,862
Net cash used in investing activities (5,698) (9,760)
Cash flows from financing activities    
Line of credit borrowings, net 6,000 3,000
Dividends paid (15,898) (15,911)
Payment of financing costs (25) 0
Distributions to noncontrolling interests (2) (2)
Payment of tax withholdings for restricted share awards (209) (178)
Net cash used in financing activities (10,134) (13,091)
Net increase (decrease) in cash, cash equivalents and restricted cash 343 (1,635)
Cash, cash equivalents and restricted cash at beginning of period 8,609 8,538
Cash, cash equivalents and restricted cash at end of period 8,952 6,903
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 11,982 11,972
Change in accrued capital improvements and development costs (139) (7,309)
Dividend payable 15,943 15,888
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 6,396 4,199
Restricted cash 2,556 2,704
Cash, cash equivalents and restricted cash $ 8,952 $ 6,903

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