v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
10 Months Ended 12 Months Ended
Oct. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities      
Net loss $ (154,162) $ (13,103) $ (52,977)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 78,162 95,935 88,950
Credit losses on lease related receivables 3,553 5,164 4,833
Real estate impairment 111,719 0 41,860
Share-based compensation expense 5,351 5,218 5,538
Amortization of debt premiums, discounts and related financing costs 3,570 4,421 4,218
Loss on extinguishment of debt, net 0 147 54
Gain on land easements 0 (1,410) 0
Changes in other assets (10,290) (6,894) (11,294)
Changes in other liabilities 24,340 5,765 3,487
Net cash provided by operating activities 62,243 95,243 84,669
Cash flows from investing activities      
Real estate acquisitions, net 0 0 (107,595)
Capital improvements to real estate (26,925) (47,390) (38,218)
Non-real estate capital improvements (61) (212) (408)
Payments received for land easements 0 3,862 0
Net cash used in investing activities (26,986) (43,740) (146,221)
Cash flows from financing activities      
Line of credit borrowings, net 29,000 19,000 102,000
Dividends paid (63,707) (63,636) (64,335)
Repayments of unsecured term loan debt 0 0 (100,000)
Proceeds from term loan 0 0 125,000
Payment of financing costs (26) (5,676) (844)
Distributions to noncontrolling interests (7) (9) (8)
Proceeds from dividend reinvestment program 0 0 497
Payment of tax withholdings for restricted share awards (229) (1,111) (2,072)
Net cash (used in) provided by financing activities (34,969) (51,432) 60,238
Net increase (decrease) in cash, cash equivalents and restricted cash 288 71 (1,314)
Cash, cash equivalents and restricted cash at beginning of period 8,609 8,538 9,852
Cash, cash equivalents and restricted cash at end of period 8,897 8,609 8,538
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest expense 29,874 32,220 23,502
Change in accrued capital improvements and development costs 226 (7,864) 9,556
Dividend payable   15,898 15,863
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 6,587 6,144 5,984
Restricted cash 2,310 2,465 2,554
Cash, cash equivalents and restricted cash $ 8,897 $ 8,609 $ 8,538

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