Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net Income (Loss) $ 47,015 $ 73,778 $ 69,161
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,454 18,482 19,245
Provision for impairment of investment properties 12,954 2,081 0
Straight-line rental income, net 2,175 2,275 2,346
Amortization of above/below market leases, net 2,858 2,444 2,207
Gain on sales of investment properties, net (4,273) (9,605) (2,936)
Changes in assets and liabilities:      
Changes in accounts receivable 48 (48) 160
Changes in other assets 576 (146) 219
Changes in right-of-use lease assets 1,674 1,826 1,832
Changes in accounts payable and accrued expenses 925 1,318 201
Changes in lease liabilities 44 32 87
Changes in other liabilities (2,132) (252) (25)
Net cash provided by operating activities 79,318 92,185 92,497
Cash flows from investing activities:      
Proceeds from sales of investment properties and deposits received 34,265 75,387 22,609
Net cash provided by investing activities 34,265 75,387 22,609
Cash flows from financing activities:      
Distributions paid to Certificateholders (128,339) (153,712) (126,002)
Net cash used in financing activities (128,339) (153,712) (126,002)
Net change in cash and cash equivalents (14,756) 13,860 (10,896)
Cash and cash equivalents, at beginning of year 51,886 38,026 48,922
Cash and cash equivalents, at end of year $ 37,130 $ 51,886 $ 38,026