Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
 [1]
Cash flows from operating activities:    
Net income $ 9,773 $ 5,125
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,492 29,341
Impairment charge 9 493
Gain on debt extinguishment, net 0 (300)
Gain on sale of real estate, net (377) (236)
Amortization of deferred financing costs 913 847
Amortization of deferred rent asset and liability, net (2,996) (3,575)
Receipt of sales-type lease receivable 18,618 0
Amortization of discount and premium on assumed debt, net 15 18
Asset retirement obligation expense 68 66
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 3 4
Amortization of right-of-use asset finance lease liabilities, net 9 0
Bad debt expense 0 64
Operating changes in assets and liabilities    
Increase in other assets (1,374) (883)
Increase in deferred rent receivable (1,207) (2,256)
Increase in accounts payable and accrued expenses 4,149 1,146
Increase in amount due to Adviser and Administrator 471 1,085
Decrease in other liabilities (1,784) (1,588)
Leasing commissions paid (250) (725)
Net cash provided by operating activities 53,532 28,626
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (153,067) (11,954)
Improvements of existing real estate (7,182) (3,964)
Proceeds from sale of real estate 4,846 21,052
Receipts from lenders for funds held in escrow 0 2,513
Payments to lenders for funds held in escrow (361) (495)
Receipts from tenants for reserves 934 608
Payments to tenants from reserves (998) (1,953)
Deposits on future acquisitions (1,450) 0
Deposits applied against acquisition of real estate investments 1,450 0
Net cash (used in) provided by investing activities (155,828) 5,807
Cash flows from financing activities:    
Proceeds from issuance of equity 38,954 11,400
Offering costs paid (551) (196)
Payments for deferred financing costs (199) (43)
Principal repayments on mortgage notes payable (11,988) (22,088)
Borrowings from revolving credit facility 166,200 41,500
Repayments on revolving credit facility (73,730) (36,100)
Borrowings on unsecured term loan 20,000 0
Increase in security deposits 247 153
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders (33,428) (30,458)
Net cash provided by (used in) financing activities 103,122 (36,149)
Net increase (decrease) in cash, cash equivalents, and restricted cash 826 (1,716)
Cash, cash equivalents, and restricted cash at beginning of period 15,074 16,135
Cash, cash equivalents, and restricted cash at end of period 15,900 14,419
SUPPLEMENTAL AND NON-CASH INFORMATION    
Unrealized (loss) gain related to interest rate hedging instruments, net (6,360) 5,888
Right-of-use asset from finance leases 2,938 0
Finance lease liabilities (2,938) 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 7,682 6,917
Increase in asset retirement obligation assumed in acquisition 93 0
Dividends paid on Series F preferred stock via additional share issuances 248 261
Series F Preferred Stock    
Cash flows from financing activities:    
Redemption of Series F preferred stock $ (2,383) $ (317)
[1] Prior period conformed to current presentation.