Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 6,972 $ 5,136 [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,796 13,243 [1]
Gain on sale of real estate, net (1,783) 0 [1]
Amortization of deferred financing costs 702 449 [1]
Amortization of deferred rent asset and liability, net (1,382) (1,481) [1]
Straight-line rent adjustment (947) (378) [1]
Decrease in sales-type lease receivable 0 114 [1]
Amortization of discount and premium on assumed debt, net 10 7 [1]
Asset retirement obligation expense 37 34 [1]
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 2 2 [1]
Amortization of right-of-use asset finance lease liabilities, net 9 0 [1]
Operating changes in assets and liabilities    
Decrease in other assets (287) (418) [1]
Increase in accounts payable and accrued expenses 2,313 978 [1]
(Decrease) increase in amount due to Adviser and Administrator (367) 841 [1]
Decrease in other liabilities (1,147) (751) [1]
Leasing commissions paid (1,017) (92) [1]
Net cash provided by operating activities 17,911 17,684 [1]
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets 0 (73,725) [1]
Improvements of existing real estate (571) (1,222) [1]
Proceeds from sale of real estate 1,963 0 [1]
Receipts from tenants for reserves 307 734 [1]
Payments to tenants from reserves (370) (751) [1]
Deposits on future acquisitions 0 (500) [1]
Net cash provided by (used in) investing activities 1,329 (75,464) [1]
Cash flows from financing activities:    
Proceeds from issuance of equity 0 28,380 [1]
Offering costs paid (4) (396) [1]
Redemption of Series F preferred stock (390) (581) [1]
Payments for deferred financing costs (108) (11) [1]
Receipts from lenders for funds held in escrow 3,447 0 [1]
Payments to lenders for funds held in escrow (196) (180) [1]
Principal repayments on mortgage notes payable (4,358) (2,405) [1]
Borrowings from revolving credit facility 18,900 85,100 [1]
Repayments on revolving credit facility (22,000) (35,700) [1]
Increase in security deposits 0 347 [1]
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders (17,592) (16,487) [1]
Net cash (used in) provided by financing activities (22,301) 58,067 [1]
Net (decrease) increase in cash, cash equivalents, and restricted cash (3,061) 287 [1]
Cash, cash equivalents, and restricted cash at beginning of period 16,591 15,074 [1]
Cash, cash equivalents, and restricted cash at end of period 13,530 15,361 [1]
NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 620 0
Unrealized gain (loss) related to interest rate hedging instruments, net 2,727 (4,016) [1]
Right-of-use asset from finance leases 0 2,938 [1]
Finance lease liabilities 0 (2,938) [1]
Capital improvements and leasing commissions included in accounts payable and accrued expenses 2,904 6,718 [1]
Dividends paid on Series F preferred stock via additional share issuances 82 130 [1]
Cash and cash equivalents 7,964 10,383
Restricted cash 5,566 4,978
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 13,530 $ 15,361 [1]
[1] Prior period conformed to current presentation.