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
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 15,239 $ 9,773 [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,753 27,492 [1]
Impairment charge 0 9 [1]
Gain on sale of real estate, net (3,676) (377) [1]
Amortization of deferred financing costs 1,341 913 [1]
Amortization of deferred rent asset and liability, net (2,508) (2,996) [1]
Straight-line rent adjustment (1,596) (1,207) [1]
Receipt of sales-type lease receivable 0 (18,618)
Amortization of discount and premium on assumed debt, net 2 15 [1]
Asset retirement obligation expense 74 68 [1]
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 4 3 [1]
Amortization of right-of-use asset finance lease liabilities, net 13 9 [1]
Operating changes in assets and liabilities    
Decrease in other assets (1,680) (1,374) [1]
Increase in accounts payable and accrued expenses 554 4,149 [1]
Increase in amount due to Adviser and Administrator 255 471 [1]
Decrease in other liabilities (1,003) (1,784) [1]
Leasing commissions (1,301) (250) [1]
Net cash provided by operating activities 35,471 53,532 [1]
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (23,004) (153,067) [1]
Improvements of existing real estate (2,094) (7,182) [1]
Proceeds from sale of real estate 14,616 4,846 [1]
Receipts from tenants for reserves 422 934 [1]
Payments to tenants from reserves (808) (998) [1]
Deposits on future acquisitions (100) (1,450) [1]
Deposits applied against acquisition of real estate investments 0 1,450 [1]
Net cash used in investing activities (10,968) (155,467) [1]
Cash flows from financing activities:    
Proceeds from issuance of equity 0 38,954 [1]
Offering costs paid 0 (551) [1]
Redemption of Series F preferred stock (921) (2,383) [1]
Payments for deferred financing costs (108) (199) [1]
Receipts from lenders for funds held in escrow 3,447 0 [1]
Payments to lenders for funds held in escrow (377) (361) [1]
Principal repayments on mortgage notes payable (6,397) (11,988) [1]
Borrowings from revolving credit facility 62,600 166,200 [1]
Repayments on revolving credit facility (48,400) (73,730) [1]
Borrowings on unsecured term loan 0 20,000 [1]
Increase in security deposits 40 247 [1]
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders (35,180) (33,428) [1]
Net cash (used in) provided by financing activities (25,296) 102,761 [1]
Net (decrease) increase in cash, cash equivalents, and restricted cash (793) 826 [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 15,798 15,900 [1]
NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 2,316 0
Unrealized gain (loss) related to interest rate hedging instruments, net 6,467 (6,360) [1]
Right-of-use asset from finance leases 0 2,938 [1]
Finance lease liabilities 0 (2,938) [1]
Capital improvements included in accounts payable and accrued expenses 5,399 6,724 [1]
Increase in asset retirement obligation in connection with acquisition 140 93 [1]
Dividends paid on Series F preferred stock via additional share issuances 161 248 [1]
Cash and cash equivalents 10,361 11,660
Restricted cash 5,437 4,240
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 15,798 $ 15,900 [1]
[1] Prior period conformed to current presentation.