v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 2,471 $ 7,614
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 39,179 43,715
Straight line rent adjustment (376) 1,029
Intangible amortization in rental revenue, net (600) (611)
Amortization of debt related costs 1,200 876
Gain on financing transaction (14,912)  
Stock based compensation 2,462 2,025
Gain on sale of real estate (301) (8,879)
Unrealized gain from interest rate swap (346) 0
Loss in investment of unconsolidated joint ventures 15,270 0
Changes in operating assets and liabilities:    
Other assets 1,391 (365)
Deferred leasing costs (1,745) (1,802)
Accounts payable, accrued expenses and other liabilities (4,715) (7,125)
Net cash provided by operating activities 38,978 36,477
Investing activities    
Acquisition of real estate properties (271,507)  
Real estate improvements (10,893) (9,335)
Proceeds from sale of real estate 2,188 8,439
Net investment in sales-type lease   85
Net cash used in investing activities (280,212) (811)
Financing activities    
Payment from issuance of common stock, net (27) (310)
Repurchase and retirement of common stock (13,110)  
Repayment of secured debt (1,609) (4,130)
Proceeds from line of credit facility 269,200  
Repayment of line of credit facility (75,000)  
Proceeds from financing transaction, net 78,956  
Debt issuance costs (27)  
Dividends and distributions paid (23,301) (21,301)
Net cash provided by (used in) financing activities 235,082 (25,741)
Net (decrease) increase in cash, cash held in escrow, and restricted cash (6,152) 9,925
Cash, cash held in escrow, and restricted cash at beginning of period 43,627 26,204
Cash, cash held in escrow, and restricted cash at end of period 37,475 36,129
Supplemental Cash Flow Disclosures:    
Cash paid for interest 12,883 18,732
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture 491  
Supplemental Non-cash Financing and Investing Activities:    
Dividends declared included in accounts payable, accrued expenses and other liabilities 11,005 10,975
Distribution payable to non-controlling interest holder 118 118
Acquisition of real estate properties included in accounts payable, accrued expenses and other liabilities 2,496  
Financing transaction costs included in accounts payable, accrued expenses and other liabilities 5,190  
Real estate improvements included in accounts payable, accrued expenses and other liabilities 2,796 2,037
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities 260 $ 414
Consolidation of net book value of investment in joint venture 346  
Assumption of other assets upon consolidation of investment in joint venture 22  
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture $ 176