v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income $ 21,540 $ 29,274
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 35,747 35,174
Straight-line rent adjustment (9,376) (9,685)
Amortization of (below) market lease intangibles (243) (116)
Amortization of deferred financing costs 3,159 2,629
Performance participation allocation 2,360  
Net gain on sales of real estate   (338)
Changes in assets and liabilities:    
(Increase)/decrease in other assets (9,179) 139
Increase in due to affiliates 1,322 236
Increase (decrease) in accounts payable and accrued expenses 7,055 (22)
Increase/(decrease) in other liabilities 1,641 (568)
Net cash provided by operating activities 54,026 56,723
Cash flows from investing activities:    
Proceeds from real estate sold 9 20,626
Acquisition of real estate (127,034) (338)
Net cash (used in)/provided by investing activities (127,025) 20,288
Cash flows from financing activities:    
Proceeds from issuance of common shares 102,465  
Redemptions of common stock (270,848)  
Subscriptions received in advance 19,786 262,935
Payment of distributions to common shares (40,827) (50,265)
Payment of distributions to non-controlling interests (8,867) (9,787)
Borrowings under mortgage notes 134,923  
Repayment of mortgage notes (45,481) (16,965)
Borrowings under revolving credit facility 99,602 53,530
Repayment of revolving credit facility (159,012) (52,537)
Borrowings under aggregation facility 78,906  
Repayment of aggregation facility (78,906)  
Deferred financing costs (4,184) (5)
Net cash (used in)/provided by financing activities (172,443) 186,906
Net change in cash and cash equivalents and restricted cash (245,442) 263,917
Cash and cash equivalents and restricted cash, beginning of period 266,470 2,416
Effects of currency translation on cash and cash equivalents, and restricted cash (411) 137
Cash and cash equivalents and restricted cash, end of period 20,617 266,470
Supplemental disclosures:    
Interest paid 38,928 39,338
Cash paid for income taxes 95 $ 711
Non-cash financing activities:    
Accrued distributions 4,534  
Offering costs due to affiliate 4,630  
Other offering costs payable 835  
Distribution reinvestment 1,420  
Performance Participation Allocation 3,424  
Subscriptions received in advance $ 262,935