v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities:    
Net income $ 3,568 $ 10,562
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 25,659 14,463
Amortization and write-off of debt issuance costs 573 253
Stock -based compensation 2,971 3,594
Assumption of buildings due to ground lease terminations 0 (704)
Gain on disposition of real estate 0 (42)
Net change in accounts receivable (1,523) (679)
Net change in accounts payable and accrued expenses (7,646) (2,179)
Net change in other operating assets and liabilities (2,234) 103
Total adjustments 17,800 14,809
Net cash flow provided by operating activities 21,368 25,371
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed (140,735) (125,125)
Acquisition escrow deposits (6,504) (1,291)
Real estate improvements to operating real estate (5,474) (1,841)
Net cash flow used for investing activities (152,713) (128,257)
Cash flow from financing activities:    
Proceeds from term loan 0 100,000
Proceeds from unsecured notes 172,000 0
Payment of debt issuance costs (81) 0
Common stock offering expenses (671) 0
Taxes withheld for vested restricted stock (3,542) (2,974)
Dividends paid (20,136) (26,511)
Net cash flow provided by financing activities 147,570 70,515
Net increase (decrease) in cash and cash equivalents 16,225 (32,371)
Cash, cash equivalents and restricted cash, beginning of period 289,553 626,409
Cash, cash equivalents and restricted cash, end of period $ 305,778 $ 594,038