v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net income $ 2,548 $ 1,591
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,657 10,943
Other amortization 392 345
Stock-based compensation 2,711 2,710
Straight-line rent receivable (760) (639)
Loss on sale of real estate assets 46 0
Changes in operating assets and liabilities:    
Other assets (591) 213
Accounts payable and accrued liabilities (291) (363)
Other liabilities (972) (391)
Net cash provided by operating activities 13,740 14,409
INVESTING ACTIVITIES    
Acquisitions of real estate (28,514) 0
Financing transaction investment 0 (9,711)
Proceeds from sale of real estate 5,864 0
Proceeds from the repayment of notes receivable 150 1,802
Capital expenditures on existing real estate properties (4,967) (4,682)
Net cash used in investing activities (27,467) (12,591)
FINANCING ACTIVITIES    
Net borrowings on revolving credit facility 27,000 10,000
Dividends paid (13,666) (13,259)
Taxes paid on behalf of employees and shares withheld upon shares vesting (298) (419)
Equity issuance costs (32) (253)
Net cash provided by (used in) financing activities 13,004 (3,931)
Decrease in cash, cash equivalents and restricted cash (723) (2,113)
Cash, cash equivalents and restricted cash, beginning of period 3,340 4,384
Cash, cash equivalents and restricted cash, end of period 2,617 2,271
Supplemental Cash Flow Information:    
Interest paid (net of capitalized interest) 6,534 6,088
Invoices accrued for construction, tenant improvement, and other capitalized costs 7,919 2,768
Reclassification between other assets and proceeds from sale of real estate 664 0
Reclassification of registration statement costs to equity issuance costs 43 38
Increase (decrease) in fair value of cash flow hedges 1,923 (3,413)
Income taxes paid 80 20
Capitalized interest $ 109 $ 64