v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net (loss) income $ (295) $ 829
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,718 3,818
Stock compensation expense 804 484
Amortization of deferred rents (1,286) (1,303)
Amortization of deferred financing costs and fair value adjustment of assumed mortgage note payable 89 157
Amortization of (below) above market lease intangibles, net (219) (212)
Loss (gain) on sale of real estate investments, net 0 (84)
Amortization of unrealized holding gain and unrealized gain on non-designated or ineffective interest rate derivative instruments (250) (250)
Adjustment for receipts from off-market interest rate derivatives (767) (1,180)
Amortization of off-market interest rate derivatives 539 784
Loss on extinguishment of debt 1,145 0
Income from unconsolidated investment in a real estate property (38) (79)
Distributions from unconsolidated investment in a real estate property 83 245
Changes in operating assets and liabilities:    
Decrease in tenant rent and other receivables 36 109
Increase in prepaid expenses and other assets (52) (70)
Increase (decrease) in accounts payable, accrued and other liabilities 597 (198)
Net cash provided by operating activities 4,104 3,050
Cash Flows from Investing Activities:    
Acquisitions of real estate investments (9,629) (345)
Improvements to existing real estate investments and other assets (145) (78)
Net proceeds from sale of real estate investments 3,595 2,329
Purchase deposits applied 100 250
Investments in off-market interest rate derivatives (2,656) (4,200)
Receipts from off-market interest rate derivatives 767 1,180
Net cash used in investing activities (7,968) (864)
Cash Flows from Financing Activities:    
Repayments of credit facility revolver, net (2,000) 0
Principal payments on mortgage notes payable (127) (137)
Payments of Credit Facility amendment and deferred financing costs (1,076) (70)
Proceeds from offering of common stock, net 0 1,269
Repurchases of preferred stock (526) (4,851)
Dividends paid to preferred stockholders (784) (922)
Net cash used in financing activities (6,040) (7,551)
Net decrease in cash and cash equivalents (9,904) (5,365)
Cash and cash equivalents, beginning of period 14,381 11,530
Cash and cash equivalents, end of period 4,477 6,165
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 2,744 3,019
Supplemental Schedule of Noncash Investing and Financing Activities:    
Change in accrued capital expenditures 111 0
Mortgage note assumed in acquisition of real estate investments, net of fair value adjustment 11,825 0
Issuance of Class C OP Units in the acquisition of a real estate investment 0 5,850
Reinvested distributions from common stockholders 281 490
Accrued distributions 25 29
Accrued deferred financing costs 24 0
Revolving Credit Facility    
Cash Flows from Financing Activities:    
Borrowings from credit facility revolver 2,000 0
Class C OP Units    
Cash Flows from Financing Activities:    
Distributions paid to common stockholders and non-controlling interest holders $ (3,527) $ (2,840)