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 income attributable to common stockholders $ 12,420 $ 7,898
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:    
Depreciation and amortization 19,908 17,762
Amortization of deferred financing costs 725 652
Amortization of above- and below-market leases, net (137) (129)
Amortization of fees on real estate related notes receivable (35) 0
Other amortization expenses 181 184
Increase in current expected credit loss reserve 25 171
Gain on dispositions of real estate (2,473) 0
Loss on extinguishment of debt 0 233
Impairment losses 0 3,531
Straight-line rent adjustments, net of write-offs (3,009) (2,388)
Stock-based compensation 1,197 1,261
Changes in operating assets and liabilities:    
Accounts payable and other liabilities (812) (3,604)
Other assets 1,484 (1,442)
Net cash provided by operating activities 29,474 24,129
Cash flows from investing activities:    
Investments in real estate (43,300) (35,315)
Net proceeds from real estate dispositions 24,813 0
Capital expenditures and other costs (3,422) (577)
Net payments of deposits for investments in real estate 500 (150)
Net cash used in investing activities (21,409) (36,042)
Cash flows from financing activities:    
Proceeds from credit facility 51,000 32,000
Payments on credit facility (37,000) 0
Payments of deferred financing costs 0 (5,839)
Repurchases of common stock (1,196) (1,145)
Distributions to common stockholders (22,379) (22,489)
Net cash (used in) provided by financing activities (9,575) 2,527
Net change in cash and cash equivalents (1,510) (9,386)
Cash and cash equivalents - Beginning of period 32,288 39,844
Cash and cash equivalents - End of period 30,778 30,458
Supplemental cash flow disclosure:    
Interest paid 8,431 6,477
Supplemental disclosure of non-cash transactions:    
Change in accrued distributions related to performance-based deferred stock unit awards (200) (192)
Change in accrued capital expenditures and other costs (1,012) (527)
Change in accrued acquisition costs related to investments in real estate 0 5
Right-of-use assets obtained in exchange for new finance lease liabilities $ 0 $ 74