v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 12,022 $ 4,989
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,270 42,429
Amortization of deferred financing costs 1,943 1,408
Amortization of above/below-market assumed debt 57 57
Noncash revenue adjustments (4,313) (2,093)
Noncash other income (375) 0
Amortization of deferred losses on interest rate swaps 1,418 1,418
Stock-based compensation expense 3,441 2,909
Gain on sales of real estate, net (1,781) (5,608)
Provisions for impairment 6,261 8,038
Loss on debt extinguishment 0 46
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Other assets, net (8,206) (222)
Accounts payable, accrued expenses, and other liabilities 3,029 (445)
Lease incentive payments (711) (199)
Net cash provided by operating activities 63,055 52,727
Cash flows from investing activities    
Acquisitions of real estate (468,122) (173,996)
Real estate development and improvements (13,386) (3,481)
Investment in mortgage loans receivable (39,865) (17,108)
Earnest money deposits 5,115 67
Purchase of computer equipment and other corporate assets (7) (25)
Proceeds from sale of real estate 49,473 85,726
Principal collections on mortgage loans receivable 13,991 12,112
Proceeds from sale of mortgage loans receivable 5,587 0
Net cash used in investing activities (447,214) (96,705)
Cash flows from financing activities    
Issuance of common stock in public offerings, net 138,469 28,352
Payment of common stock dividends (42,794) (34,316)
Payment of OP unit distributions (227) (178)
Payment of restricted stock dividends (426) (222)
Principal payments on mortgages payable (85) (81)
Proceeds under revolving credit facility 340,000 143,000
Repayments under revolving credit facility (141,500) (255,000)
Proceeds from term loans 100,000 218,675
Principal payments on term loans 0 (43,675)
Repayment of property development incentives (375) 0
Repurchase of common stock for tax withholding obligations (1,798) (645)
Payment of deferred offering costs (1,212) (233)
Payment of deferred financing costs (313) (6,279)
Net cash provided by financing activities 389,739 49,398
Net change in cash, cash equivalents, and restricted cash 5,580 5,420
Cash, cash equivalents, and restricted cash at beginning of the period 14,467 14,320
Cash, cash equivalents, and restricted cash at end of the period 20,047 19,740
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 26,008 20,812
Cash paid (received) for income taxes, net 83 (3)
Supplemental disclosures of non-cash investing and financing activities:    
Dividends declared and unpaid, net 283 190
Deferred offering costs included in accounts payable, accrued expenses, and other liabilities 0 73
Accrued loan origination fees on mortgage loans receivable 34 0
Cash flow hedge change in fair value 15,868 (16,925)
Increase in noncontrolling interests from property acquisitions 911 0
Mortgage loan receivable settled in exchange for acquisition of real estate 17,342 0
Extinguishment and reissuance of mortgage loan receivable 27,942 0
Increase in mortgage loan receivable in exchange for disposition of real estate 6,027 8,450
Assumption of tenant allowances, other liabilities, and settlement of receivables in acquisitions of real estate 279 6
Accrued capital expenditures and real estate development and improvement costs $ 1,842 $ 1,950