v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (3,881,000) $ 4,047,000
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 24,350,000 22,044,000
Provisions for impairment 1,890,000 0
Gain on sales, net 0 (5,184,000)
Amortization of deferred rent receivables/liabilities, net (493,000) (435,000)
Amortization of above/below-market lease intangibles, net (1,195,000) (1,236,000)
Amortization of assumed below/above-market debt, net 2,525,000 2,504,000
Amortization of lease incentives 136,000 126,000
Amortization of deferred financing costs 536,000 330,000
Amortization of deferred ground rent 81,000 81,000
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Receivables (2,094,000) 427,000
Other assets (538,000) (1,089,000)
Due from affiliates 134,000 23,000
Accounts payable, accrued expenses and other liabilities 2,976,000 333,000
Due to affiliates 809,000 (380,000)
Net cash provided by operating activities 25,236,000 21,591,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate (2,365,000) (35,935,000)
Proceeds from sale of real estate 878,000 29,171,000
Improvements of real estate (92,000) (376,000)
Advances on RSLCA notes receivable from affiliated party (68,249,000) (65,370,000)
Net cash provided by (used in) investing activities 379,000 (2,752,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 22,891,000 19,717,000
Offering costs from issuance of common shares (1,147,000) (1,210,000)
Repurchases of common shares (15,294,000) (19,213,000)
Proceeds from issuance of noncontrolling interests 7,396,000 0
Proceeds from reserves due to affiliates upon assumption of loans payable in conjunction with acquisition of real estate 3,390,000 0
Repayments of reserves due to affiliates upon assumption of loans payable in conjunction with acquisition of real estate (1,988,000) 0
Offering costs from issuance of noncontrolling interests 0 (94,000)
Proceeds from pending trade deposits 1,125,000 1,252,000
Repayments of mortgage loans payable (113,650,000) (25,519,000)
Proceeds from revolving credit facilities 113,650,000 25,519,000
Payments of financing costs (5,713,000) (301,000)
Common shares distributions (12,425,000) (12,205,000)
Noncontrolling interests distributions (8,382,000) (7,526,000)
Net cash used in financing activities (10,147,000) (19,580,000)
Net increase in cash, cash equivalents and restricted cash 15,468,000 (741,000)
Cash, cash equivalents and restricted cash at beginning of year 21,499,000 21,268,000
Cash, cash equivalents and restricted cash at end of period 36,967,000 20,527,000
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 19,436,000 9,456,000
Restricted cash 17,531,000 11,071,000
Cash, cash equivalents and restricted cash at end of period 36,967,000 20,527,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 16,945,000 16,070,000
Supplemental disclosures of non-cash investing and financing activities:    
Distributions payable 4,303,000 3,760,000
Distributions reinvested into common shares 2,596,000 2,454,000
Conversion of OP Units to common shares 1,640,000 786,000
Recognition of guaranty receivable and liability 1,618,000 1,365,000
Issuance of noncontrolling interest in conjunction with the acquisition of real estate 154,515,000 9,455,000
Assumption of loans payable in conjunction with the acquisition of real estate 178,692,000 0
RSLCA Notes    
CASH FLOWS FROM INVESTING ACTIVITIES    
Repayments on RSLCA notes receivable from affiliated party $ 70,207,000 $ 69,758,000