v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income (loss) $ 4,912 $ (10,966)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 21,395 21,822
Other amortization 792 544
Stock-based compensation 5,489 5,241
Accelerated amortization of stock-based compensation 0 4,591
Straight-line rent receivable (1,351) (1,823)
Gains on sale, net of loss and impairment of real estate assets 0 (640)
Credit loss reserve 0 8,672
Changes in operating assets and liabilities:    
Other assets 1,246 1,668
Accounts payable and accrued liabilities 402 558
Other liabilities (1,612) (1,459)
Net cash provided by operating activities 31,273 28,208
INVESTING ACTIVITIES    
Acquisitions of real estate (28,514) (9,711)
Proceeds from sale of real estate 6,276 615
Proceeds from the repayment of notes receivable 300 4,975
Capital expenditures on existing real estate properties (9,153) (8,911)
Net cash used in investing activities (31,091) (13,032)
FINANCING ACTIVITIES    
Net borrowings on revolving credit facility 27,000 14,000
Dividends paid (27,419) (26,645)
Taxes paid on behalf of employees and shares withheld upon shares vesting (398) (1,735)
Equity issuance costs (32) (317)
Net cash used in financing activities (849) (14,697)
(Decrease) Increase in cash and cash equivalents (667) 479
Cash and cash equivalents, beginning of period 3,340 4,384
Cash and cash equivalents, end of period 2,673 4,863
Supplemental Cash Flow Information:    
Interest paid (net of capitalized interest) 13,704 12,420
Invoices accrued for construction, tenant improvement, and other capitalized costs 7,723 4,148
Reclassification between other assets and proceeds from sale of real estate 664 0
Reclassification of registration statement costs to equity issuance costs 85 121
Increase (decrease) in fair value of cash flow hedges 4,494 (4,876)
Income taxes paid 80 20
Capitalized interest $ 111 $ 80