v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (4,388) $ (203)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 11,171 8,141
Above/below market rent intangibles amortization (585) (377)
Straight-line rent adjustment (233) (571)
Noncash interest expense 369 629
Gain on sale of real estate assets 0 (1,152)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 37 (1,703)
Accounts payable and accrued expenses (1,726) 881
Deferred revenues 736 379
Net cash provided by operating activities 5,381 6,024
Cash flows from investing activities    
Purchase of real estate assets 0 (101,520)
Capital expenditures (6,624) (153)
Deferred leasing costs (177) (48)
Return of investment from DST 20,142 0
Net proceeds from sale of real estate assets 0 7,916
Net cash provided by (used in) investing activities 13,341 (93,805)
Cash flows from financing activities    
Proceeds from revolving credit facility 18,100 93,500
Repayments of revolving credit facility (45,600) (36,500)
Proceeds from construction loan 4,310 0
Financing costs paid (1,615) (2,012)
Contributions 22,107 39,989
Payments for issuance costs (2,253) (3,837)
Distributions (4,524) (4,541)
Redemptions (6,260) (135)
Recovery of distribution fees (20) (222)
Net cash provided by (used in) financing activities (15,755) 86,242
Net change in cash and cash equivalents 2,967 (1,539)
Cash and cash equivalents, beginning of period 12,199 11,389
Cash and cash equivalents, end of period 15,166 9,850
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (4,613) (1,620)
Supplemental Disclosure of Noncash Investing and Financing Transactions    
Increase in accrued issuance costs 98 312
Increase in accrued cash distributions 43 217
DRIP contributions 3,305 2,601
Increase in accrued DRIP distributions 147 216
DRIP distributions (3,452) (2,817)
Contribution of property to DST $ (33,358) $ 0