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 income $ 21,905 $ 13,587
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (17,309) (7,641)
Impairment loss 142  
Increase in net amortization and write-off of unbilled rental income (896) (730)
Amortization and write-off of intangibles relating to leases, net (993) (528)
Amortization of restricted stock and RSU compensation expense 2,514 2,642
Depreciation and amortization 17,028 13,372
Amortization and write-off of deferred financing costs 607 510
Payment of leasing commissions (972) (259)
Equity in (loss) earnings of unconsolidated joint ventures included in other income 6 (76)
Decrease in escrow, deposits, other assets and receivables 1,621 1,898
Decrease in accrued expenses and other liabilities (388) (551)
Net cash provided by operating activities 23,265 22,224
Cash flows from investing activities:    
Purchase of real estate (57,921) (88,838)
Improvements to real estate (2,241) (2,071)
Net proceeds from sale of real estate 35,130 29,454
Net proceeds from repayment of loan receivable   1,816
Distributions of capital from unconsolidated joint venture included in other assets 86 620
Net cash used in investing activities (24,946) (59,019)
Cash flows from financing activities:    
Proceeds from mortgage financings 27,502 52,121
Repayments of mortgages financings (11,141) (18,775)
Scheduled amortization payments of mortgages payable (5,493) (5,543)
Proceeds from bank line of credit 38,000 20,800
Repayments on bank line of credit (38,000) (14,000)
Issuance of shares through dividend reinvestment plan 277 376
Payment of financing costs (477) (591)
Distributions to non-controlling interests (17) (1,775)
Cash distributions to common stockholders (9,956) (19,355)
Net cash provided by financing activities 695 13,258
Net decrease in cash, cash equivalents and restricted cash (986) (23,537)
Cash, cash equivalents and restricted cash at beginning of year 15,084 45,481
Cash, cash equivalents and restricted cash at end of period 14,098 21,944
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest expense 13,659 10,925
Supplemental disclosure of non-cash investing activities:    
Purchase accounting allocation - intangible lease assets 4,989 7,888
Purchase accounting allocation - intangible lease liabilities (1,310) $ (1,155)
Supplemental disclosure of non-cash financing activity:    
Distributions to common stockholders from other assets $ (9,599)