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 $ (9,667) $ (22,349)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 35,549 42,245
Amortization of deferred financing costs and mortgage discounts (premiums) 2,102 2,339
Accretion of terminated swap (2,968) 0
(Accretion) amortization of market lease and other intangibles, net (293) 2,196
Equity-based compensation amortization expense 2,227 570
Gain on sale of real estate investments 0 (27,641)
Cash received from non-designated derivative instruments 608 1,775
Gain on non-designated derivative instruments (142) (31)
Impairment charges 3,780 27,111
Gain on extinguishment of debt 0 (257)
Deferred tax valuation allowance (122) 946
Changes in assets and liabilities:    
Straight-line rent receivable, net (436) (1,658)
Prepaid expenses and other assets, net 957 (1,990)
Accounts receivable, net 2,091 4,076
Accounts payable, accrued expenses and other liabilities 910 (36,416)
Deferred leasing costs (1,767) (6,223)
Deferred rent (2,209) 2,130
Net cash provided by (used in) operating activities 30,620 (13,177)
Cash flows from investing activities:    
Acquisitions of real estate (98,031) (250)
Capital expenditures (10,609) (12,365)
Investments in non-designated interest rate caps, net (154) 0
Proceeds from sales of real estate, net 0 88,759
Net cash (used in) provided by investing activities (108,794) 76,144
Cash flows from financing activities:    
Repayments of mortgage notes payable (443) (429)
Payments of deferred financing costs (187) (205)
Taxes paid for net settlement of equity-based awards (444) 0
Payment of offering costs (3,950) 0
Common stock issuance, net 499,422 0
Repurchase of Preferred Stock (25,610) (1,738)
Distributions to non-controlling interest holders (92) (93)
Purchase of non-controlling interest (1,125) 0
Net cash provided by (used in) financing activities 272,098 (33,892)
Net change in cash, cash equivalents and restricted cash 193,924 29,075
Cash, cash equivalents and restricted cash, beginning of period 108,452 74,095
Cash, cash equivalents and restricted cash, end of period 302,376 103,170
Supplemental disclosures of cash flow information:    
Cash paid for interest (28,235) (26,252)
Cash paid for taxes, net [1] (365) (243)
Non-cash investing and financing activities:    
Preferred stock dividend declared 2,808 3,478
Mortgage notes payable repaid with proceeds from real estate sales 0 (82,540)
Net change in accrued capital expenditures for the period 1,504 3,375
Assets acquired and liabilities assumed from acquisitions    
Real estate investments 1,084 0
Prepaid expenses and other assets, net 79 0
Accounts payable and accrued expenses (1,163) 0
Series A Preferred Stock    
Cash flows from financing activities:    
Distributions paid on preferred stock (3,545) (3,634)
Series B Preferred Stock    
Cash flows from financing activities:    
Distributions paid on preferred stock (3,043) (3,200)
2025 Credit Agreement    
Cash flows from financing activities:    
Repayments of debt (186,000) 0
Fannie Mae Secured Debt    
Cash flows from financing activities:    
Repayments of debt $ (2,885) $ (24,593)
[1]
(1)     For the six months ended June 30, 2026, relates to cash paid for income taxes, net of refunds. For the six months ended June 30, 2025, relates to cash paid for income and franchise taxes.