v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES              
Net income (loss) $ 1,517 $ 400 $ (4,530) $ (1,337) $ 1,917 $ (5,867)  
Adjustments to reconcile net loss to net cash provided by operating activities:              
Depreciation and amortization         15,901 17,288  
Amortization of above/below market leases         1,078 1,652  
Amortization of financing transaction and discount costs         795 795  
Change in fair value on derivative instruments included in interest expense         (50)    
Net cash received from derivative settlements         56 436  
Non-cash rental revenue adjustments         (557) (373)  
Gain on sale of real estate (2,262)   (1,194)   (3,225) (1,661)  
Stock-based compensation, net         1,716 815  
Impairment loss 156   2,978   968 3,406  
Changes in operating assets and liabilities:              
Other assets         1,161 (1,420)  
Accounts payable and accrued liabilities         (1,221) 2,288  
Net cash provided by operating activities         18,539 17,359  
CASH FLOWS FROM INVESTING ACTIVITIES              
Acquisition of real estate held for investment         (93,174) (67,924)  
Net proceeds from sale of real estate         31,089 23,244  
Net proceeds from expropriation         0 559  
Deposits on real estate held for investment         159 694  
Deferred leasing costs and other additions to real estate held for investment         (5,158) (1,234)  
Investment in mortgage loan receivable           (7,134)  
Principal collections on mortgage loans receivable         8    
Additions to software costs         (44)    
Net cash used in investing activities         (67,120) (51,795)  
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from issuance of Series A Convertible Preferred Stock         23,869    
Proceeds from issuance of common stock         17,164    
Proceeds from debt         36,500 50,000  
Repayment of debt         (22,000)    
Deferred offering costs         (1,872)    
Cash dividends paid to Series A Convertible Preferred Stock         (305)    
Cash dividends paid to common stockholders         (9,572) (7,604)  
Cash distributions paid to Preferred Unit holders         (16) (16)  
Cash distributions paid to non-controlling interests         (2,704) (4,675)  
Net cash provided by financing activities         41,064 37,705  
Net (decrease) increase in cash and cash equivalents during the period         (7,517) 3,269  
Cash and cash equivalents, beginning of period   $ 13,518   $ 5,094 13,518 5,094 $ 5,094
Cash and cash equivalents, end of period $ 6,001   $ 8,363   6,001 8,363 $ 13,518
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:              
Cash paid for interest         8,015 6,793  
Non-cash disclosures of non-cash investing and financing activities:              
Accrued real estate development and improvement costs         4,610 813  
Accrued deferred leasing fees         498 109  
Accrued deferred offering costs         381    
Forfeited employee grant dividends         2    
Conversion of OP Units to common stock and additional paid-in capital         11,740 65,206  
Dividends and distributions payable         6,710 6,102  
Reallocation of non-controlling interests         $ 1,866 $ 8,094