v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net income (loss) $ 7,980 $ (9,326)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 32,063 32,724
Other amortization 872 905
Stock-based compensation 7,392 7,706
Accelerated amortization of stock-based compensation 0 4,591
Straight-line rent receivable (2,197) (2,736)
Losses on sale and impairment of real estate assets, net of gains on sale 1,039 248
Credit loss reserve 0 8,672
Changes in operating assets and liabilities:    
Other assets 93 1,215
Accounts payable and accrued liabilities (718) (228)
Other liabilities (1,377) (2,841)
Net cash provided by operating activities 45,147 40,930
INVESTING ACTIVITIES    
Acquisitions of real estate (28,514) (36,074)
Proceeds from sale of real estate 6,355 1,266
Proceeds from the repayment of notes receivable 450 5,095
Capital expenditures on existing real estate properties (13,878) (13,987)
Net cash used in investing activities (35,587) (43,700)
FINANCING ACTIVITIES    
Net borrowings on revolving credit facility 26,000 44,000
Dividends paid (36,923) (40,122)
Taxes paid on behalf of employees and shares withheld upon shares vesting (595) (1,792)
Equity issuance costs (32) (317)
Net cash (used in) provided by financing activities (11,550) 1,769
Decrease in cash and cash equivalents (1,990) (1,001)
Cash and cash equivalents, beginning of period 3,340 4,384
Cash and cash equivalents, end of period 1,350 3,383
Supplemental Cash Flow Information:    
Interest paid (net of capitalized interest) 20,958 19,232
Invoices accrued for construction, tenant improvement, and other capitalized costs 6,802 8,654
Reclassification between other assets and proceeds from sale of real estate 664 0
Reclassification of registration statement costs to equity issuance costs 138 139
Increase (decrease) in fair value of cash flow hedges 9,425 (4,568)
Income taxes paid 174 20
Capitalized interest $ 120 $ 118