v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 13,175 $ 13,908 [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,188 42,763 [1]
Impairment charge 6,518 9 [1]
Gain on sale of real estate, net (3,676) (367) [1]
Amortization of deferred financing costs 1,985 1,429 [1]
Amortization of deferred rent asset and liability, net (3,118) (4,611) [1]
Straight-line rent adjustment (1,318) (1,960) [1]
Receipt of sales-type lease receivable 0 18,618
Amortization of discount and premium on assumed debt, net (7) 21 [1]
Asset retirement obligation expense 113 103 [1]
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 5 5 [1]
Amortization of right-of-use asset finance lease liabilities, net 17 17 [1]
Operating changes in assets and liabilities    
Increase (decrease) in other assets 143 (530) [1]
Increase in accounts payable and accrued expenses 3,531 2,534 [1]
Decrease in amount due to Adviser and Administrator (523) (72) [1]
(Decrease) increase in other liabilities (1,579) 1,758 [1]
Leasing commissions (4,062) (1,195) [1]
Net cash provided by operating activities 56,392 72,430 [1]
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (29,694) (207,905) [1]
Improvements of existing real estate (6,085) (17,406) [1]
Proceeds from sale of real estate 14,616 7,644 [1]
Receipts from tenants for reserves 688 2,545 [1]
Payments to tenants from reserves (59) (2,651) [1]
Deposits on future acquisitions 0 (1,450) [1]
Deposits applied against acquisition of real estate investments 0 1,450 [1]
Net cash used in investing activities (20,534) (217,773) [1]
Cash flows from financing activities:    
Proceeds from issuance of equity 2,210 62,183 [1]
Offering costs paid (30) (870) [1]
Redemption of Series F preferred stock (1,076) (4,040) [1]
Payments for deferred financing costs (108) (818) [1]
Receipts from lenders for funds held in escrow 3,447 0 [1]
Payments to lenders for funds held in escrow (558) (542) [1]
Principal repayments on mortgage notes payable (8,483) (14,397) [1]
Borrowings from revolving credit facility 88,700 243,800 [1]
Repayments on revolving credit facility (66,600) (100,330) [1]
Borrowings on unsecured term loan 0 20,000 [1]
Increase in security deposits 40 490 [1]
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders (52,787) (50,575) [1]
Net cash (used in) provided by financing activities (35,245) 154,901 [1]
Net increase in cash, cash equivalents, and restricted cash 613 9,558 [1]
Cash, cash equivalents, and restricted cash at beginning of period 16,591 15,074 [1]
Cash, cash equivalents, and restricted cash at end of period 17,204 24,632 [1]
NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 2,664 0
Unrealized gain (loss) related to interest rate hedging instruments, net 14,692 (6,964) [1]
Right-of-use asset from finance leases 0 2,938 [1]
Finance lease liabilities 0 (2,938) [1]
Capital improvements included in accounts payable and accrued expenses 10,500 4,551 [1]
Increase in asset retirement obligation in connection with acquisition 140 164 [1]
Dividends paid on Series F preferred stock via additional share issuances 238 343 [1]
Cash and cash equivalents 10,752 18,400
Restricted cash 6,452 6,232
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 17,204 $ 24,632 [1]
[1] Prior period conformed to current presentation.