v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (6,399) $ (1,578)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 16,689 13,147
Above/below market rent intangibles amortization (876) (624)
Straight-line rent adjustment (317) (825)
Noncash interest expense 583 971
Gain on sale of real estate assets 0 (1,157)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 651 (640)
Accounts payable and accrued expenses 750 2,219
Deferred revenues 765 329
Net cash provided by operating activities 11,846 11,842
Cash flows from investing activities    
Purchase of real estate assets 0 (140,287)
Earnest money deposit (1,700) 0
Capital expenditures (10,324) (421)
Deferred leasing costs (177) (225)
Return of investment from DST 33,358 0
Net proceeds from sale of real estate assets 0 7,921
Net cash provided by (used in) investing activities 21,157 (133,012)
Cash flows from financing activities    
Proceeds from revolving credit facility 41,800 106,500
Repayments of revolving credit facility (79,800) (128,000)
Proceeds from construction loan 6,932 0
Proceeds from term loan 0 105,220
Financing costs paid (1,623) (2,629)
Contributions 33,771 54,454
Payments for issuance costs (3,309) (4,836)
Distributions (6,836) (6,952)
Redemptions (9,862) (654)
Distribution fees paid net of recovery (64) (226)
Net cash provided by (used in) financing activities (18,991) 122,877
Net change in cash and cash equivalents 14,012 1,707
Cash and cash equivalents, beginning of period 12,199 11,389
Cash and cash equivalents, end of period 26,211 13,096
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (6,595) (2,892)
Supplemental Disclosure of Noncash Investing and Financing Transactions    
Increase in accrued issuance costs 51 215
Increase in accrued cash distributions 118 359
DRIP contributions 5,039 4,075
Increase in accrued DRIP distributions 205 335
DRIP distributions (5,244) (4,410)
Contribution of property to DST (Note 5) $ (33,358) $ 0