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 income $ 23,009 $ 24,692
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (18,196) (16,712)
Impairment loss 1,564 1,300
Increase in net amortization and write-off of unbilled rental income (1,241) (1,148)
Amortization and write-off of intangibles relating to leases, net (1,341) (761)
Amortization of restricted stock and RSU compensation expense 3,908 4,041
Depreciation and amortization 25,339 20,070
Amortization and write-off of deferred financing costs 918 751
Payment of leasing commissions (989) (382)
Equity in (loss) earnings of unconsolidated joint ventures included in other income 6 (100)
Equity in earnings from sale of unconsolidated joint venture property   (991)
Distributions of earnings from unconsolidated joint venture   1,444
Increase in escrow, deposits, other assets and receivables (1,585) (28)
Increase in accrued expenses and other liabilities 522 921
Net cash provided by operating activities 31,914 33,097
Cash flows from investing activities:    
Purchase of real estate (69,285) (112,925)
Improvements to real estate (2,419) (3,117)
Net proceeds from sale of real estate 41,319 47,395
Net proceeds from repayment of loan receivable   1,816
Distributions of capital from unconsolidated joint venture included in other assets 197 1,546
Net cash used in investing activities (30,188) (65,285)
Cash flows from financing activities:    
Proceeds from mortgage financings 44,002 66,121
Repayments of mortgages financings (19,916) (19,741)
Scheduled amortization payments of mortgages payable (8,212) (8,255)
Proceeds from bank line of credit 52,000 20,800
Repayments on bank line of credit (42,000) (20,800)
Issuance of shares through dividend reinvestment plan 412 555
Payment of financing costs (1,647) (726)
Distributions to non-controlling interests (25) (2,582)
Cash distributions to common stockholders (20,182) (29,269)
Net cash provided by financing activities 4,432 6,103
Net increase (decrease) in cash, cash equivalents and restricted cash 6,158 (26,085)
Cash, cash equivalents and restricted cash at beginning of year 15,084 45,481
Cash, cash equivalents and restricted cash at end of period 21,242 19,396
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest expense 20,303 16,497
Supplemental disclosure of non-cash investing activities:    
Purchase accounting allocation - intangible lease assets 6,493 9,781
Purchase accounting allocation - intangible lease liabilities (1,427) $ (1,155)
Supplemental disclosure of non-cash financing activity:    
Distributions to common stockholders from other assets $ (9,599)