v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (49,984) $ (7,731)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 62,587 64,725
Straight line rent adjustment (819) 1,012
Intangible amortization in rental revenue, net (1,180) (910)
Amortization of debt related costs 1,802 1,346
Loss on financing transaction 26,449 14,657
Stock based compensation 3,898 3,118
Gain on sale of real estate (301) (8,645)
Unrealized gain from interest rate swap (465) 0
Loss in investment of unconsolidated joint ventures 22,681 0
Changes in operating assets and liabilities:    
Other assets (3,812) (9,392)
Deferred leasing costs (4,853) (3,915)
Accounts payable, accrued expenses and other liabilities 2,969 (220)
Net cash provided by operating activities 58,972 54,045
Investing activities    
Acquisition of real estate properties (272,048) (101,387)
Real estate improvements (17,291) (16,497)
Proceeds from the sale of real estate 2,188 8,439
Net investment in sales type lease   21,244
Net cash used in investing activities (287,151) (88,201)
Financing activities    
Payment from issuance of common stock, net (27) (517)
Repurchase and retirement of common stock (16,760)  
Repayment of secured debt (2,424) (23,366)
Proceeds from line of credit facility 276,900 132,991
Repayment of line of credit facility (75,000) (91,991)
Proceeds from financing transaction, net 0 58,670
Proceeds from Series C Preferred Units 78,956  
Financing transaction issuance costs   (1,937)
Debt issuance costs (27) (28)
Dividends and distributions paid (35,094) (32,314)
Net cash provided by financing activities 226,524 41,508
Net (decrease) increase in cash, cash held in escrow, and restricted cash (1,655) 7,352
Cash, cash held in escrow, and restricted cash at beginning of period 43,627 26,204
Cash, cash held in escrow, and restricted cash at end of period 41,972 33,556
Supplemental Cash Flow Disclosures:    
Cash paid for interest 21,247 28,672
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture 491  
Supplemental Non-cash Financing and Investing Activities:    
Dividends declared included in accounts payable, accrued expenses and other liabilities 11,030 11,006
Distribution payable to non-controlling interest holder 118 118
Acquisition of real estate properties included in accounts payable, accrued expenses and other liabilities 1,955  
Financing transaction costs included in accounts payable, accrued expenses and other liabilities 3,360 7,171
Merger transaction expenses included in accounts payable, accrued expenses and other liabilities 2,777  
Consolidation of net book value of investment in joint venture 346  
Assumption of other assets upon consolidation of investment in joint venture 22  
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture 176  
Real Estate Improvements [Member]    
Supplemental Non-cash Financing and Investing Activities:    
Capital expenditure included in accounts payable, accrued expenses and other liabilities 2,658 3,608
Deferred Leasing Costs [Member]    
Supplemental Non-cash Financing and Investing Activities:    
Capital expenditure included in accounts payable, accrued expenses and other liabilities $ 918 $ 646

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