v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 7,007 $ 6,286
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,352 22,368
Straight line rent adjustment (208) (15)
Intangible amortization in rental revenue, net (292) (318)
Amortization of debt related costs 599 438
Stock based compensation 1,134 914
Gain on financing transaction (14,085)
Gain on sale of real estate (301) (8,030)
Unrealized gain from interest rate swap (131)
Loss in investment of unconsolidated joint ventures 8,048
Changes in operating assets and liabilities:    
Other assets 1,315 1,785
Deferred leasing costs (793) (1,043)
Accounts payable, accrued expenses and other liabilities (6,033) (5,771)
Net cash provided by operating activities 15,612 16,614
Investing activities    
Acquisition of real estate properties (65,692)
Real estate improvements (4,269) (3,760)
Net investment in sales-type lease 21
Proceeds from sale of real estate 2,188
Net cash used in investing activities (67,773) (3,739)
Financing activities    
Payment from issuance of common stock, net (23) (245)
Repayment of secured debt (801) (1,306)
Proceeds from line of credit facility 64,500
Dividends and distributions paid (11,620) (10,291)
Net cash provided by (used in) financing activities 52,056 (11,842)
Net (decrease) increase in cash, cash held in escrow, and restricted cash (105) 1,033
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 43,522 27,237
Supplemental Cash Flow Disclosures:    
Cash paid for interest 6,127 9,337
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 11,110 10,938
Distribution payable to non-controlling interest holder 118 118
Financing transaction costs included in accounts payable, accrued expenses and other liabilities 5,300
Real estate improvements included in accounts payable, accrued expenses and other liabilities 2,325 1,232
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities 524 403
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

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