v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 142,367 $ 13,807 $ (17,096)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 85,729 92,891 95,312
Straight line rent adjustment 761 (1,944) (3,682)
Intangible amortization in rental revenue, net (1,204) (2,221) (3,151)
Loss on extinguishment of debt 269 72 2,176
Amortization of debt related costs 1,909 2,184 2,163
Gain on financing transaction (6,660)
Appreciation (depreciation) of warrants (1,760)
Stock based compensation 4,197 2,966 2,603
Gain on sale of real estate (145,396) (22,646)
Unrealized loss from interest rate swap 39
Loss on interest rate swap 481
Loss in investment of unconsolidated joint ventures 5,145 147
Changes in operating assets and liabilities:      
Other assets (2,079) (3,091) (915)
Deferred leasing costs (5,047) (6,394) (5,668)
Accounts payable, accrued expenses and other liabilities 15,559 6,248 2,099
Net cash provided by operating activities 96,070 81,872 72,228
Investing activities      
Acquisition of real estate properties (122,043) (197,085)
Real estate improvements (24,226) (34,751) (55,494)
Proceeds from sale of real estate, net 216,949 34,672 222
Contribution to and investment in Joint Venture (4,461)
Net investment in sales-type lease 21,244
Net cash provided by (used in) investing activities 87,463 (79) (252,357)
Financing activities      
(Payment) Proceeds from issuance of common stock, net (540) 49,465 58,179
Repayment of secured debt (34,889) (123,264) (21,186)
Proceeds from issuance of unsecured debt 150,000
Proceeds from line of credit facility 137,000 149,400 213,000
Repayment of line of credit facility (272,400) (71,500) (173,500)
Repurchase of Series A Preferred Stock (43) (1,728)
Redemption of Series A Preferred Stock (48,843)
Redemption of Series B Preferred Stock (15,000)
Proceeds from financing transaction 58,670
Financing transaction issuance costs (4,295)
Debt issuance costs (6,086) (83) (1,826)
Dividends and distributions paid (43,570) (41,934) (39,971)
Net cash (used in) provided by financing activities (166,110) (86,802) 167,968
Net increase (decrease) in cash, cash held in escrow, and restricted cash 17,423 (5,009) (12,161)
Cash, cash held in escrow, and restricted cash at beginning of period 26,204 31,213 43,374
Cash, cash held in escrow, and restricted cash at end of period 43,627 26,204 31,213
Supplemental Cash Flow Disclosures:      
Cash paid for interest 37,545 36,212 28,931
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture 2,895
Contribution of cash, cash held in escrow and restricted cash investment to Joint Venture 2,772
Supplemental Non-cash Financing and Investing Activities:      
Dividends declared included in dividends payable 11,039 10,216 9,426
Distribution payable to non-controlling interest holder 118 110 108
Contribution of real estate properties to Joint Venture 60,921
Assumption of secured debt by Joint Venture 56,232
Assumption of accounts payables, accrued expenses and other liabilities by Joint Venture 13,746
Contribution of other assets to Joint Venture 329
Financing transaction costs included in accounts payable, accrued expenses and other liabilities 5,465
Contribution to and investment in joint venture in accounts payable, accrued expenses and other liabilities 2,140
Real estate improvements included in accounts payable, accrued expenses and other liabilities 1,801 1,868 6,997
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities 390 575 483
Conversion of common stock warrants 3,758
Series B accretion to redemption value 4,621
Conversion of Series B Preferred Stock 84,058
Consolidation of net book value of investment in joint venture 5,686
Assumption of other assets upon consolidation of investment in joint venture 638
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture 1,955
Assumption of secured debt upon consolidation of investment in joint venture $ 56,000

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