v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ (7,731) $ 4,430
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 64,725 70,098
Straight line rent adjustment 1,012 (1,833)
Intangible amortization in rental revenue, net (910) (1,820)
Loss on extinguishment of debt 72
Amortization of debt related costs 1,346 1,708
Stock based compensation 3,118 2,128
Loss on financing transaction 14,657
(Gain) loss on sale of real estate (8,645) (12,112)
Changes in operating assets and liabilities:    
Other assets (9,392) 588
Deferred leasing costs (3,915) (4,400)
Accounts payable, accrued expenses and other liabilities (220) 4,400
Net cash provided by operating activities 54,045 63,259
Investing activities    
Acquisition of real estate properties (101,387)
Real estate improvements (16,497) (26,542)
Proceeds from sale of real estate 8,439 18,231
Net investment in sales-type lease 21,244
Net cash used in investing activities (88,201) (8,311)
Financing activities    
(Payment) proceeds from issuance of common stock, net (517) 49,499
Repayment of secured debt (23,366) (12,352)
Proceeds from line of credit facility 132,991 27,500
Repayment of line of credit facility (91,991) (40,000)
Repurchase of Series A Preferred Stock (43)
Redemption of Series A Preferred Stock (48,824)
Proceeds from financing transaction, net 58,670
Financing transaction issuance costs (1,937)
Debt issuance costs (28) (27)
Dividends and distributions paid (32,314) (31,642)
Net cash provided by (used in) financing activities 41,508 (55,889)
Net increase (decrease) in cash, cash held in escrow, and restricted cash 7,352 (941)
Cash, cash held in escrow, and restricted cash at beginning of period 26,204 31,213
Cash, cash held in escrow, and restricted cash at end of period 33,556 30,272
Supplemental Cash Flow Disclosures:    
Cash paid for interest 28,672 27,450
Supplemental Non-cash Financing and Investing Activities:    
Dividends declared included in accounts payable, accrued expenses and other liabilities 11,006 10,205
Distribution payable to non-controlling interest holder 118 110
Financing transaction costs included in accounts payable, accrued expenses and other liabilities 7,171
Real estate improvements included in accounts payable, accrued expenses and other liabilities 3,608 3,981
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities $ 646 $ 1,605

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