v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 33,242 $ 28,893
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of real estate assets 65,182 64,897
Depreciation and amortization of corporate assets 349 377
Net amortization of above- and below-market leases (2,451) (1,944)
Amortization of deferred financing expenses 982 1,209
Amortization of debt and derivative adjustments 638 686
Loss on extinguishment or modification of debt, net 1,080 1
Gain on disposal of property, net (6,817) (5,609)
Straight-line rent, net (2,879) (2,676)
Share-based compensation 2,218 2,208
Return on investment in unconsolidated joint ventures 136 156
Other 246 12
Changes in operating assets and liabilities:    
Other assets, net (8,235) (7,325)
Accounts payable and other liabilities (28,135) (20,343)
Net cash provided by operating activities 55,556 60,542
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions, net (126,427) (139,107)
Capital expenditures (26,462) (26,367)
Proceeds from sale of real estate, net 20,947 6,466
Proceeds from secured loan receivable 3,775 0
Investment in unconsolidated joint ventures (894) (3,549)
Return of investment in unconsolidated joint ventures 367 418
Investment in marketable securities (164) (1,504)
Proceeds from sale of marketable securities 963 0
Insurance proceeds for property damage claims 50 87
Net cash used in investing activities (127,845) (163,556)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 190,000 272,000
Payments on revolving credit facility (101,000) (90,000)
Proceeds from notes and loans payable, net 346,500 0
Payments on mortgages and loans payable (323,634) (22,408)
Distributions paid (54,732) (51,549)
Distributions to noncontrolling interests (5,798) (5,825)
Net cash provided by financing activities 51,336 102,218
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (20,953) (796)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:    
Beginning of period 43,312 8,649
End of period 22,359 7,853
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 3,141 5,458
Restricted cash 19,218 2,395
Cash, cash equivalents, and restricted cash at end of period 22,359 7,853
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 42,284 31,790
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:    
Secured loan receivable 0 17,395
Accrued capital expenditures 13,250 9,623
Change in distributions payable (13,688) (12,856)
Change in distributions payable - noncontrolling interests $ (1,905) $ (1,774)