v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 1,414 $ 3,283
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 33,221 26,797
Straight line rent (2,007) 251
Income from unconsolidated real estate venture (1,664) (1,822)
Amortization of above- / below-market leases (435) (518)
Amortization of unearned revenue (3,704) (1,762)
Amortization of loan premium / discount (4) (6)
Amortization of deferred financing costs 943 757
Amortization of lease inducements 399 329
Amortization of real estate loans receivable origination fees (36) (36)
Amortization of treasury lock settlement 69 8
Distributions from investment in unconsolidated real estate venture 2,315 3,795
Non-cash compensation 2,097 1,421
Provision for (recovery of) credit losses 196 (238)
Net change in:    
Tenant accounts receivable (19,272) 617
Prepaid expenses and other assets (1,652) (3,312)
Real estate loan interest receivable (63) (931)
Deferred revenue associated with operating leases 14,535 (875)
Principal payments on operating lease obligations (182) (172)
Principal repayment of sales-type lease 64  
Accounts payable, accrued expenses and other liabilities 1,101 (3,399)
Net cash provided by operating activities 27,335 24,187
Cash flows from investing activities    
Real estate acquisitions and deposits (43,195) (7,307)
Additions to operating properties (5,538) (8,598)
Additions to development properties (17,770) (20,793)
Investments in real estate loans receivable, net (6,930) (8,541)
Net cash used in investing activities (73,433) (45,239)
Cash flows from financing activities    
Payment of deferred financing costs   (2,302)
Issuance of common shares 2,167 41,270
Credit facility draws 99,250 55,500
Credit facility repayments (53,250) (175,000)
Issuance of notes payable   125,000
Treasury lock settlement   (1,945)
Repayments of mortgage notes payable (1,190) (1,127)
Dividends and distributions paid (21,810) (30,240)
Payment of offering costs (22) (419)
Net cash provided by financing activities 25,145 10,737
Net decrease in Cash and cash equivalents and Restricted cash (20,953) (10,315)
Cash and cash equivalents and Restricted cash, beginning of period 33,631 27,804
Cash and cash equivalents and Restricted cash, end of period 12,678 17,489
Supplemental disclosure of cash flow information is as follows (amounts in thousands):    
Cash paid for interest (net of capitalized interest of $545 and $2,026 in 2026 and 2025, respectively) 18,522 15,640
Supplemental disclosure of non-cash information    
Deferred financing costs accrued, not paid   183
Offering costs accrued, not paid 3 14
Deferred asset acquisition costs accrued, not paid 39 104
Unrealized gain (loss) on treasury locks and interest rate swaps, net 2,094 (3,832)
Recognition of operating lease right-of-use assets 859  
Recognition of liabilities related to operating lease right-of-use assets 1,321  
Exchange of Common Units for Shares of Common Stock    
Non-controlling interest in Operating Partnership (899)  
Additional paid-in capital 899  
Operating Properties [Member]    
Supplemental disclosure of non-cash information    
Additions to properties accrued, not paid 4,884 5,075
Development Properties [Member]    
Supplemental disclosure of non-cash information    
Additions to properties accrued, not paid $ 19,279 $ 20,663