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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 20,578 $ 21,060 $ 35,562
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 96,333 91,292 98,254
Straight line rent (2,989) (3,897) (410)
Income from unconsolidated real estate venture (6,051) (5,498) (3,374)
Amortization of above- / below-market leases (1,935) (2,730) (3,105)
Amortization of unearned revenue (6,887) (6,249) (5,797)
Amortization of loan premium / discount (675) (1,098) (1,122)
Amortization of deferred financing costs 3,043 2,122 2,056
Amortization of lease inducements 1,124 942 856
Amortization of real estate loan origination fees (58)    
Gain on the sale of real estate (171)   (13,590)
Impairment loss     5,540
Distributions from investment in unconsolidated real estate venture 12,109 10,232 6,434
Non-cash compensation 3,208 5,747 6,536
Provision for credit losses 1,527    
Net change in:      
Tenant accounts receivable (1,672) (3,173) (126)
Prepaid expenses and other assets (2,975) (5,562) (2,829)
Real estate loan interest receivable (1,229)    
Deferred revenue associated with operating leases 45,152 5,652 1,973
Principal payments on operating lease obligations (672) (497) (599)
Accounts payable, accrued expenses and other liabilities 4,875 6,136 (318)
Net cash provided by operating activities 162,635 114,479 125,941
Cash flows from investing activities      
Real estate acquisitions and deposits (188,085) (63,412) (93,737)
Additions to operating properties (35,441) (28,143) (22,568)
Additions to development properties (116,029) (17,820) (12,350)
Proceeds from sale of operating properties, net 2,173   202,416
Distributions from investment in unconsolidated real estate venture 2,037 103 983
Investment in unconsolidated real estate venture (40,071) (17,736) (143,847)
Investment in real estate loan receivable, net (34,229)    
Net cash used in investing activities (409,645) (127,008) (69,103)
Cash flows from financing activities      
Payment of deferred financing costs (7,861)    
Issuance of common shares 71,809 86,472 9,504
Credit facility draws 617,550 198,250 230,750
Credit facility repayments (422,000) (184,750) (179,750)
Term loan draws   50,000  
Term loan repayments (25,500)    
Issuance of notes payable 200,000    
Repayments of mortgage notes payable (64,298) (20,002) (10,899)
Dividends and distributions paid (115,909) (112,379) (109,176)
Payment of offering costs (916) (397) (136)
Net cash provided by (used in) financing activities 252,875 17,194 (59,707)
Net increase (decrease) in Cash and cash equivalents and Restricted cash 5,865 4,665 (2,869)
Cash and cash equivalents and Restricted cash, beginning of year 21,939 17,274 20,143
Cash and cash equivalents and Restricted cash, end of year 27,804 21,939 17,274
Supplemental disclosure of cash flow information is as follows (amounts in thousands):      
Cash paid for interest, net of capitalized interest 57,223 47,530 40,207
Capitalized interest 4,726 1,483 1,220
Non-cash investing and financing activities:      
Deferred financing accrued, not paid 30    
Offering costs, accrued not paid 21 16  
Unrealized gain (loss) on interest rate swaps, net (1,277) (2,025) 9,719
Properties acquired for common units 0 219 17,361
Contingent consideration accrued, not received   41 125
Recognition of operating lease right-of-use assets 0   2,445
Recognition of liabilities related to operating lease right-of-use assets 0   2,445
Derecognition of operating lease right-of-use assets 0   689
Exchange of Common Units for Shares of Common Stock      
Non-controlling interest in Operating Partnership (18,825) (78,400) (2,911)
Common stock 14 59 2
Additional paid-in capital 18,811 78,341 2,909
Operating Properties [Member]      
Non-cash investing and financing activities:      
Additions to properties accrued, not paid 8,952 8,518 4,859
Development Properties [Member]      
Non-cash investing and financing activities:      
Additions to properties accrued, not paid $ 23,730 $ 7,672 $ 4,135