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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net loss $ (10,966) $ (6,762)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 21,822 21,054
Other amortization 544 384
Stock-based compensation 5,241 4,893
Accelerated amortization of stock-based compensation 4,591 0
Straight-line rent receivable (1,823) (551)
Gains on sale, net of impairments of real estate assets (640) 140
Credit loss reserve 8,672 11,000
Changes in operating assets and liabilities:    
Other assets 1,668 (37)
Accounts payable and accrued liabilities 558 189
Other liabilities (1,459) (938)
Net cash provided by operating activities 28,208 29,372
INVESTING ACTIVITIES    
Acquisitions of real estate (9,711) (57,844)
Proceeds from sale of real estate 615 0
Funding of notes receivable 0 (275)
Proceeds from the repayment of notes receivable 4,975 1,620
Capital expenditures on existing real estate properties (8,911) (12,298)
Net cash used in investing activities (13,032) (68,797)
FINANCING ACTIVITIES    
Net borrowings on revolving credit facility 14,000 59,000
Mortgage note repayments 0 (4,820)
Dividends paid (26,645) (25,477)
Proceeds from issuance of common stock 0 7,492
Taxes paid on behalf of employees and shares withheld upon shares vesting (1,735) (551)
Equity issuance costs (317) (118)
Net cash (used in) provided by financing activities (14,697) 35,526
Increase (decrease) in cash, cash equivalents and restricted cash 479 (3,899)
Cash, cash equivalents and restricted cash, beginning of period 4,384 4,633
Cash, cash equivalents and restricted cash, end of period 4,863 734
Supplemental Cash Flow Information:    
Interest paid (net of capitalized interest) 12,420 10,703
Invoices accrued for construction, tenant improvement, and other capitalized costs 4,148 3,619
Reclassification from financing investment included in other assets to real estate 9,790 0
Reclassification of registration statement costs to equity issuance costs 121 188
(Decrease) increase in fair value of cash flow hedges (4,876) 10,573
Income taxes paid 20 28
Capitalized interest $ 80 $ 77