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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 6,938 $ (12,000) $ 6,890
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 86,376 76,871 63,677
Amortization of deferred financing costs 3,136 2,230 1,730
Amortization of above/below-market assumed debt 114 114 114
Noncash revenue adjustments (5,119) (3,699) (1,632)
Amortization of deferred losses (gains) on interest rate swaps 2,859 (3,789) (2,124)
Stock-based compensation expense 5,898 5,656 4,823
Gain on sales of real estate, net (7,686) (1,876) (1,175)
Provisions for impairment 17,268 29,969 7,083
Loss on debt extinguishment 46 0 128
(Gain) loss on involuntary conversion of building and improvements (45) 502 (78)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:      
Other assets, net (102) (1,200) (1,237)
Accounts payable, accrued expenses, and other liabilities 494 (946) 3,696
Lease incentive payments (667) (1,668) (1,740)
Net cash provided by operating activities 109,510 90,164 80,155
Cash flows from investing activities      
Acquisitions of real estate (598,073) (479,039) (340,451)
Real estate development and improvements (9,426) (40,334) (78,798)
Investment in mortgage loans receivable (37,425) (29,543) (72,429)
Principal collections on mortgage loans receivable 31,251 24,870 1,482
Proceeds from sale of mortgage loans receivable 10,480 0 0
Earnest money deposits (6,273) (67) (265)
Purchase of computer equipment and other corporate assets (52) (8) (35)
Proceeds from sale of real estate 160,631 90,843 38,465
Proceeds from the settlement of property-related insurance claims 45 403 78
Net cash used in investing activities (448,842) (432,875) (451,953)
Cash flows from financing activities      
Issuance of common stock in public offerings, net 188,341 135,475 271,389
Payment of common stock dividends (70,230) (63,457) (51,675)
Payment of OP unit distributions (358) (369) (407)
Payment of restricted stock dividends (277) (599) (148)
Principal payments on mortgages payable (164) (155) (138)
Proceeds under revolving credit facilities 349,000 392,000 361,000
Repayments under revolving credit facilities (588,000) (233,000) (394,000)
Proceeds from term loans 518,675 100,000 150,000
Principal payments on term loans (43,675) 0 0
Repurchase of common stock for tax withholding obligations (753) (1,498) (688)
Payment of deferred offering costs (1,036) (1,295) (878)
Payment of deferred financing costs (12,044) 0 (3,271)
Net cash provided by financing activities 339,479 327,102 331,184
Net change in cash, cash equivalents, and restricted cash 147 (15,609) (40,614)
Cash, cash equivalents, and restricted cash at beginning of the period 14,320 29,929 70,543
Cash, cash equivalents, and restricted cash at end of the period 14,467 14,320 29,929
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 44,028 30,295 18,336
Cash (received) paid for income taxes, net (64) (31) 628
Supplemental disclosures of non-cash investing and financing activities:      
Dividends declared and unpaid on restricted stock 550 376 501
Deferred offering costs included in accounts payable, accrued expenses, and other liabilities 0 35 7
Loan Origination Fees On Mortgage Loans Receivable, Accrued Not Yet Received 230 200 0
Cash flow hedge change in fair value (17,709) 5,058 (12,698)
Mortgage loan receivable settled in exchange for acquisition of real estate 0 0 4,673
Increase in mortgage loan receivable in exchange for disposition of real estate 8,450 20,102 1,837
Refinancing of mortgage loan receivable 0 0 1,327
Mortgage note assumed at fair value 4,888 0 0
Accrued capital expenditures and real estate development and improvement costs 3,007 4,500 5,686
Accrued lease incentives $ 0 $ 368 $ 0