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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 $ 13,658 $ 5,269 $ 52,233
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 113,948 113,430 94,952
Amortization of market-lease intangibles and inducements, net (2,804) (3,343) (5,589)
Amortization of debt discounts and financing costs 2,403 4,113 2,816
Straight-line rent adjustments, net (3,400) (3,349) (3,815)
Impairment of real estate assets 3,854 0 0
Provision for (reversal of) estimated credit losses 430 1,033 (267)
Gain on sale of investment properties, net (3,857) (2,691) (38,249)
Loss on extinguishment of debt 0 15 181
Equity in losses (earnings) of unconsolidated entities 0 557 (3,663)
Distributions from unconsolidated entities 0 0 9,350
Stock-based compensation, net 9,896 9,021 6,541
Changes in operating assets and liabilities:      
Accounts and rents receivable 1,512 1,483 (999)
Deferred costs and other assets, net (236) 91 317
Accounts payable and accrued expenses 511 2,054 8,411
Other liabilities 961 1,938 3,576
Net cash provided by operating activities 136,876 129,621 125,795
Cash flows from investing activities:      
Purchase of investment properties (268,125) (152,047) (235,001)
Capital investments and leasing costs (36,116) (35,744) (33,183)
Proceeds from the sale of investment properties, net 65,062 12,559 77,538
Distributions from unconsolidated entities 0 95,065 47,355
Other investing activities, net (1,356) 449 (1,170)
Net cash used in investing activities (240,535) (79,718) (144,461)
Cash flows from financing activities:      
Payment of tax withholdings for share-based compensation (2,598) (1,583) (1,581)
Proceeds from sale of common stock under ESPP 280 235 0
Payment of common stock offering costs (12,078) (341) 0
Distributions to stockholders (62,779) (57,491) (55,302)
Proceeds from line of credit 10,000 30,000 112,000
Repayments of line of credit (10,000) (30,000) (143,000)
Proceeds from senior notes 0 0 250,000
Payoffs of debt (88,168) (33,700) (47,052)
Principal payments on mortgage debt 0 (32) (842)
Payment of financing costs (5,278) (175) (2,387)
Other financing activities 0 20 (262)
Net cash provided by (used in) financing activities 95,117 (87,902) 111,574
Net decrease in cash, cash equivalents and restricted cash (8,542) (37,999) 92,908
Cash, cash equivalents and restricted cash at beginning of year 99,763 137,762 44,854
Cash, cash equivalents and restricted cash at end of year 91,221 99,763 137,762
Cash flow disclosure, including non-cash investing and financing activities:      
Cash paid for interest, net of capitalized interest 35,605 33,093 18,705
Cash paid (refunded) for income taxes, net of (payments) refunds 530 209 (386)
Previously held equity investments in real estate assets acquired 0 39,603 0
Distributions payable to stockholders 17,512 14,594 13,837
Accrued capital investments and leasing costs 3,620 2,562 3,136
Capitalized costs placed in service 14,948 16,402 17,895
Gross issuance of shares for share-based compensation 7,662 4,558 6,224
Purchase of investment properties:      
Net investment properties 245,355 200,085 280,938
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 54,041 52,871 47,019
Accounts payable and accrued expenses, lease intangibles, and other liabilities (18,681) (9,133) (13,075)
Assumption of mortgage debt, at fair value (12,590) (91,776) (79,881)
Cash outflow for purchase of investment properties, net 268,125 152,047 235,001
Assumption of mortgage principal 13,000 92,468 80,380
Capitalized acquisition costs (1,116) (150) (1,079)
Credits, prorations, and other changes in cash outflow, net 2,061 (365) 4,768
Gross acquisition price of investment properties 282,070 244,000 319,070
Sale of investment properties:      
Net investment properties 59,912 10,086 66,294
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 1,564 297 4,200
Accounts payable and accrued expenses, lease intangibles, and other liabilities (271) (515) (2,575)
Debt assumed by buyer through disposition of property 0 0 (28,552)
Gain on sale of investment properties, net 3,857 2,691 38,249
Loss on extinguishment of debt 0 0 (78)
Proceeds from sale of investment properties, net 65,062 12,559 77,538
Assumption of mortgage principal 0 0 28,630
Credits, prorations, and other changes in cash inflow, net 3,490 583 4,282
Gross disposition price of investment properties 68,552 13,142 110,450
Public Offering      
Cash flows from financing activities:      
Proceeds from sale of common stock 257,600 0 0
ATM Program      
Cash flows from financing activities:      
Proceeds from sale of common stock $ 8,138 $ 5,165 $ 0