v3.25.4
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) $ (1,737) $ (5,887) $ 11,647
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 73,200 56,110 60,230
Change in deferred tax assets and liabilities 1,046 845 (3,301)
Accretion of fair market value adjustment of secured debt 717 120 13
Amortization of debt issuance costs 3,904 4,115 2,728
Equity based compensation expense 16,623 5,258 5,258
Non-cash adjustment - equity method investments in unconsolidated real estate ventures 407 1,380 1,625
Non-cash adjustment - equity method investments in Managed REITs 995 1,414 1,694
Accretion of financing fee revenues (399) (181) (664)
Contingent earnout adjustment 221 0 0
Unrealized foreign currency and derivative (gains) losses (2,319) 2,092 (1,035)
Loss on debt extinguishment 2,533 471 0
Issuance of noncontrolling interest in SST VI Advisor 0 330 0
Sponsor funding reduction [1] 1,052 844 34
Gain on disposition of real estate (284) 0 0
Increase (decrease) in cash from changes in assets and liabilities:      
Other assets, net 141 (639) 958
Managed REITs receivables and other (5,135) (10,049) (2,751)
Due to affiliates (359) (54) 6
Accounts payable and accrued liabilities (5,637) 7,858 (3,251)
Net cash provided by operating activities 84,969 64,027 73,191
Cash flows from investing activities:      
Third Party Platform Acquisition, net of cash acquired (8,057) 0 0
Purchase of real estate (304,141) (146,360) (15,617)
Net proceeds from the disposition of real estate 7,872 0 0
Additions to real estate and construction in process (13,598) (11,464) (10,466)
Insurance proceeds on insured property damage 4,188 500 1,726
Deposits on acquisitions (543) (3,822) (753)
Settlement of foreign currency hedges designated for hedge accounting 1,065 1,939 2,851
Capital distributions from Managed REITs 616 616 597
Investments in unconsolidated real estate ventures (7,356) (8,890) (9,517)
Capital distributions from unconsolidated real estate ventures 11,021 1,816 1,321
Purchase of SST VI Subordinated Class C Units (658) (1,217) (3,197)
Purchase of other assets (73) (79) (183)
Purchase of other investments (4,760) 0 0
Redemption of other investments 1,000 0 0
Net cash (used in) provided by investing activities (380,755) (180,938) 262
Cash flows from financing activities:      
Gross proceeds- Underwritten Public Offering 931,500 0 0
Offering costs (57,281) (144) (11)
Gross proceeds - issuance of Canadian Notes 511,462 0 0
Gross proceeds - issuance of non-credit facility debt 74,800 175,440 80,149
Repayment - non-credit facility debt (278,880) (20,000) (12,017)
Scheduled principal payments on non-credit facility debt (2,900) (3,524) (2,639)
Proceeds from issuance of credit facility debt 320,000 669,950 135,000
Repayment of credit facility debt (875,005) (623,808) (184,512)
Debt issuance costs (3,033) (10,076) (871)
Debt defeasance costs (754) 0 0
Payment of payroll withholding tax on stock vesting (3,042) (219) (247)
Redemptions of noncontrolling interests in our OP (230) 0 0
Redemption of Series A Convertible Preferred Stock (200,000) 0 0
Redemption of fractional common shares (290) 0 0
Redemption of common stock 0 (33,845) (18,992)
Repurchase of noncontrolling interest in SST VI advisor (1,850) 0 0
Distributions paid - preferred stockholders (6,967) (12,509) (12,500)
Distributions paid - common stockholders (74,832) (37,377) (40,598)
Distributions paid - noncontrolling interests in our OP (7,106) (8,606) (8,273)
Distributions paid - other noncontrolling interests (365) (466) (588)
Net cash provided by (used in) financing activities 325,227 94,816 (66,099)
Impact of foreign exchange rate changes on cash and restricted cash 626 (2,031) 35
Change in cash, cash equivalents, and restricted cash 30,067 (24,126) 7,389
Cash, cash equivalents, and restricted cash beginning of year 29,301 53,427 46,038
Cash, cash equivalents, and restricted cash end of year 59,368 29,301 53,427
Supplemental disclosures and non-cash transactions:      
Cash paid for interest, net of capitalized interest 56,453 66,007 55,647
Cash paid for income taxes 470 298 407
Supplemental disclosure of noncash activities:      
Issuance of shares pursuant to distribution reinvestment plan 3,452 20,667 17,636
Distributions payable 8,796 9,257 9,156
Real estate and construction in process included in accounts payable and accrued liabilities 884 873 433
Acquisition of real estate with loans payable 25,326 40,740 0
Deposit applied to the purchase of real estate 2,745 0 400
Redemption of common stock included in accounts payable and accrued liabilities 0 0 3,945
Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REITs receivables 1,098 0 1,195
Intangible assets applied to the purchase of real estate 0 0 8,370
SSGT III and SSGT III sponsored DSTs      
Cash flows from investing activities:      
Funding of loans (84,818) (27,000) (16,000)
Repayment of Loans 55,919 21,023 29,500
SST VI      
Cash flows from investing activities:      
Funding of loans (2,000) (8,000) (30,000)
Repayment of Loans 0 0 50,000
Preferred investment (34,650) 0 (15,000)
Preferred investment redemption 0 0 15,000
SST X Advisory Agreement      
Cash flows from investing activities:      
Preferred investment $ (1,782) $ 0 $ 0
[1] Pursuant to the Sponsor Funding Agreement, we funded certain costs of SST VI's share sales, and in return receives Series C Units in SST VI's OP. As of June 30, 2025, SST VI had closed its offering to new subscriptions. As such, we no longer had any funding obligation pursuant to the Sponsor Funding Agreement. The excess of the funding over the value of the Series C Units received was accounted for as a reduction of Managed Platform revenue from SST VI over the remaining estimated term of the management contracts with SST VI.