v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net (loss) income $ (6,883) $ 6,692 $ 21,734
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation expense 44,025 40,427 41,266
Amortization of acquired lease intangible assets 14,017 14,486 16,691
Amortization of above market leases, net 648 1,171 1,052
Amortization of debt issuance costs and other 2,994 2,243 2,376
Stock-based compensation expense 4,496 5,102 4,242
Capitalized preacquisition and other costs charged to expense 136 242 177
Reserve for uncollectible accounts, net   822 852
Gain on sale of investment properties (1,487) (4,205) (15,560)
Impairment of investment property 13,014 1,696 0
Equity loss from unconsolidated joint venture 150 20 0
Loss on extinguishment of debt     868
Other 147 136 433
Changes in operating assets and liabilities:      
Tenant receivables 199 (1,484) 426
Deferred assets (1,147) (1,913) (2,863)
Other assets and liabilities 5 1,992 542
Accounts payable and accrued expenses 3,172 2,983 (2,023)
Security deposits 124 (364) (1,773)
Net cash provided by operating activities 73,610 70,046 68,440
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (70,516) (81,674) (442)
Net proceeds from sale of investment properties 22,955 57,368 78,919
Investment in unconsolidated joint venture   (2,086)  
Distribution of capital from unconsolidated joint venture 135    
Escrow deposits for purchase of properties 290 (290)  
Advances received from (made to) related parties 108 (77) 7
Capital expenditures on existing real estate investments (11,173) (13,445) (9,604)
Leasing commissions (2,203) (5,738) (1,264)
Net cash (used in) provided by investing activities (60,404) (45,942) 67,616
Financing activities      
Net proceeds received from common equity offerings   10,896  
Net proceeds received from preferred stock offering 49,147    
Escrow deposits required by third party lenders   252 7,160
Repayment of notes payable (13,268) (11,544) (1,262)
Repayment of CMBS loan defeasance     (31,525)
Proceeds from Credit Facility 138,300 143,800 83,100
Repayment of Credit Facility (111,725) (99,600) (136,400)
Payment of debt issuance costs (8,580)   (13)
Repurchase of common stock (6,004)    
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (52,307) (59,868) (59,025)
Dividends paid to preferred stockholders (5,822) (5,822) (5,822)
Net cash provided by financing activities (10,259) (21,886) (143,787)
Net increase (decrease) in cash and cash equivalents and restricted cash 2,947 2,218 (7,731)
Cash and cash equivalents and restricted cash-beginning of period 8,942 6,724 14,455
Cash and cash equivalents and restricted cash-end of period 11,889 8,942 6,724
Supplemental cash flow information:      
Cash payments for interest 27,782 26,572 30,149
Noncash financing and investing activities:      
Accrued dividends payable 12,484 16,520 16,134
Interest rate swap agreements fair value change recognized in other comprehensive (loss) income (12,511) 6,512 9,549
LTIP Units and OP Units redeemed for common stock 1,243 910 427
Accrued capital expenditures and leasing commissions included in accounts payable and accrued expenses 1,364 $ 2,426 2,230
OP Units issued for property acquisitions     5,482
Recognition of lease liability related to right of use asset $ 6,280   4,634
Write off of unamortized debt issuance costs from loan defeasance     $ 240