7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 
      
    		                                           
      cash flows from operating activities
    		                                           
      net income
    		1,247,000 4,254,000 3,283,000 5,729,000 5,115,000 4,850,000 4,884,000 4,787,000 6,081,000 5,778,000 4,414,000 18,420,000 749,000 8,130,000 8,263,000 7,781,000 9,042,000 9,254,000 7,880,000 2,626,000 4,821,000 4,163,000 1,918,000 1,611,000 603,000 6,491,000 -481,000 643,000 2,482,000 1,719,000 1,815,000 2,100,000 926,000 1,013,000 1,350,000 1,463,000 1,128,000 1,037,000 1,109,000 173,000 818,000 965,000 -8,001,000 
      adjustments to reconcile net income to net cash from operating activities
    		                                           
      depreciation and amortization
    		28,946,000 28,534,000 26,797,000 24,652,000 23,795,000 24,086,000 23,800,000 23,347,000 22,245,000 22,619,000 23,081,000 24,702,000 25,050,000 24,343,000 24,159,000 23,651,000 22,765,000 22,525,000 22,325,000 23,071,000 23,522,000 23,654,000 23,556,000 23,722,000 23,299,000 22,967,000 22,451,000 21,072,000 16,109,000 14,588,000 14,634,000 14,210,000 14,141,000 13,462,000 13,060,000 12,469,000 12,237,000 11,074,000 10,863,000 10,166,000 9,344,000 9,839,000 4,212,000 
      straight line rent
    		-337,000 -300,000 251,000 134,000 -1,349,000 -918,000 -856,000 -1,236,000 -1,296,000 -902,000 -463,000 -969,000 1,090,000 451,000 -982,000 -100,000 -1,580,000 -1,324,000 -1,413,000 -1,326,000 -777,000 -620,000 -709,000 -600,000 -110,000 -592,000 -974,000 -1,384,000 -1,180,000 -1,266,000 -1,807,000 -1,406,000 -883,000 -350,000 -143,000 -91,000 -50,000 45,000 -12,000 -55,000 -66,000   
      income from unconsolidated real estate venture
    		-1,556,000 -1,840,000 -1,822,000 -1,684,000 -1,575,000 -1,377,000 -1,415,000 -1,332,000 -1,346,000 -1,418,000 -1,402,000 -1,088,000 -830,000 -825,000 -631,000                             
      amortization of above- / below-market leases
    		-421,000 -488,000 -518,000 -471,000 -390,000 -480,000 -594,000 -678,000 -676,000 -676,000 -700,000 -732,000 -769,000 -744,000 -860,000 -1,020,000 -1,058,000 -1,225,000 -1,286,000 -1,395,000 -1,451,000 -1,527,000 -1,521,000 -1,559,000 -1,517,000 -1,515,000 -1,729,000 -1,856,000 -2,219,000 -2,239,000 -2,279,000 -2,234,000 -2,065,000 -2,106,000 -2,112,000 -1,928,000 -1,816,000 -1,711,000 -1,698,000 -1,507,000    
      amortization of unearned revenue
    		-1,892,000 -1,863,000 -1,762,000 -1,762,000 -1,762,000 -1,759,000 -1,604,000 -1,571,000 -1,572,000 -1,622,000 -1,484,000 -1,484,000 -1,472,000 -1,443,000 -1,398,000 -1,399,000 -1,398,000 -1,398,000 -1,421,000 -1,390,000 -744,000 -697,000 -697,000 -697,000 -176,000 -67,000 -67,000 -67,000 -75,000 -26,000 -26,000 -24,000 -27,000 -28,000 -27,000 -28,000 -27,000 -27,000 -23,000     
      amortization of loan premium / discount
    		-5,000 -5,000 -6,000 -6,000 -117,000 -277,000 -275,000 -278,000 -277,000 -273,000 -270,000 -278,000 -281,000 -278,000 -285,000 -233,000 -19,000 -19,000 -19,000 -19,000 -20,000 -19,000 -20,000 -20,000 -20,000 -20,000 -20,000 -20,000 -20,000 -21,000 -21,000 -21,000 -22,000 -21,000 -21,000 -21,000 -21,000 -22,000 -21,000 -22,000 -21,000   
      amortization of deferred financing costs
    		941,000 791,000 757,000 757,000 781,000 923,000 582,000 550,000 541,000 517,000 514,000 518,000 516,000 513,000 509,000 495,000 399,000 383,000 382,000 382,000 380,000 379,000 378,000 378,000 350,000 343,000 342,000 341,000 333,000 320,000 285,000 333,000 332,000 265,000 251,000 250,000 217,000 216,000 216,000 215,000 212,000 213,000 116,000 
      amortization of lease inducements
    		613,000 606,000 329,000 328,000 280,000 258,000 258,000 258,000 253,000 215,000 216,000 216,000 212,000 216,000 212,000 217,000 217,000 216,000 214,000 227,000 230,000 224,000 207,000                     
      amortization of real estate loan receivable origination fees
    		-36,000 -37,000 -36,000                                         
      amortization of treasury lock settlement
    		69,000 70,000 8,000                                         
      impairment loss
    		           0                                
      distributions from investment in unconsolidated real estate venture
    		5,544,000 5,874,000 3,795,000 1,050,000 3,808,000 4,172,000 3,079,000 1,207,000 3,155,000 3,712,000 2,158,000 1,002,000 2,063,000 1,550,000 1,819,000                             
      non-cash compensation
    		1,633,000 1,395,000 1,421,000 1,000,000 -181,000 1,160,000 1,229,000 1,122,000 1,658,000 1,299,000 1,668,000 1,645,000 1,625,000 1,637,000 1,629,000 1,350,000 1,333,000 1,033,000 1,334,000 1,037,000 1,035,000 1,021,000 1,000,000 2,764,000 714,000 697,000 734,000 732,000 731,000 712,000 864,000 748,000 748,000 740,000 727,000 741,000 742,000 723,000 699,000     
      benefit from (recovery of) credit losses
    		302,000                                           
      net change in:
    		                                           
      tenant accounts receivable
    		10,449,000 -4,376,000 617,000 -784,000 2,137,000 -4,364,000 1,339,000 -3,581,000 1,162,000 -1,488,000 734,000 -670,000 -2,168,000 1,477,000 1,235,000 -5,458,000 -2,436,000 -1,517,000 736,000                         
      prepaid expenses and other assets
    		-6,193,000 1,277,000 -3,312,000 690,000 -825,000 3,618,000 -6,458,000 -842,000 -3,122,000 2,715,000 -4,313,000 -231,000 -1,088,000 3,218,000 -4,728,000 1,767,000 2,697,000 -656,000 -6,931,000 593,000 -1,292,000 7,805,000 -17,336,000 533,000 -492,000 1,311,000 -4,443,000 -1,058,000 98,000 625,000 -2,613,000 40,000 66,000 207,000 -1,905,000 423,000 113,000 515,000 -964,000 -140,000 -262,000 40,000 -417,000 
      real estate loan interest receivable
    		-268,000 -726,000 -931,000 -792,000                                        
      deferred revenue associated with operating leases
    		103,762,000 2,182,000 -875,000 972,000 18,024,000 25,646,000 510,000 105,000 -183,000 5,675,000 55,000 -716,000 1,225,000 1,289,000 175,000 -204,000 15,000 -217,000 963,000 -209,000 21,192,000 -184,000 20,646,000                     
      principal payments on operating lease obligations
    		-175,000 -172,000 -172,000 -171,000 -169,000 -166,000 -166,000 -128,000 -151,000 -91,000 -127,000 -285,000 -119,000 -100,000 -95,000                             
      accounts payable, accrued expenses and other liabilities
    		9,797,000 3,474,000 -3,399,000 -4,931,000 8,801,000 1,427,000 -422,000 -4,196,000 11,421,000 1,367,000 -2,456,000 -4,302,000 8,086,000 808,000 -4,910,000 -2,344,000 8,480,000 4,183,000 3,238,000 -9,825,000 5,489,000 2,792,000 8,802,000                     
      net cash from operating activities
    		154,965,000 38,111,000 24,187,000 24,553,000 57,174,000 57,017,000 23,891,000 17,534,000 37,893,000 37,427,000 21,625,000 22,158,000 39,429,000 40,242,000 24,112,000 23,885,000 37,742,000 30,705,000 26,012,000 36,572,000 33,031,000 37,049,000 38,545,000 22,938,000 80,944,000 24,457,000 13,976,000 13,687,000 20,481,000 16,501,000 12,113,000 6,407,000 18,280,000 13,819,000 10,725,000 11,151,000 15,184,000 11,167,000 9,875,000 11,179,000 11,758,000   
      cash flows from investing activities
    		                                           
      real estate acquisitions and deposits
    		-34,582,000 -137,540,000 -7,307,000 -114,621,000 -15,249,000 -57,603,000 -612,000 -62,455,000 -1,064,000 -17,000 124,000 0 -14,966,000 -78,273,000 -498,000 -99,234,000 -22,403,000 -29,992,000 -63,045,000 -102,572,000 -28,670,000 -71,132,000 -30,305,000 -67,522,000 -69,393,000 -109,314,000 -148,251,000 -74,916,000 -307,077,000 -20,250,000 -326,000 -50,022,000 -93,074,000 -205,524,000 -43,968,000 -28,316,000 -10,607,000 -95,446,000 -34,350,000 -117,763,000    
      additions to operating properties
    		-9,282,000 -7,088,000 -8,598,000 -6,461,000 -9,385,000 -11,689,000 -7,906,000 -7,975,000 -8,063,000 -4,349,000 -7,756,000 -6,440,000 -5,237,000 -5,616,000 -5,275,000 -3,849,000 -4,497,000 -3,945,000 -5,628,000 -5,056,000 -4,145,000 -4,239,000 -4,570,000 -2,569,000 -2,455,000 -1,277,000 -895,000 -1,627,000 -1,639,000 -1,535,000 -890,000 -1,727,000 -1,320,000 -777,000 -124,000 -634,000        
      additions to development properties
    		-22,074,000 -15,240,000 -20,793,000 -36,732,000 -36,293,000 -30,059,000 -12,945,000 -8,022,000 -829,000 -6,025,000 -2,944,000 -3,546,000 -3,855,000 -3,984,000 -965,000 -939,000 -760,000 -1,095,000 -3,423,000 -4,746,000 -8,915,000 -10,923,000 -18,417,000 -15,736,000 -11,028,000 -15,036,000 -18,808,000 -19,592,000 -17,766,000 -10,715,000 -10,410,000 -4,317,000 -1,649,000 -3,832,000 -79,000 -119,000        
      proceeds from sale of operating property
    		                4,010,000       0 0                   
      investment in unconsolidated real estate venture
    		   0    0    -72,594,000 -18,532,000 -30,998,000 -21,723,000                             
      repayments of real estate loan receivable
    		                                           
      investment in real estate loan receivable
    		  -8,541,000 -2,757,000                                        
      net cash from investing activities
    		-65,632,000 -146,688,000 -45,239,000 -158,398,000 -124,963,000 -101,381,000 -24,903,000 -78,349,000 -27,692,000 -10,391,000 -10,576,000 120,210,000 -42,285,000 -118,567,000 -28,461,000 -235,590,000 -23,650,000 -31,706,000 -72,096,000 -108,859,000 -41,730,000 -86,294,000 -53,292,000  -82,876,000    -326,482,000               
      cash flows from financing activities
    		                                           
      payment of deferred financing costs
    		-2,336,000 -210,000 -2,302,000 -21,000 -423,000 -7,067,000 -350,000         -1,731,000 -3,494,000       -108,000    -266,000 -138,000   -42,000 -173,000 -3,207,000 -18,000 -107,000    -126,000 0 -18,000 -3,379,000 
      issuance of common shares
    		16,982,000 5,368,000 41,270,000 28,395,000 35,432,000   0 34,058,000 0 52,414,000 0 0 0 9,504,000 85,015,000 50,511,000 0 40,403,000 18,822,000 33,880,000 104,438,000 4,883,000 31,961,000 68,541,000 26,883,000 131,171,000 0 0 284,136,000 13,669,000 19,141,000 105,304,000       0 0 0 193,545,000 
      credit facility draws
    		58,350,000 160,500,000 55,500,000 264,000,000 200,050,000 80,500,000 73,000,000 97,500,000 47,000,000 33,000,000 20,750,000 30,000,000 43,500,000 125,250,000 32,000,000 306,750,000 34,250,000 45,250,000 80,000,000 89,250,000 67,000,000 60,000,000 56,500,000 0 50,000,000 108,250,000 178,750,000 105,500,000 38,500,000 15,000,000 4,000,000 53,000,000 0 42,250,000 65,750,000 35,000,000 8,500,000 13,750,000 30,000,000 104,250,000 16,750,000 2,500,000 30,917,000 
      credit facility repayments
    		-165,000,000 -38,000,000 -175,000,000 -139,000,000 -123,000,000 -152,500,000 -7,500,000 -18,500,000 -100,000,000 -29,500,000 -36,750,000 -142,250,000 -8,500,000 -17,500,000 -11,500,000 -404,750,000 -59,000,000 -17,000,000 -50,250,000 -10,000,000 -67,000,000 -96,000,000 -20,500,000 0 -312,000,000 -30,750,000 -129,000,000 -3,750,000 -5,500,000 -113,750,000 -5,000,000 -12,500,000 -8,750,000 -132,417,000 -119,750,000         
      term loan repayments
    		   0 -500,000                                       
      term loan proceeds
    		                                           
      issuance of notes payable
    		0 0 125,000,000 0 50,000,000                   0        0 0           
      treasury lock settlement
    		0 0 -1,945,000                                         
      repayments of mortgage notes payable
    		-1,156,000 -1,138,000 -1,127,000 -1,115,000 -52,593,000 -9,473,000 -1,117,000 -1,090,000 -1,100,000 -1,068,000 -16,744,000 -6,957,000 -1,314,000 -1,328,000 -1,300,000 -1,285,000 -1,062,000 -946,000 -940,000 -929,000 -887,000 -878,000 -870,000 -861,000 -852,000 -842,000 -836,000 -826,000 -803,000 -797,000 -763,000 -756,000 -748,000           
      dividends and distributions paid
    		-21,330,000 -21,312,000 -30,240,000 -29,526,000 -28,855,000 -28,842,000 -28,686,000 -28,605,000 -28,155,000 -28,155,000 -27,464,000 -27,381,000 -27,380,000 -27,380,000 -27,035,000 -25,888,000 -25,329,000 -24,591,000 -24,186,000 -23,864,000 -23,481,000 -22,317,000 -22,086,000 -21,787,000 -21,398,000 -20,276,000 -18,433,000 -18,415,000 -18,345,000 -14,772,000 -14,424,000 -13,697,000 -12,919,000 -11,515,000 -11,049,000 -11,049,000 -10,244,000 -10,244,000 -8,757,000 -8,756,000 -8,355,000   
      payment of offering costs
    		-185,000 -69,000 -419,000 -291,000 -354,000 -99,000 -172,000 0 -341,000 0 -56,000 0 0 -11,000 -125,000 -11,000 -898,000 -92,000 -473,000 -197,000 -356,000 -1,188,000 -122,000 -374,000 -785,000 -442,000 -5,454,000 0 -238,000 -10,893,000 -190,000 -242,000 -4,198,000   -88,000 -196,000   0 0 -207,000 -1,755,000 
      net cash from financing activities
    		-89,175,000 105,139,000 10,737,000 122,442,000 79,757,000 15,501,000 35,175,000 49,305,000 1,462,000 -25,723,000 -7,850,000 -146,588,000 6,306,000 79,031,000 1,544,000 208,100,000 -5,022,000 2,540,000 44,554,000 73,082,000 9,156,000 44,055,000 17,805,000 8,831,000 56,618,000 82,823,000 156,198,000 82,243,000 163,476,000 155,854,000 -2,708,000 44,904,000 78,516,000 198,732,000 34,201,000 18,619,000 -3,505,000 83,829,000 20,540,000 110,417,000 7,804,000 -2,689,000 -4,191,000 
      net increase in cash and cash equivalents and restricted cash
    		158,000 -3,438,000 -10,315,000 -11,403,000 11,968,000 -28,863,000 34,163,000 -11,510,000 11,663,000 1,313,000 3,199,000 -4,220,000 3,450,000   -3,605,000 9,070,000 1,539,000 -1,530,000 795,000 457,000 -5,190,000 3,058,000 -54,058,000 54,686,000 1,596,000 2,220,000 -205,000 -142,525,000 139,855,000 -2,221,000             
      cash and cash equivalents and restricted cash, beginning of period
    		0 0 27,804,000  0 0 21,939,000  0 0 17,274,000  0 0 20,143,000  0 0 14,669,000  0 0 15,549,000  0 0 11,105,000  0 0 16,201,000             
      cash and cash equivalents and restricted cash, end of period
    		158,000 -3,438,000 17,489,000  11,968,000 -28,863,000 56,102,000  11,663,000 1,313,000 20,473,000  3,450,000 706,000 17,338,000  9,070,000 1,539,000 13,139,000  457,000 -5,190,000 18,607,000  54,686,000 1,596,000 13,325,000  -142,525,000 139,855,000 13,980,000             
      supplemental disclosure of cash flow information
    		                                           
      cash paid for interest
    		                                           
      supplemental disclosure of non-cash information
    		                                           
      additions to operating properties accrued, not paid
    		                                           
      additions to development properties accrued, not paid
    		                                           
      offering costs accrued, not paid
    		                                           
      deferred asset acquisition costs accrued, not paid
    		                                           
      unrealized loss on treasury locks and interest rate swaps
    		                                           
      exchange of common units for shares of common stock
    		                                           
      non-controlling interest in operating partnership
    		                                           
      common stock
    		                                           
      additional paid-in capital
    		                                           
      total
    		                                           
      repayment of (investment in) real estate loan receivable
    		                                           
      recovery of credit losses
    		  -238,000                                         
      amortization of real estate loan origination fees
    		                                           
      gain on the sale of real estate
    		                                           
      benefit from credit losses
    		   49,000 1,260,000                                       
      proceeds from sale of operating properties
    		                                           
      term loan draws
    		       0                    0    0 0 0 100,000,000         
      cash and cash equivalents and restricted cash, beginning of year
    		                                           
      cash and cash equivalents and restricted cash, end of year
    		                                           
      investment in loan receivable
    		     -2,030,000 -3,440,000                                     
      gain on the sale of operating properties
    		                                           
      other
    		               5,000 62,000 -3,000 10,000 33,000                    692,000 663,000 457,000 55,000 
      (gain) loss on the sale of operating properties
    		                                           
      gain on the sale of operating property
    		                -777,000                           
      net decrease in cash and cash equivalents and restricted cash
    		              -2,805,000                             
      (gain) loss on the sale of operating property
    		                                           
      rents receivable
    		                   20,176,000 -19,445,000 -1,068,000 1,252,000 -1,561,000 -218,000 -1,568,000 -1,361,000 -2,325,000 -2,146,000 751,000 991,000 -1,693,000 -522,000 12,000 775,000 -962,000 -423,000 -264,000 -253,000 -714,000 506,000 -802,000 -3,858,000 
      accounts receivable
    		                   -1,404,000 45,000 1,126,000 1,069,000 -26,000 -2,427,000 283,000 -1,960,000 -2,504,000 -988,000 1,713,000 -564,000 -1,815,000 -786,000 -1,006,000 83,000 -1,687,000 -427,000 123,000 -912,000 -63,000 -92,000 464,000 -640,000 
      gain on sale of operating property
    		                        0                   
      deferred revenue
    		                       -722,000                    
      accounts payable and accrued liabilities
    		                       -885,000 8,623,000 2,372,000 1,484,000 113,000 7,356,000 -375,000 834,000 -4,141,000 6,372,000 1,631,000 -1,313,000 522,000 3,511,000 -542,000 871,000 2,434,000 2,039,000 -679,000 2,297,000 
      net cash (used in) investing activities
    		                          -167,954,000    -11,626,000 -45,180,000 -96,350,000 -211,687,000 -44,530,000 -29,283,000 -11,025,000 -95,672,000 -34,211,000 -117,886,000 -18,505,000 -14,208,000 -13,953,000 
      borrowings on mortgage notes payable
    		                                           
      loss on the sale of operating property
    		                                           
      issuance of mortgage notes payable
    		                                0           
      contributions to investments
    		                                       0 0 0 -257,000 
      net unrealized loss on investments
    		                                           
      cash assumed in formation
    		                                       0 0 0 6,187,000 
      restricted cash
    		                               347,000 -307,000 -1,554,000 -359,000 -214,000 125,000 -36,000 215,000 74,000 -281,000 56,000 53,000 
      repurchase of initial shares
    		                                       0 0 0 -1,000 
      proceeds from private placement
    		                                       0 0 0 75,638,000 
      debt payoff
    		                                       0 0 0 -293,381,000 
      distributions
    		                                       0 0 0 -5,441,000 
      net increase in cash and cash equivalents
    		                               6,131,000 446,000 864,000 396,000     3,710,000    
      cash and cash equivalents, beginning of year
    		                                           
      cash and cash equivalents, end of year
    		                                           
      cash and cash equivalents, beginning of period
    		                                0 0 4,845,000  0 0 8,176,000  0 0 31,437,000 
      cash and cash equivalents, end of period
    		                                446,000 864,000 5,241,000  654,000 -676,000 4,380,000  1,057,000 -8,513,000 11,922,000 
      repayments of mortgage payable
    		                                  -732,000 -726,000 -717,000 -711,000 -703,000 -651,000 -591,000 -587,000 -334,000 
      purchase of investments
    		                                           
      deposits for potential new investments
    		                                           
      distributions from investments
    		                                           
      net realized gain on investments
    		                                           
      net unrealized (gain) loss on investments
    		                                           
      borrowings on mortgage payable
    		                                           
      contributions
    		                                           
      issuance of shares of common stock
    		                                           
      net (decrease) in cash and cash equivalents
    		                                    654,000 -676,000 -3,796,000     
      additions to real estate property
    		                                     -190,000 -76,000 -197,000 -124,000 -106,000 -26,000 
      net unrealized gain on investments
    		                                        0 0 5,122,000 
      amortization of above / below market leases
    		                                           
      real estate acquisitions
    		                                           
      net decrease in cash and cash equivalents
    		                                         -8,513,000 -19,515,000 
      adjustments to reconcile net income to net cash (used in) operating activities
    		                                           
      net cash (used in) operating activities
    		                                          -1,371,000 
      deposits on acquisitions
    		                                          -20,167,000 
      cash flows from operating activities:
    		                                           
      net increase in capital resulting from operations
    		                                           
      adjustments to reconcile net increase in capital resulting from operations to net cash from operating activities:
    		                                           
      other assets
    		                                           
      cash flows from financing activities:
    		                                           
      members’ capital
    		                                           
      payment of dividends to preferred stockholders
    		                                           
      contributions from members/partners
    		                                           
      distributions to members/partners
    		                                           
      contributions from non-controlling interests
    		                                           
      distributions to non-controlling interests
    		                                           
      deferred offering
    		                                           
      deferred financing
    		                                           
      net (decrease)/increase in cash and cash equivalents
    		                                           
      cash and cash equivalents
    		                                           
      applied deposit of investments made in 2011
    		                                           
      deferred offering accrued, not paid
    		                                           
      deferred financing accrued, not paid
    		                                           
      1.
    		                                           
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.