v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 3,737 $ 2,314
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 10,307 10,113
Amortization of acquired lease intangible assets 3,287 3,863
Amortization of above market leases, net 452 251
Amortization of debt issuance costs and other 559 562
Stock-based compensation expense 151 1,233
Capitalized preacquisition and other costs charged to expense   34
Gain on sale of investment properties (1,358)  
Equity loss from unconsolidated joint venture 40  
Other 25 169
Changes in operating assets and liabilities:    
Tenant receivables (680) (981)
Deferred assets (57) (863)
Other assets and liabilities (2,987) (1,033)
Accounts payable and accrued expenses (1,254) (2,057)
Security deposits 50 688
Net cash provided by operating activities 12,272 14,293
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (31,978)  
Net proceeds from sale of investment property 7,783  
Distribution of capital from unconsolidated joint venture 33  
Escrow deposits for purchase of properties (186)  
Advances made to related parties (150) (170)
Capital expenditures on existing real estate investments (2,611) (2,004)
Leasing commissions (115) (542)
Net cash used in investing activities (27,224) (2,716)
Financing activities    
Escrow deposits required by third party lenders (18) (64)
Repayment of notes payable (160) (230)
Proceeds from Credit Facility 44,000 14,000
Repayment of Credit Facility (13,500) (7,800)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (15,269) (14,946)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities 13,598 (10,495)
Net (decrease) increase in cash and cash equivalents and restricted cash (1,354) 1,082
Cash and cash equivalents and restricted cash-beginning of period 8,942 6,724
Cash and cash equivalents and restricted cash-end of period 7,588 7,806
Supplemental cash flow information:    
Cash payments for interest 6,568 6,407
Noncash financing and investing activities:    
Accrued dividends payable 16,597 16,156
Interest rate swap agreements fair value change recognized in other comprehensive income 4,900 (4,160)
OP Units and LTIP Units redeemed for common stock 67 205
Accrued capital expenditures and leasing commissions included in accounts payable and accrued expenses 1,769 $ 1,946
Proceeds from sale of an investment property held in escrow $ 3,851  

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