Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 2,314 $ 2,173
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 10,113 10,494
Amortization of acquired lease intangible assets 3,863 4,373
Amortization of above market leases, net 251 291
Amortization of debt issuance costs and other 562 601
Stock-based compensation expense 1,233 688
Capitalized preacquisition and other costs charged to expense 34 15
Gain on sale of investment property   (485)
Other 169  
Changes in operating assets and liabilities:    
Tenant receivables (981) 638
Deferred assets (863) (811)
Other assets and liabilities (1,033) (210)
Accounts payable and accrued expenses (2,057) (1,223)
Security deposits 688 (773)
Net cash provided by operating activities 14,293 15,771
Investing activities    
Net proceeds from sale of investment property   4,175
Escrow deposits for purchase of properties   (153)
Advances made to related parties (170) (121)
Capital expenditures on existing real estate investments (2,004) (809)
Leasing commissions (542)  
Net cash used in investing activities (2,716) 3,092
Financing activities    
Escrow deposits required by third party lenders (64) (639)
Repayment of notes payable (230) (344)
Proceeds from Credit Facility 14,000 12,600
Repayment of Credit Facility (7,800) (14,800)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (14,946) (14,699)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities (10,495) (19,337)
Net (decrease) increase in cash and cash equivalents and restricted cash 1,082 (474)
Cash and cash equivalents and restricted cash-beginning of period 6,724 14,455
Cash and cash equivalents and restricted cash-end of period 7,806 13,981
Supplemental cash flow information:    
Cash payments for interest 6,407 8,139
Noncash financing and investing activities:    
Accrued dividends payable 16,156 15,854
Interest rate swap agreements fair value change recognized in other comprehensive income (4,160) 7,264
OP Units and LTIP Units redeemed for common stock 205 122
Accrued capital expenditures included in accounts payable and accrued expenses $ 1,946 $ 778