Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 4,322,000 $ 362,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 21,614,000 20,240,000
Amortization of acquired lease intangible assets 7,046,000 7,629,000
Amortization of above market leases, net 392,000 500,000
Amortization of debt issuance costs and other 1,118,000 1,125,000
Stock-based compensation expense 1,879,000 2,552,000
Capitalized preacquisition and other costs charged to expense 42,000 82,000
Reserve for uncollectible accounts   822,000
(Gain) loss on sale of investment properties (1,565,000) 3,383,000
Equity loss from unconsolidated joint venture 91,000  
Other 70,000 202,000
Changes in operating assets and liabilities:    
Tenant receivables (402,000) (2,133,000)
Deferred assets (536,000) (1,265,000)
Other assets and liabilities (2,059,000) (291,000)
Accounts payable and accrued expenses 2,316,000 (272,000)
Security deposits 83,000 285,000
Net cash provided by operating activities 34,411,000 33,221,000
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (70,468,000)  
Net proceeds from sale of investment property 9,111,000 7,537,000
Distribution of capital from unconsolidated joint venture 58,000  
Escrow deposits for purchase of properties 290,000 (500,000)
Advances made to related parties (191,000) (217,000)
Capital expenditures on existing real estate investments (4,576,000) (5,206,000)
Leasing commissions (673,000) (2,545,000)
Net cash used in investing activities (66,449,000) (931,000)
Financing activities    
Escrow deposits required by third party lenders   248,000
Repayment of notes payable (264,000) (11,287,000)
Proceeds from Credit Facility 94,500,000 38,500,000
Repayment of Credit Facility (28,500,000) (25,900,000)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (30,503,000) (29,846,000)
Dividends paid to preferred stockholders (2,911,000) (2,911,000)
Net cash provided by financing activities 32,322,000 (31,196,000)
Net (decrease) increase in cash and cash equivalents and restricted cash 284,000 1,094,000
Cash and cash equivalents and restricted cash-beginning of period 8,942,000 6,724,000
Cash and cash equivalents and restricted cash-end of period 9,226,000 7,818,000
Supplemental cash flow information:    
Cash payments for interest 14,326,000 12,583,000
Noncash financing and investing activities:    
Accrued dividends payable 11,985,000 16,280,000
Interest rate swap agreements fair value change recognized in other comprehensive income (8,217,000) 2,547,000
OP Units and LTIP Units redeemed for common stock 67,000 209,000
Accrued capital expenditures and leasing commissions included in accounts payable and accrued expenses 2,284,000 $ 1,442,000
Proceeds from sale of an investment property held in escrow $ 6,280,000