Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income $ (736,000) $ 3,753,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 32,827,000 30,233,000
Amortization of acquired lease intangible assets 10,582,000 11,174,000
Amortization of above market leases, net 505,000 782,000
Amortization of debt issuance costs and other 1,672,000 1,684,000
Stock-based compensation expense 3,086,000 3,826,000
Capitalized preacquisition and other costs charged to expense 58,000 93,000
Reserve for uncollectible accounts   822,000
(Gain) loss on sale of investment properties (1,859,000) 1,560,000
Impairment of investment property 6,281,000  
Equity loss from unconsolidated joint venture 123,000  
Other 94,000 129,000
Changes in operating assets and liabilities:    
Tenant receivables (522,000) (2,182,000)
Deferred assets (1,094,000) (1,008,000)
Other assets and liabilities (1,830,000) (1,030,000)
Accounts payable and accrued expenses 2,602,000 153,000
Security deposits 188,000 (466,000)
Net cash provided by operating activities 51,977,000 49,523,000
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (70,468,000) (31,279,000)
Net proceeds from sale of investment property 12,695,000 19,230,000
Distribution of capital from unconsolidated joint venture 97,000  
Escrow deposits for purchase of properties 290,000 (1,252,000)
Advances made to related parties (97,000) (211,000)
Capital expenditures on existing real estate investments (7,860,000) (9,972,000)
Leasing commissions (1,809,000) (2,935,000)
Net cash used in investing activities (67,152,000) (26,419,000)
Financing activities    
Net proceeds received from common equity offerings   10,896,000
Escrow deposits required by third party lenders   231,000
Repayment of notes payable (13,268,000) (11,441,000)
Proceeds from Credit Facility 115,400,000 82,800,000
Repayment of Credit Facility (40,300,000) (55,400,000)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (41,393,000) (44,759,000)
Dividends paid to preferred stockholders (4,366,000) (4,366,000)
Net cash provided by financing activities 16,073,000 (22,039,000)
Net (decrease) increase in cash and cash equivalents and restricted cash 898,000 1,065,000
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 9,840,000 7,789,000
Supplemental cash flow information:    
Cash payments for interest 22,188,000 19,525,000
Noncash financing and investing activities:    
Accrued dividends payable 12,051,000 16,534,000
Interest rate swap agreements fair value change recognized in other comprehensive income (11,146,000) (10,158,000)
OP Units and LTIP Units redeemed for common stock 1,141,000 313,000
Accrued capital expenditures and leasing commissions included in accounts payable and accrued expenses 1,637,000 $ 1,956,000
Proceeds from sale of an investment property held in escrow $ 6,280,000