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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 17,887,000 $ 15,570,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,538,000 23,661,000
Amortization of deferred loan costs 820,000 824,000
(Gain) loss on sale of properties (9,626,000) 7,000
Loss on disposal of assets 500,000 5,000
Bad debt 946,000 615,000
Share-based compensation 2,485,000 239,000
(Equity) deficit in earnings of real estate partnership 1,627,000 (304,000)
Amortization of right-of-use assets - finance leases 72,000 0
Changes in operating assets and liabilities:    
Escrows and acquisition deposits 2,282,000 (1,006,000)
Accrued rents and accounts receivable (4,359,000) (3,403,000)
Receivable due from related party (128,000) (486,000)
Unamortized lease commissions, legal fees and loan costs (2,644,000) (1,575,000)
Prepaid expenses and other assets 2,432,000 (6,266,000)
Accounts payable and accrued expenses (1,011,000) 4,642,000
Payable due to related party 16,000 563,000
Tenants' security deposits 17,000 373,000
Net cash provided by operating activities 35,854,000 33,459,000
Cash flows from investing activities:    
Acquisitions of real estate (25,474,000) 0
Additions to real estate (12,748,000) (10,118,000)
Proceeds from sales of properties 13,447,000 0
Net cash used in investing activities (24,775,000) (10,118,000)
Cash flows from financing activities:    
Distributions paid to common shareholders (17,754,000) (17,049,000)
Distributions paid to OP unit holders (249,000) (263,000)
Net proceeds from (payments of) credit facility 34,000,000 (5,000,000)
Repayments of notes payable (29,823,000) (2,705,000)
Payments of loan origination costs 0 (4,144,000)
Repurchase of common shares (525,000) (527,000)
Payment of finance lease liability (10,000) 0
Net cash used in financing activities (14,361,000) (29,688,000)
Net decrease in cash, cash equivalents and restricted cash (3,282,000) (6,347,000)
Cash, cash equivalents and restricted cash at beginning of period 6,355,000 15,914,000
Cash, cash equivalents and restricted cash at end of period (1) [1] 3,073,000 9,567,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 23,223,000 18,980,000
Cash paid for taxes 435,000 366,000
Non cash investing and financing activities:    
Disposal of fully depreciated real estate 864,000 80,000
Financed insurance premiums 3,002,000 1,846,000
Value of shares issued under dividend reinvestment plan 55,000 49,000
Change in fair value of cash flow hedge 6,602,000 14,623,000
Cash, cash equivalents and restricted cash    
Cash and cash equivalents 2,976,000 9,504,000
Restricted cash 97,000 63,000
Total cash, cash equivalents and restricted cash 3,073,000 9,567,000
Conversion of OP Units to Common Stock [Member]    
Non cash investing and financing activities:    
Value of common shares exchanged for OP units $ 16,000 $ 616,000
[1] For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.