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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income $ 4,015 $ 50,099
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,484 24,812
Amortization of deferred financing fees 1,072 628
Amortization of debt fair value adjustment 613 137
Amortization of restricted stock and restricted stock units 4,768 4,486
Equity in earnings of unconsolidated joint ventures (2,293) (1,895)
Equity in earnings on sale of real estate of unconsolidated ventures (14,744) (64,531)
Gain on sale of real estate (604) (6)
Gain on insurance recovery (240) (62)
Loss on extinguishment of debt 0 563
Increases and decreases from changes in other assets and liabilities:    
(Increase) decrease in other assets (787) 5,142
Decrease in accounts payable and accrued liabilities (678) (3,923)
Net cash provided by operating activities 19,606 15,450
Cash flows from investing activities:    
Improvements to real estate owned (9,643) (6,295)
Purchase and consolidation of joint venture properties 0 (101,666)
Proceeds from the sale of real estate owned 711 4,385
Distributions from unconsolidated joint ventures 25,687 91,239
Contributions to unconsolidated joint ventures (316) (3,500)
Proceeds from insurance recoveries 240 62
Net cash provided by (used in) investing activities 16,679 (15,775)
Cash flows from financing activities:    
Proceeds from mortgages payable 21,173 18,953
Mortgage payoffs 0 (41,666)
Mortgage principal payments (3,308) (2,219)
Proceeds from credit facility 0 43,000
Repayment of credit facility (19,000) (24,000)
Increase in deferred financing costs (683) (693)
Dividends paid (18,909) (17,863)
Distributions to non-controlling interests (139) (157)
Proceeds from the sale of common stock 0 9,945
Proceeds from the issuance of DRP shares 3,034 1,278
Repurchase of shares of common stock (14,399) 0
Net cash used in financing activities (32,231) (13,422)
Net increase (decrease) in cash, cash equivalents, restricted cash and escrows: 4,054 (13,747)
Cash, cash equivalents, restricted cash and escrows at beginning of year 27,721 41,468
Cash, cash equivalents,restricted cash and escrows at end of year 31,775 27,721
Supplemental disclosures of cash flow information:    
Cash paid during the year for interest expense 20,433 14,086
Cash paid during the year for income and excise taxes 689 283
Consolidation on buyout of partnership interest:    
Increase in real estate assets 0 (370,513)
Increase in other assets 0 (13,893)
Increase in mortgage payable 0 231,896
Increase in deferred loan costs 0 (3,892)
Increase in accounts payable and accrued liabilities 0 6,278
Decrease in investment in unconsolidated joint ventures 0 48,458
Purchase and consolidation of investment in joint venture 0 (101,666)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]    
Cash and cash equivalents 23,512 20,281
Restricted cash 632 872
Escrows (Other assets) 7,631 6,568
Total cash, cash equivalents, restricted cash and escrows shown in consolidated statement of cash flows $ 31,775 $ 27,721