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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,408 $ 1,714
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation, depletion and amortization 1,481 1,794
Amortization of deferred financing fees and discounts/premiums on debt 184 158
Amortization of net origination fees related to notes receivable (4) (6)
Stock-based compensation 491 405
(Gain) loss on disposition of assets, net 86 (1,826)
(Income) from forfeited deposits (1,205)  
(Income) loss from equity method investment (77) 27
Bad debt expense   15
Amortization of dedesignated interest rate swap   162
Changes in operating assets and liabilities:    
(Increase) Decrease in accounts receivable 4,389 3,246
(Increase) Decrease in interest receivable (208) (39)
(Increase) Decrease in other assets 1,175 906
(Increase) Decrease in inventory (364) 96
Increase (Decrease) in accrued interest (371) (311)
Increase (Decrease) in accrued expenses (3,453) (1,794)
Increase (Decrease) in deferred revenue 7,739 10,712
Increase (Decrease) in accrued property taxes 626 580
Net cash and cash equivalents provided by operating activities 11,897 15,839
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate acquisitions (16,255) (141)
Real estate and other improvements (86) (1,092)
Distributions from equity method investees 161  
Collections of principal on loans 62 7
Proceeds from sale of property 1,621 7,137
Net cash and cash equivalents provided by (used in) investing activities (14,497) 5,911
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from mortgage notes payable 30,001 14,001
Repayments on mortgage notes payable (10,134) (9,850)
Issuance of stock 34 54
Common stock repurchased   (14,591)
Payment of debt issuance costs (20) (137)
Payment of swap fees (109) (73)
Dividends on common stock (12,961) (3,259)
Shares withheld for income taxes on vesting of equity-based compensation (177) (36)
Distributions on Series A preferred units (2,970) (3,210)
Distributions to non-controlling interests in operating partnership, common (325) (74)
Net cash and cash equivalents provided by (used in) financing activities 3,339 (17,175)
Net increase in cash and cash equivalents 739 4,575
Cash and cash equivalents, beginning of period 5,489 7,654
Cash and cash equivalents, end of period 6,228 12,229
Cash paid during period for interest 5,574 5,188
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Additions to real estate improvements included in accrued expenses 712 205
Swap fees payable included in accrued interest 36 36
Prepaid property tax liability acquired in acquisitions 32  
Right-of-use assets obtained in exchange for new operating lease liabilities 13 563
Common stock    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common stock 2,892 3,185
Common Unit Holders    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 72 74
Series A Preferred Units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 700  
Distributions payable, Series A preferred units $ 743 $ 803