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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 20,246 $ 14,716
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (11,347) (5,046)
Impairment loss 1,086  
Increase in net amortization of unbilled rental income (1,066) (1,574)
Write-off of unbilled rent receivable   133
Amortization and write-off of intangibles relating to leases, net (940) (698)
Amortization of restricted stock and RSU compensation expense 3,687 4,103
Equity in (earnings) loss of unconsolidated joint ventures (87) 761
Distributions of earnings from unconsolidated joint venture 100 23
Depreciation and amortization 18,119 18,569
Amortization and write-off of deferred financing costs 741 619
Payment of leasing commissions (446) (499)
(Increase) decrease in escrow, deposits, other assets and receivables (1,061) 4,088
(Decrease) increase in accrued expenses and other liabilities (1,541) 887
Net cash provided by operating activities 27,491 36,082
Cash flows from investing activities:    
Purchase of real estate (44,877) (9,229)
Improvements to real estate (2,239) (3,887)
Investments in ground leased property (44) (668)
Net proceeds from sale of real estate 37,434 13,185
Distributions of capital from unconsolidated joint venture   9
Net cash used in investing activities (9,726) (590)
Cash flows from financing activities:    
Proceeds from mortgage financings 68,138 23,450
Repayments of mortgages payable (51,136) (6,735)
Scheduled amortization payments of mortgages payable (9,043) (9,284)
Proceeds from bank line of credit   30,900
Repayments on bank line of credit   (40,200)
Issuance of shares through dividend reinvestment plan 3,347 3,283
Repurchases of common stock, net   (6,599)
Payment of financing costs (872) (449)
Capital contribution from non-controlling interests 43  
Distributions to non-controlling interests (303) (24)
Cash distributions to common stockholders (28,839) (28,627)
Net cash used in financing activities (18,665) (34,285)
Net increase in cash, cash equivalents and restricted cash (900) 1,207
Cash, cash equivalents and restricted cash at beginning of year 29,592 7,277
Cash, cash equivalents and restricted cash at end of period 28,692 8,484
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest expense 14,324 13,939
Supplemental disclosure of non-cash investing activities:    
Purchase accounting allocation - intangible lease assets 3,726 871
Purchase accounting allocation - intangible lease liabilities $ (3,561) (237)
Purchase accounting allocation - mortgage intangible asset   260
Assumption of mortgage payable upon acquisition of property   4,280
Lease liabilities adjustment from the reassessment of right of use assets   $ 3,366