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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 19,813,000 $ 17,887,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,242,000 24,538,000
Amortization of deferred loan costs 823,000 820,000
Gain on sale of properties (10,212,000) (9,626,000)
Loss on disposal of assets 183,000 500,000
Bad debt 1,031,000 946,000
Share-based compensation 2,805,000 2,485,000
Deficit in earnings of real estate partnership 28,000 1,627,000
Amortization of right-of-use assets - finance leases 65,000 72,000
Changes in operating assets and liabilities:    
Escrows and deposits 6,238,000 2,282,000
Accrued rents and accounts receivable (2,980,000) (4,359,000)
Receivable due from related party (40,000) (128,000)
Unamortized lease commissions, legal fees and loan costs (1,992,000) (2,644,000)
Prepaid expenses and other assets 1,705,000 2,432,000
Accounts payable and accrued expenses (4,114,000) (1,011,000)
Payable due to related party 0 16,000
Tenants' security deposits 561,000 17,000
Net cash provided by operating activities 40,156,000 35,854,000
Cash flows from investing activities:    
Acquisitions of real estate (50,137,000) (25,474,000)
Additions to real estate (15,485,000) (12,748,000)
Proceeds from sales of properties 46,444,000 13,447,000
Net cash used in investing activities (19,178,000) (24,775,000)
Cash flows from financing activities:    
Distributions paid to common shareholders (18,325,000) (17,754,000)
Distributions paid to OP unit holders (240,000) (249,000)
Proceeds from issuance of common shares, net of offering costs 7,620,000 0
Payments of exchange offer costs (81,000) 0
Net (payments of) proceeds from credit facility (17,000,000) 34,000,000
Repayments of notes payable (47,950,000) (29,823,000)
Proceeds from notes payable 56,340,000 0
Payments of loan origination costs (789,000) 0
Repurchase of common shares (2,641,000) (525,000)
Payment of finance lease liability (18,000) (10,000)
Net cash used in financing activities (23,084,000) (14,361,000)
Net decrease in cash, cash equivalents and restricted cash (2,106,000) (3,282,000)
Cash, cash equivalents and restricted cash at beginning of period 4,640,000 6,355,000
Cash, cash equivalents and restricted cash at end of period (1) [1] 2,534,000 3,073,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 25,384,000 23,223,000
Cash paid for taxes 432,000 435,000
Non cash investing and financing activities:    
Disposal of fully depreciated real estate 29,000 864,000
Financed insurance premiums 2,638,000 3,002,000
Value of shares issued under dividend reinvestment plan 56,000 55,000
Change in fair value of cash flow hedge (3,296,000) 6,602,000
Accrued capital expenditures 1,439,000 0
Receivable from partnership redemption 31,643,000 0
Recognition of finance lease liability 86,000 0
Cash, cash equivalents and restricted cash    
Cash and cash equivalents 2,534,000 2,976,000
Restricted cash 0 97,000
Total cash, cash equivalents and restricted cash 2,534,000 3,073,000
Conversion of OP Units to Common Stock [Member]    
Non cash investing and financing activities:    
Value of common shares exchanged for OP units $ 355,000 $ 16,000
[1] For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.