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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 8,866,000 $ 12,090,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,841,000 17,321,000
Amortization of deferred loan costs 561,000 534,000
Gain on sale of properties (207,000) (6,450,000)
Loss on disposal of assets 153,000 72,000
Bad debt 724,000 686,000
Share-based compensation 1,961,000 1,624,000
Deficit in earnings of real estate partnership 0 28,000
Amortization of right-of-use assets - finance leases 60,000 43,000
Changes in operating assets and liabilities:    
Escrows and deposits 1,315,000 6,469,000
Accrued rents and accounts receivable 655,000 (1,013,000)
Receivable due from related party 227,000 (19,000)
Unamortized lease commissions, legal fees and loan costs (1,285,000) (1,768,000)
Prepaid expenses and other assets (2,310,000) 999,000
Accounts payable and accrued expenses (11,723,000) (7,258,000)
Payable due to related party (42,000) 0
Tenants' security deposits 121,000 424,000
Net cash provided by operating activities 16,917,000 23,782,000
Cash flows from investing activities:    
Acquisitions of real estate (34,226,000) (50,136,000)
Acquisitions of real estate - release of restricted cash from 1031 exchange (10,148,000) 0
Additions to real estate (10,161,000) (8,548,000)
Proceeds from sale of property 4,239,000 25,661,000
Net cash used in investing activities (50,296,000) (33,023,000)
Cash flows from financing activities:    
Distributions paid to common shareholders (13,690,000) (12,131,000)
Distributions paid to OP unit holders (174,000) (160,000)
Net proceeds from (payments of) credit facility 56,300,000 (11,000,000)
Repayments of notes payable (17,572,000) (21,777,000)
Repurchase of common shares (1,510,000) (2,641,000)
Payment of finance lease liability (21,000) (10,000)
Proceeds from notes payable 0 56,340,000
Payment of loan origination costs 0 (789,000)
Net cash provided by financing activities 23,333,000 7,832,000
Net decrease in cash, cash equivalents and restricted cash (10,046,000) (1,409,000)
Cash, cash equivalents and restricted cash at beginning of period 15,370,000 4,640,000
Cash, cash equivalents and restricted cash at end of period (1) [1] 5,324,000 3,231,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,522,000 17,013,000
Cash paid for taxes 457,000 432,000
Non cash investing and financing activities:    
Disposal of fully depreciated real estate 280,000 45,000
Financed insurance premiums 0 2,638,000
Value of shares issued under dividend reinvestment plan 54,000 42,000
Change in fair value of cash flow hedge (5,481,000) 5,650,000
Accrued capital expenditures 719,000 1,629,000
Receivable from partnership redemption 0 31,643,000
Recognition of finance lease liability 0 86,000
Recognition of operating lease liability 1,220,000 0
Accrued taxes related to share repurchase 758,000 0
Cash, cash equivalents and restricted cash    
Cash and cash equivalents 5,324,000 3,231,000
Restricted cash 0 0
Total cash, cash equivalents and restricted cash 5,324,000 3,231,000
Conversion of OP Units to Common Stock [Member]    
Non cash investing and financing activities:    
Value of common shares exchanged for OP units $ 55,000 $ 354,000
[1] For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.