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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,429 $ 5,331
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 5,227 5,194
Amortization of intangibles and deferred charges 2,754 2,272
Stock-based compensation 1,473 1,277
Non-cash lease expense 8 14
Rental income (in excess of) amount billed (6) (382)
Distributions from unconsolidated affiliate 75 100
Income from equity investment in unconsolidated affiliate (110) (73)
Changes in operating assets and liabilities:    
Other assets (401) 25
Accounts payable and accrued expenses (895) (2,866)
Other liabilities (532) 2,792
Net cash provided by operating activities 9,022 13,684
CASH FLOWS FROM INVESTING ACTIVITIES:    
Expenditures for improvements to real estate (582) (1,002)
Deposit for property acquisition (500)  
Expenditures for property acquisitions   (29,007)
Net cash used in investing activities (1,082) (30,009)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of mortgage principal (1,260) (797)
Repurchase of common stock (2,693) (2,000)
Financing deposits and costs   (280)
Financing costs from mortgage notes payable (3,624) (54)
Proceeds from mortgage notes payable 125,000  
Payment of revolving credit facility (40,000)  
Payment of term loan payable (50,000)  
Cash distributions to noncontrolling interest (2,394) (3,287)
Cash dividends paid (11,728) (7,067)
Net cash provided by (used in) financing activities 13,301 (13,485)
Net increase (decrease) in cash and cash equivalents, including restricted cash 21,241 (29,810)
Cash and cash equivalents including restricted cash of $1,400 and $986, respectively, at the beginning of period 29,313 60,490
Cash and cash equivalents including restricted cash of $973 and $1,283, respectively, at the end of period 50,554 30,680
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:    
Cash paid for interest 11,971 11,144
Non-cash expenditures for real estate 51 565
Right-of-use asset and liability $ 2,614 $ 2,857