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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income $ 5,227 $ 3,790
Adjustments to reconcile net income to net cash from operating activities    
Gain on sale of real estate investments (1,455)  
Loss/(Gain) on involuntary conversion (52) (329)
Equity in income of unconsolidated affiliates (158) (132)
Distributions of earnings of unconsolidated affiliates 158 132
Allowance for uncollectible accounts receivable 113 50
Depreciation 4,868 5,012
Amortization 380 512
Amortization of debt issuance costs 140 155
Effects on operating cash flows due to changes in    
Other assets 1,449 613
Tenant security deposits payable 131 203
Accrued expenses and other liabilities (3,617) (1,726)
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,184 8,280
INVESTING ACTIVITIES    
Purchase of real estate investment properties (375)  
Capital expenditures and tenant improvements (5,058) (1,263)
Proceeds from sale of real estate investments and non-real estate investments 3,494  
Proceeds from involuntary conversion 259 294
Investment in unconsolidated affiliates (38)  
Distributions in excess of earnings received from unconsolidated affiliates 105 121
NET CASH USED IN INVESTING ACTIVITIES (1,613) (848)
FINANCING ACTIVITIES    
Payments for financing, debt issuance and lease costs (98)  
Principal payments on special assessments payable (253) (32)
Proceeds from issuance of mortgage notes payable and subordinated debt 7,788  
Principal payments on mortgage notes payable (9,129) (3,150)
Proceeds from issuance of shares under optional purchase plan 1,203 929
Shares/units redeemed (1,237) (826)
Dividends/distributions paid (5,534) (5,349)
NET CASH USED IN FINANCING ACTIVITIES (7,260) (8,428)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS (1,689) (996)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR 17,382 30,065
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF YEAR $ 15,693 $ 29,069