XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 20,812 $ 19,832
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of real estate investments (9,897) (1,710)
Gain on involuntary conversion (603) (1,236)
Change in fair value of securities (62)  
Equity in loss of unconsolidated affiliates 1,923 183
Distributions of earnings of unconsolidated affiliates 219 174
Allowance for uncollectible accounts receivable (164) 502
Depreciation 16,445 15,665
Amortization 1,420 971
Amortization of debt issuance costs 506 402
Effects on operating cash flows due to changes in    
Other assets (1,426) (1,160)
Tenant security deposits payable 1,080 298
Accrued expenses and other liabilities (1,496) (1,081)
NET CASH PROVIDED BY OPERATING ACTIVITIES 28,757 32,840
INVESTING ACTIVITIES    
Purchase of securities (42,000)  
Purchase of real estate investment properties (26,365) (35,893)
Capital expenditures and tenant improvements (8,251) (13,629)
Proceeds from sale of real estate investments and non-real estate investments 22,441 5,590
Proceeds from involuntary conversion 1,049 4,095
Investment in unconsolidated affiliates (10,068) (5,845)
Distributions in excess of earnings received from unconsolidated affiliates 408  
Notes receivable issued net of payments received (292) (3,430)
NET CASH USED IN INVESTING ACTIVITIES (63,078) (49,112)
FINANCING ACTIVITIES    
Payments for financing, debt issuance (305) (700)
Payments on investment certificates and subordinated debt   (25)
Proceeds from issuance of mortgage notes payable and subordinated debt 37,569 71,530
Principal payments on mortgage notes payable (16,239) (30,360)
Proceeds from issuance of shares under optional purchase plan 3,058 3,013
Shares/units redeemed (1,863) (4,465)
Dividends/distributions paid (18,824) (17,309)
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,396 21,684
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS (30,925) 5,412
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD 60,656 27,635
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD $ 29,731 $ 33,047