XML 14 R5.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 4,041 $ 10,496
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of real estate investments (2,596) (3,340)
Gain on involuntary conversion (90) (547)
Change in fair value of securities (228)  
Equity in loss of unconsolidated affiliates 1,872 1,424
Distributions of earnings of unconsolidated affiliates   177
Allowance for uncollectible accounts receivable 98 (380)
Depreciation 11,704 10,858
Amortization 1,332 887
Amortization of debt issuance costs 293 337
Effects on operating cash flows due to changes in    
Other assets 169 (1,422)
Tenant security deposits payable 586 942
Accrued expenses and other liabilities (3,624) (3,935)
NET CASH PROVIDED BY OPERATING ACTIVITIES 13,557 15,497
INVESTING ACTIVITIES    
Proceeds from maturity of securities 19,369  
Purchase of real estate investment properties   (26,131)
Capital expenditures and tenant improvements (4,741) (5,423)
Proceeds from sale of real estate investments and non-real estate investments 5,082 6,266
Proceeds from involuntary conversion 111 733
Investment in unconsolidated affiliates (2,546) (7,749)
Distributions in excess of earnings received from unconsolidated affiliates 1,443 312
Notes receivable issued net of payments received (1,706) 2,034
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 17,012 (29,958)
FINANCING ACTIVITIES    
Payments for financing, debt issuance (158) (201)
Principal payments on special assessments payable (59)  
Proceeds from issuance of mortgage notes payable 35,250 23,305
Principal payments on mortgage notes payable (20,628) (8,921)
Payments on lines of credit (1,008)  
Payment on notes payable (26,500)  
Proceeds from issuance of shares under optional purchase plan 2,242 2,119
Shares/units redeemed (3,958) (1,260)
Dividends/distributions paid (13,055) (12,340)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (27,874) 2,702
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS 2,695 (11,759)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD 12,580 60,656
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD $ 15,275 $ 48,897