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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 14,908 $ 7,456
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of real estate investments (3,069) (2,596)
Gain on involuntary conversion (95) (89)
Change in fair value of securities   (321)
Equity in loss of unconsolidated affiliates 2,239 2,538
Allowance for (recovery of) uncollectible accounts receivable 226 (453)
Depreciation 18,296 17,482
Amortization 2,268 1,544
Amortization of debt issuance costs 38 445
Effects on operating cash flows due to changes in    
Other assets (392) (326)
Tenant security deposits payable 1,014 705
Accrued expenses and other liabilities (1,139) (485)
NET CASH PROVIDED BY OPERATING ACTIVITIES 34,294 25,900
INVESTING ACTIVITIES    
Proceeds from maturity of securities   24,369
Purchase of real estate investment properties (28,510)  
Capital expenditures and tenant improvements (12,817) (7,465)
Proceeds from sale of real estate investments and non-real estate investments 9,863 5,082
Proceeds from involuntary conversion   111
Investment in unconsolidated affiliates (6,119) (2,546)
Distributions in excess of earnings received from unconsolidated affiliates 1,706 2,118
Notes receivable issued net of payments received (510) (781)
NET CASH (USED IN) PROVIDED BY PROVIDED BY INVESTING ACTIVITIES (36,387) 20,888
FINANCING ACTIVITIES    
Payments for financing, debt issuance   (186)
Principal payments on special assessments payable (42) (59)
(Principal payments on) proceeds from issuance of mortgage notes payable (152) 41,250
Principal payments on mortgage notes payable (14,522) (24,668)
Draws (payments) on lines of credit 5,849 (1,008)
Proceeds from contributions received from noncontrolling interest - partially owned properties 7,219  
Proceeds (payments) on notes payable 8,518 (26,500)
Proceeds from issuance of common shares 6,943  
Proceeds from issuance of shares under optional purchase plan 2,148 3,134
Shares/units redeemed (9,768) (4,455)
Dividends/distributions paid (20,235) (19,686)
NET CASH USED IN FINANCING ACTIVITIES (14,042) (32,178)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS (16,135) 14,610
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD 37,061 12,580
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD $ 20,926 $ 27,190