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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 11,544 $ (3,731)
Adjustments to reconcile net income(loss) to net cash provided by operating activities:    
Depreciation and amortization 3,606 1,537
Amortization of deferred financing costs 52 80
Amortization of debt fair value adjustment (89) 0
Amortization of restricted stock and restricted stock units 974 538
Equity in earnings of unconsolidated joint ventures (1,230) 1,345
Equity in earnings of sale of real estate of unconsolidated venture (12,961) 0
Gain on sale of real estate (6) 0
Increases and decreases from changes in other assets and liabilities:    
(Increase) decrease in other assets (1,071) 470
Decrease in accounts payable and accrued liabilities (350) (87)
Net cash provided by operating activities 469 152
Cash flows from investing activities:    
Improvements to real estate properties (802) (223)
Purchase of investment in joint venture (8,288) 0
Proceeds from the sale of real estate 4,385 0
Distributions from unconsolidated joint ventures 19,796 3,881
Contributions to unconsolidated joint ventures (2,122) 0
Net cash provided by investing activities 12,969 3,658
Cash flows from financing activities:    
Mortgage payoffs (14,558) 0
Mortgage principal payments (410) (801)
Dividends paid (4,198) (3,777)
Proceeds from the sale of common stock 3,038 0
Net cash used in financing activities (16,128) (4,578)
Net decrease in cash, cash equivalents and restricted cash: (2,690) (768)
Cash, cash equivalents and restricted cash at beginning of period 38,921 28,685
Cash, cash equivalents and restricted cash at end of period 36,231 27,917
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 2,021 1,587
Cash paid for income taxes 1 6
Reclassification of property to held for sale 0 16,800
Consolidation on buyout of partnership interest:    
Increase in real estate assets (36,802)  
Increase in other assets (1,784)  
Increase in mortgage payable 27,062  
Increase in deferred loan costs (364)  
Increase on accounts payable and accrued liabilities 761  
Decrease in investment in unconsolidated joint ventures 2,839  
Purchase and consolidation of investment in joint venture (8,288) 0
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.    
Cash and cash equivalents 29,688 19,406
Restricted cash 6,543 8,511
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows $ 36,231 $ 27,917