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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:        
Net loss $ (2,523) $ (2,309) $ (4,831) $ (5,445)
Adjustments to reconcile net (loss) to net cash provided by operating activities:        
Depreciation and amortization     13,121 12,901
Amortization of deferred financing costs     567 542
Amortization of debt fair value adjustment     255 282
Amortization of deferred loan fee income (15)   (31) 0
Amortization of restricted stock and restricted stock units     2,277 2,432
Equity in earnings of unconsolidated joint ventures (299) (389) (712) (617)
Increases and decreases from changes in other assets and liabilities:        
Increase in other assets     (2,333) (2,140)
Increase (decrease) in accounts payable and accrued liabilities     411 (361)
Net cash provided by operating activities     8,724 7,594
Cash flows from investing activities:        
Improvements to real estate properties     (4,272) (3,356)
Distributions from unconsolidated joint ventures     2,033 2,847
Contributions to unconsolidated joint ventures     0 (166)
Net cash used in investing activities     (2,239) (675)
Cash flows from financing activities:        
Mortgage principal payments     (2,231) (1,885)
Dividends paid     (9,429) (9,270)
Distributions to non-controlling interests     (98) (120)
Proceeds from issuance of DRIP shares     1,630 1,878
Repurchase of shares of common stock     (2,386) (3,197)
Net cash used in financing activities     (12,514) (12,594)
Net decrease in cash, cash equivalents, restricted cash and escrows:     (6,029) (5,675)
Cash, cash equivalents, restricted cash and escrows at beginning of period     40,579 31,775
Cash, cash equivalents, restricted cash and escrows at end of period 34,550 26,100 34,550 26,100
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest expense     10,638 10,270
Cash paid for income taxes and excise taxes     237 52
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 23,645 18,946 23,645 18,946
Restricted cash 2,922 568 2,922 568
Escrows (Other assets) 7,983 6,586 7,983 6,586
Total cash, cash equivalents, restricted cash and escrows shown in consolidated statement of cash flows $ 34,550 $ 26,100 $ 34,550 $ 26,100