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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (12,618) $ (2,503) $ (10,388)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 55,319 48,906 52,834
Amortization of debt issuance costs and mortgage premiums, net 2,966 898 614
Amortization of acquired market leases, net (818) (773) (2,073)
Amortization of equity based compensation 74 51 68
Reduction in the carrying amount of the right-of-use asset 417 443 465
Straight-line income, net (705) (442) (1,769)
Other non-cash adjustments 122 103 55
Changes in assets and liabilities:      
Accounts payable and accrued expenses 721 112 328
Accounts and rent receivable (849) 3,733 (2,158)
Other assets (3,697) (983) (1,067)
Due to related parties 1,452 (2,807) 339
Operating lease liability 320 361 339
Other liabilities 2,083 1,051 (447)
Net cash flows provided by operating activities 44,787 48,150 37,140
Cash flows from investing activities:      
Purchase of investment properties (277,880)    
Proceeds from sale of investment properties     37,255
Capital expenditures (12,404) (5,883) (4,021)
Other assets (221)    
Net cash flows (used in) provided by investing activities (290,505) (5,883) 33,234
Cash flows from financing activities:      
Payment of credit facility (24,444) (8,097) (83,022)
Proceeds from credit facility 422,444 72,097 31,000
Payment of mortgages payable (138,250) (98,074) (928)
Proceeds from the distribution reinvestment plan 7,287 3,749 4,547
Shares repurchased (3,645) (2,777) (2,405)
Distributions paid (19,583) (9,767) (10,841)
Payment of debt issuance costs (5,913)   (273)
Early termination of interest rate swap agreements, net (227)    
Net cash flows provided by (used in) financing activities 237,669 (42,869) (61,922)
Net (decrease) increase in cash, cash equivalents and restricted cash (8,049) (602) 8,452
Cash, cash equivalents and restricted cash, at beginning of the year 13,383 13,985 5,533
Cash, cash equivalents and restricted cash, at end of the year 5,334 13,383 13,985
In conjunction with the purchase of investment property, the Company acquired assets and assumed liabilities as follows:      
Land 62,510    
Building and improvements 192,722    
Acquired lease intangible assets 33,285    
Acquired intangible liabilities (9,654)    
Assumed liabilities, net (983)    
Purchase of investment properties 277,880    
Cash paid for interest, net of amounts capitalized 27,421 22,456 24,651
Supplemental schedule of non-cash investing and financing activities:      
Accrued capital expenditures $ 253 $ 199 $ 96