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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (732,000) $ (1,237,000)
Adjustments to reconcile net (loss) to net cash provided by operating activities:    
Depreciation and amortization 30,912,000 30,558,000
Provision for impairment 250,000  
Gain on land condemnation (69,000)  
Amortization of deferred rent receivables/liabilities, net (614,000) (711,000)
Amortization of above/below-market lease intangibles, net (1,950,000) (1,782,000)
Amortization of assumed below/above-market debt, net 2,897,000 2,253,000
Amortization of lease incentives 194,000 169,000
Amortization of deferred financing costs 342,000 355,000
Amortization of deferred ground rent 121,000 121,000
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Receivables 130,000 (480,000)
Other assets (280,000) 239,000
Due from affiliates 536,000 (263,000)
Accounts payable, accrued expenses and other liabilities 1,106,000 1,683,000
Due to affiliates 169,000 20,000
Net cash provided by operating activities 33,012,000 30,925,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate (10,218,000) (24,643,000)
Proceeds from land condemnation 122,000  
Improvements of real estate (564,000) (692,000)
Advances on notes receivable from affiliated parties (2,000) (8,000)
Advances on RSLCA notes receivable from affiliated party (99,120,000) (62,789,000)
Net cash used in investing activities (30,418,000) (17,876,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 28,788,000 32,743,000
Offering costs from issuance of common shares (1,149,000) (1,601,000)
Repurchases of common shares (17,541,000) (8,439,000)
Offering costs from issuance of noncontrolling interests   (260,000)
Proceeds from pending trade deposits 1,700,000 1,153,000
Proceeds from mortgage loans payable   65,430,000
Repayments of mortgage loans payable (28,839,000) (14,332,000)
Proceeds from revolving credit facilities 59,000,000  
Repayments of revolving credit facilities (15,000,000) (73,311,000)
Payments of financing costs (1,161,000) (781,000)
Common shares distributions (17,971,000) (19,589,000)
Noncontrolling interests distributions (10,046,000) (9,810,000)
Net cash used in financing activities (2,219,000) (28,797,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 375,000 (15,748,000)
Cash, cash equivalents and restricted cash at beginning of year 19,329,000 36,645,000
Cash, cash equivalents and restricted cash at end of period 19,704,000 20,897,000
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 8,096,000 6,549,000
Restricted cash 11,608,000 14,348,000
Cash, cash equivalents and restricted cash at end of period 19,704,000 20,897,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 20,415,000 18,903,000
Supplemental disclosures of non-cash investing and financing activities:    
Distributions payable 3,529,000 3,434,000
Distributions reinvested into Class A and Class I common shares 3,226,000  
Conversion of OP Units to Class I common shares 2,286,000 2,550,000
Assumption of loans payable in conjunction with the acquisition of real estate   43,522,000
Issuance of noncontrolling interest in conjunction with the acquisition of real estate   17,855,000
RSLCA Notes    
CASH FLOWS FROM INVESTING ACTIVITIES    
Repayments on RSLCA notes receivable from affiliated party $ 79,364,000 $ 70,256,000