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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 income $ 21,102 $ 109,166 $ 19,447
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 26,557 27,478 25,581
Amortization related to above/below market leases, net (143) (183) (186)
Amortization of debt premium (50) (51) (53)
Amortization of deferred financing costs 714 791 764
Stock-based compensation expense 780 947 912
Gains on divestitures of real estate assets   (87,314)  
Changes in assets and liabilities:      
Lease receivables (2,083) (843) (100)
Accrued expenses and other liabilities 1,105 90 (232)
Tenant reserves, deposits and deferred and prepaid rents (79) (1,130) (367)
Accrued interest 27 (5) (23)
Leasing costs paid (1,927) (1,378) (969)
Other, net 802 157 (564)
Net cash provided by operating activities 46,805 47,725 44,210
Cash flows from investing activities:      
Investments in LLCs (94) (16,750) (3,204)
Cash distributions from LLCs 875 418 6,524
Advance made to LLC, net   (3,500)  
Additions to real estate investments, net (22,485) (14,120) (28,262)
Deposit on real estate assets   (200)  
Cash paid for acquisition of properties (13,620) (12,989) (2,266)
Net cash paid as part of asset exchange transaction (1,346) (2,839)  
Cash paid to acquire minority interest in majority-owned LP   (3,092)  
Cash proceeds received from divestiture of properties, net   28,119  
Increase in cash and cash equivalents due to recording of LP on a consolidated basis   528  
Net cash used in investing activities (36,670) (24,425) (27,208)
Cash flows from financing activities:      
Net borrowings on line of credit 26,200 35,700 23,250
Repayments of mortgage notes payable (12,199) (2,079) (1,913)
Financing costs paid (26) (1,842) (467)
Repurchase of common shares     (235)
Dividends paid (39,177) (38,532) (37,973)
Issuance of shares of beneficial interest, net 177 215 (32)
Net cash used in financing activities (25,025) (6,538) (17,370)
Increase/(decrease) in cash and cash equivalents (14,890) 16,762 (368)
Cash and cash equivalents, beginning of year 22,504 5,742 6,110
Cash and cash equivalents, end of year 7,614 22,504 5,742
Supplemental disclosures of cash flow information:      
Interest paid 10,386 8,076 7,573
Invoices accrued for construction and improvements $ 1,664 $ 1,594 $ 4,368