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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 15,400 $ 21,102 $ 109,166
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,733 26,557 27,478
Amortization related to above/below market leases, net (143) (143) (183)
Amortization of debt premium (40) (50) (51)
Amortization of deferred financing costs 729 714 791
Stock-based compensation expense 780 780 947
Loss/(gain) on divestitures of real estate assets 232   (87,314)
Changes in assets and liabilities:      
Lease receivables (513) (2,083) (843)
Accrued expenses and other liabilities (316) 1,105 90
Tenant reserves, deposits and deferred and prepaid rents (516) (79) (1,130)
Accrued interest 117 27 (5)
Leasing costs paid (1,768) (1,927) (1,378)
Other, net 1,244 802 157
Net cash provided by operating activities 42,939 46,805 47,725
Cash flows from investing activities:      
Investments in LLCs (4,058) (94) (16,750)
Cash distributions from LLCs 757 875 418
Advance received from/(made to) LLC, net 3,500   (3,500)
Additions to real estate investments, net (15,583) (22,485) (14,120)
Deposit on real estate assets     (200)
Cash paid for acquisition of properties (7,620) (13,620) (12,989)
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 3,894   28,119
Increase in cash and cash equivalents due to recording of LP on a consolidated basis     528
Net cash used in investing activities (19,110) (36,670) (24,425)
Cash flows from financing activities:      
Net borrowings on line of credit 28,500 26,200 35,700
Repayments of mortgage notes payable (11,891) (12,199) (2,079)
Financing costs paid (222) (26) (1,842)
Dividends paid (39,765) (39,177) (38,532)
Issuance of shares of beneficial interest, net 147 177 215
Net cash used in financing activities (23,231) (25,025) (6,538)
Increase/(decrease) in cash and cash equivalents 598 (14,890) 16,762
Cash and cash equivalents, beginning of year 7,614 22,504 5,742
Cash and cash equivalents, end of year 8,212 7,614 22,504
Supplemental disclosures of cash flow information:      
Interest paid 16,266 10,386 8,076
Invoices accrued for construction and improvements $ 2,947 $ 1,664 $ 1,594