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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 19,234 $ 15,400 $ 21,102
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,421 27,733 26,557
Amortization related to above/below market leases, net (176) (143) (143)
Amortization of debt premium   (40) (50)
Amortization of deferred financing costs 765 729 714
Stock-based compensation expense 853 780 780
Loss on divestiture of real estate assets   232  
Changes in assets and liabilities:      
Lease receivables (760) (513) (2,083)
Accrued expenses and other liabilities (309) (316) 1,105
Tenant reserves, deposits and deferred and prepaid rents (20) (516) (79)
Accrued interest 204 117 27
Leasing costs paid (1,268) (1,768) (1,927)
Other, net 967 1,244 802
Net cash provided by operating activities 46,911 42,939 46,805
Cash flows from investing activities:      
Investments in LLCs (5,892) (4,058) (94)
Cash distributions from LLCs 1,088 757 875
Advance received from LLC, net   3,500  
Additions to real estate investments, net (9,072) (15,583) (22,485)
Cash paid for acquisition of properties   (7,620) (13,620)
Net cash paid as part of asset exchange transaction     (1,346)
Cash proceeds received from divestiture of properties, net   3,894  
Net cash used in investing activities (13,876) (19,110) (36,670)
Cash flows from financing activities:      
Net borrowings on line of credit 22,300 28,500 26,200
Repayments of mortgage notes payable (13,550) (11,891) (12,199)
Financing costs paid (2,375) (222) (26)
Dividends paid (40,394) (39,765) (39,177)
Issuance of shares of beneficial interest, net (131) 147 177
Net cash used in financing activities (34,150) (23,231) (25,025)
(Decrease)/increase in cash and cash equivalents (1,115) 598 (14,890)
Cash and cash equivalents, beginning of year 8,212 7,614 22,504
Cash and cash equivalents, end of year 7,097 8,212 7,614
Supplemental disclosures of cash flow information:      
Interest paid 17,908 16,266 10,386
Invoices accrued for construction and improvements $ 522 $ 2,947 $ 1,664