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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 45,619,000 $ 17,215,000 $ 23,691,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 25,091,000 23,008,000 22,198,000
Amortization of debt premium (139,000) (225,000) (225,000)
Stock-based compensation expense 538,000 481,000 427,000
Hurricane related expenses 4,967,000    
Hurricane insurance recoveries (4,967,000)    
Hurricane insurance recovery proceeds in excess of damaged property write-downs (2,033,000)    
Gain on Arlington transaction (27,196,000)    
Gain on property exchange     (8,742,000)
Changes in assets and liabilities:      
Rent receivable (1,490,000) (1,204,000) (290,000)
Accrued expenses and other liabilities 441,000 3,000 (184,000)
Tenant reserves, deposits and deferred and prepaid rents 4,989,000 1,377,000 1,781,000
Accrued interest (86,000) 122,000 (41,000)
Leasing costs paid (769,000) (627,000) (556,000)
Other, net 1,040,000 583,000 119,000
Net cash provided by operating activities 46,005,000 40,733,000 38,178,000
Cash flows from investing activities:      
Investments in LLCs (532,000) (5,454,000) (667,000)
Repayments of advances made to LLCs 216,000 851,000 306,000
Advances made to LLCs     (22,795,000)
Cash distributions in excess of income from LLCs 1,187,000 1,362,000 224,000
Cash distribution of refinancing proceeds from LLCs     1,045,000
Additions to real estate investments, net (15,313,000) (11,204,000) (5,257,000)
Cash proceeds received from divestiture of property, net 65,220,000 0 0
Cash received for property exchange     2,000,000
Hurricane insurance recoveries for damaged real estate property 4,967,000    
Hurricane insurance recovery proceeds in excess of damaged property write-downs 2,033,000    
Hurricane remediation expenses paid (1,387,000)    
Deposits on real estate assets     (150,000)
Net cash paid for acquisition of properties (9,040,000) (60,389,000) (16,765,000)
Cash paid to acquire minority interests in majority-owned LLCs (7,890,000)   (2,250,000)
Net cash provided by/(used in) investing activities 39,461,000 (74,834,000) (44,309,000)
Cash flows from financing activities:      
Net borrowings on line of credit   59,350,000 52,400,000
Net repayments on line of credit (20,450,000)    
Proceeds from mortgage notes payable 22,600,000   5,200,000
Repayments of mortgage notes payable (61,021,000) (3,230,000) (17,826,000)
Financing costs paid (446,000) (307,000) (1,114,000)
Dividends paid (36,054,000) (35,138,000) (34,089,000)
Partial settlement of dividends equivalent rights   (30,000) (75,000)
Issuance of shares of beneficial interest, net 9,362,000 13,492,000 1,668,000
Net cash (used in)/provided by financing activities (86,009,000) 34,137,000 6,164,000
(Decrease)/increase in cash and cash equivalents (543,000) 36,000 33,000
Cash and cash equivalents, beginning of period 3,930,000 3,894,000 3,861,000
Cash and cash equivalents, end of period 3,387,000 3,930,000 3,894,000
Supplemental disclosures of cash flow information:      
Interest paid $ 9,692,000 8,895,000 8,025,000
Supplemental disclosures of non-cash transactions:      
Financing assumed in acquisition   $ 7,499,000  
Net assets acquired in property exchange     9,886,000
Net assets relinquished in property exchange     $ (3,144,000)