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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 8,473 $ 15,409
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,032 12,288
Amortization of debt premium (27) (23)
Stock-based compensation expense 331 254
Hurricane insurance recovery proceeds in excess of damaged property write-downs   (4,535)
Gain on sale of land (250)  
Changes in assets and liabilities:    
Lease receivable 332 (337)
Accrued expenses and other liabilities (420) (445)
Tenant reserves, deposits and deferred and prepaid rents (382) 713
Accrued interest (28) (36)
Leasing costs paid (591) (597)
Other, net 981 517
Net cash provided by operating activities 21,451 23,208
Cash flows from investing activities:    
Investments in LLCs (598) (369)
Cash distributions in excess of income from LLCs 348 501
Additions to real estate investments, net (2,956) (4,246)
Cash proceeds received from divestiture of property, net 245  
Hurricane insurance recovery proceeds in excess of damaged property write-downs   4,535
Hurricane remediation payments   (192)
Net cash paid for acquisition of property   (4,053)
Net cash used in investing activities (2,961) (3,824)
Cash flows from financing activities:    
Net (repayments)/borrowings on line of credit (4,850) 16,200
Repayments of mortgage notes payable (3,351) (22,585)
Financing costs paid (35) (1,527)
Dividends paid (9,279) (9,187)
Issuance of shares of beneficial interest, net 61 60
Net cash used in financing activities (17,454) (17,039)
Increase in cash and cash equivalents 1,036 2,345
Cash and cash equivalents, beginning of period 5,036 3,387
Cash and cash equivalents, end of period 6,072 5,732
Supplemental disclosures of cash flow information:    
Interest paid 5,204 4,711
Invoices accrued for construction and improvements 1,025 $ 668
Right-of-use assets obtained in exchange for lease obligations $ 8,875