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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 13,126 $ 19,783
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,412 18,468
Amortization of debt premium (40) (37)
Stock-based compensation expense 504 413
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 117 (707)
Accrued expenses and other liabilities 96 (179)
Tenant reserves, deposits and deferred and prepaid rents (676) 1,184
Accrued interest (80) (93)
Leasing costs paid (824) (1,227)
Other, net 346 171
Net cash provided by operating activities 31,731 33,241
Cash flows from investing activities:    
Investments in LLCs (798) (773)
Cash distributions in excess of income from LLCs 343 773
Additions to real estate investments, net (7,459) (6,793)
Deposit on real estate assets (200)  
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 (7,869) (6,503)
Cash flows from financing activities:    
Net (repayments)/borrowings on line of credit 9,250 13,950
Repayments of mortgage notes payable (3,775) (22,964)
Proceeds from mortgage notes payable   13,000
Financing costs paid (35) (1,660)
Dividends paid (27,988) (27,552)
Issuance of shares of beneficial interest, net 165 173
Net cash used in financing activities (22,383) (25,053)
Increase in cash and cash equivalents 1,479 1,685
Cash and cash equivalents, beginning of period 5,036 3,387
Cash and cash equivalents, end of period 6,515 5,072
Supplemental disclosures of cash flow information:    
Interest paid 7,771 7,018
Invoices accrued for construction and improvements 1,520 $ 335
Right-of-use assets obtained in exchange for lease obligations $ 8,972