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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 12,207 $ 9,254
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,738 12,761
Amortization related to above/below market leases, net (92) (93)
Amortization of debt premium (25) (27)
Amortization of deferred financing costs 433 329
Stock-based compensation expense 493 417
Gain on sale of real estate assets (1,304)  
Changes in assets and liabilities:    
Lease receivable (601) 226
Accrued expenses and other liabilities (70) 107
Tenant reserves, deposits and deferred and prepaid rents 327 528
Accrued interest (9) (28)
Leasing costs paid (570) (387)
Other, net 869 118
Net cash provided by operating activities 25,396 23,205
Cash flows from investing activities:    
Investments in LLCs (1,544) (3,204)
Cash distributions from LLCs   5,196
Advance made to LLC (3,500)  
Additions to real estate investments, net (8,421) (13,302)
Net cash paid for acquisition of property (12,989)  
Cash proceeds received from divestiture of property, net 3,209  
Net cash used in investing activities (23,245) (11,310)
Cash flows from financing activities:    
Net borrowings on line of credit 22,000 8,300
Repayments of mortgage notes payable (1,028) (907)
Financing costs paid (41) (362)
Dividends paid (19,196) (18,917)
Issuance of shares of beneficial interest, net 105 223
Net cash provided by/(used in) financing activities 1,840 (11,663)
Increase in cash and cash equivalents 3,991 232
Cash and cash equivalents, beginning of period 5,742 6,110
Cash and cash equivalents, end of period 9,733 6,342
Supplemental disclosures of cash flow information:    
Interest paid 3,919 4,047
Invoices accrued for construction and improvements $ 277 $ 2,071