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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 109,166 $ 19,447 $ 18,964
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,478 25,581 25,870
Amortization related to above/below market leases, net (183) (186) (200)
Amortization of debt premium (51) (53) (53)
Amortization of deferred financing costs 791 764 638
Stock-based compensation expense 947 912 702
Gains on divestitures of real estate assets (87,314)   (1,951)
Changes in assets and liabilities:      
Lease receivables (843) (100) (395)
Accrued expenses and other liabilities 90 (232) 478
Tenant reserves, deposits and deferred and prepaid rents (1,130) (367) (549)
Accrued interest (5) (23) (76)
Leasing costs paid (1,378) (969) (1,084)
Other, net 157 (564) 308
Net cash provided by operating activities 47,725 44,210 42,652
Cash flows from investing activities:      
Investments in LLCs (16,750) (3,204) (2,133)
Cash distributions in excess of income from LLCs 418 6,524 318
Advances made to LLCs, net (3,500)    
Additions to real estate investments, net (14,120) (28,262) (12,320)
Deposit on real estate assets (200)    
Net cash paid for acquisition of properties (12,989) (2,266) (5,105)
Net cash paid as part of asset exchange transaction (2,839)    
Cash paid to acquire minority interest in majority-owned LP (3,092)    
Cash proceeds received from divestiture of properties, net 28,119   2,768
Increase in cash and cash equivalents due to recording of LP on a consolidated basis 528    
Net cash used in investing activities (24,425) (27,208) (16,472)
Cash flows from financing activities:      
Net borrowings on line of credit 35,700 23,250 16,550
Repayments of mortgage notes payable (2,079) (1,913) (4,201)
Financing costs paid (1,842) (467) (35)
Repurchase of common shares   (235) (221)
Dividends paid (38,532) (37,973) (37,411)
Issuance of shares of beneficial interest, net 215 (32) 212
Net cash used in financing activities (6,538) (17,370) (25,106)
Increase/(decrease) in cash and cash equivalents 16,762 (368) 1,074
Cash and cash equivalents, beginning of year 5,742 6,110 5,036
Cash and cash equivalents, end of year 22,504 5,742 6,110
Supplemental disclosures of cash flow information:      
Interest paid 8,076 7,573 10,025
Invoices accrued for construction and improvements $ 1,594 $ 4,368 $ 1,485