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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 5,405 $ 5,586
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,709 6,787
Amortization related to above/below market leases, net (39) (45)
Amortization of debt premium (12) (12)
Amortization of deferred financing costs 176 216
Stock-based compensation expense 223 242
Changes in assets and liabilities:    
Lease receivable (410) (329)
Accrued expenses and other liabilities (613) (633)
Tenant reserves, deposits and deferred and prepaid rents 93 (396)
Accrued interest (3) (5)
Leasing costs paid (482) (365)
Other, net 657 204
Net cash provided by operating activities 11,704 11,250
Cash flows from investing activities:    
Investments in LLCs   (1,544)
Cash distributions from LLCs 160  
Advance made to LLC   (3,500)
Additions to real estate investments, net (3,527) (6,974)
Deposit on real estate assets   (200)
Cash paid for acquisition of properties (13,605)  
Net cash paid as part of asset exchange transaction (1,346)  
Net cash used in investing activities (18,318) (12,218)
Cash flows from financing activities:    
Net borrowings on the line of credit 3,200 11,450
Repayments of mortgage notes payable (536) (510)
Financing costs paid (26) (35)
Dividends paid (9,704) (9,564)
Issuance of shares of beneficial interest, net 55 56
Net cash (used in)/provided by financing activities (7,011) 1,397
(Decrease)/increase in cash and cash equivalents (13,625) 429
Cash and cash equivalents, beginning of period 22,504 5,742
Cash and cash equivalents, end of period 8,879 6,171
Supplemental disclosures of cash flow information:    
Interest paid 2,080 1,935
Invoices accrued for construction and improvements $ 1,932 $ 468