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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 15,471 $ 17,551
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,046 20,551
Amortization related to above/below market leases, net (108) (139)
Amortization of debt premium (38) (38)
Amortization of deferred financing costs 536 609
Stock-based compensation expense 591 719
Gain on sale of real estate assets   (1,304)
Changes in assets and liabilities:    
Lease receivable (1,566) (457)
Accrued expenses and other liabilities 977 201
Tenant reserves, deposits and deferred and prepaid rents (417) 272
Accrued interest   1
Leasing costs paid (1,421) (1,250)
Other, net 445 (522)
Net cash provided by operating activities 34,516 36,194
Cash flows from investing activities:    
Investments in LLCs (94) (16,138)
Cash distributions from LLCs 516  
Advance made to LLC   (3,500)
Additions to real estate investments, net (16,698) (11,537)
Deposit on real estate assets   (200)
Cash paid for acquisition of properties (13,620) (12,989)
Cash proceeds received from divestiture of property, net   3,209
Net cash paid as part of asset exchange transaction (1,346)  
Net cash used in investing activities (31,242) (41,155)
Cash flows from financing activities:    
Net borrowings on the line of credit 18,200 40,600
Repayments of mortgage notes payable (6,660) (1,550)
Financing costs paid (26) (1,813)
Dividends paid (29,326) (28,830)
Issuance of shares of beneficial interest, net 136 159
Net cash (used in)/provided by financing activities (17,676) 8,566
(Decrease)/increase in cash and cash equivalents (14,402) 3,605
Cash and cash equivalents, beginning of period 22,504 5,742
Cash and cash equivalents, end of period 8,102 9,347
Supplemental disclosures of cash flow information:    
Interest paid 7,050 5,995
Invoices accrued for construction and improvements $ 2,334 $ 151