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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 24,249,000 $ 24,481,000 $ 21,907,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of real estate, net (9,837,000) (10,087,000) (5,392,000)
Purchase price fair value adjustment     (960,000)
Gain on sale of available-for-sale securities   (27,000)  
Impairment loss 153,000    
Prepayment costs on debt   577,000 568,000
Increase in unbilled rent receivable (794,000) (2,286,000) (1,448,000)
Write-off of unbilled rent receivable 362,000 7,000 566,000
Bad debt expense 291,000 98,000  
Amortization and write-off of intangibles relating to leases, net (897,000) (712,000) (723,000)
Amortization of restricted stock expense 3,133,000 2,983,000 2,334,000
Equity in earnings of unconsolidated joint ventures (826,000) (1,005,000) (412,000)
Distributions of earnings from unconsolidated joint ventures 656,000 939,000 540,000
Depreciation and amortization 20,993,000 18,164,000 16,384,000
Amortization and write-off of deferred financing costs 977,000 904,000 1,023,000
Payment of leasing commissions (168,000) (1,050,000) (716,000)
Decrease (Increase) in escrow, deposits, other assets and receivables 179,000 (731,000) 197,000
Increase (Decrease) in accrued expenses and other liabilities 6,086,000 (850,000) 616,000
Net cash provided by operating activities 44,557,000 31,405,000 34,484,000
Cash flows from investing activities:      
Purchase of real estate (43,537,000) (118,589,000) (67,445,000)
Improvements to real estate (6,565,000) (4,868,000) (3,868,000)
Net proceeds from sale of real estate 26,301,000 42,312,000 16,025,000
Purchase of partner's interest in consolidated joint venture   (446,000)  
Purchase of partner's interest in unconsolidated joint venture     (6,300,000)
Investment in unconsolidated joint ventures     (12,686,000)
Distributions of capital from unconsolidated joint ventures 357,000 647,000 776,000
Net proceeds from sale of available-for-sale securities   33,000  
Net cash used in investing activities (23,444,000) (80,911,000) (73,498,000)
Cash flows from financing activities:      
Scheduled amortization payments of mortgages payable (10,520,000) (9,138,000) (7,793,000)
Repayment of mortgages payable (12,936,000) (63,726,000) (27,967,000)
Proceeds from mortgage financings 21,210,000 137,628,000 79,605,000
Proceeds from sale of common stock, net 5,570,000 25,787,000 6,457,000
Proceeds from bank line of credit 47,000,000 86,000,000 45,400,000
Repayment on bank line of credit (47,600,000) (94,250,000) (40,400,000)
Issuance of shares through dividend reinvestment plan 4,534,000 3,107,000 4,284,000
Payment of financing costs (160,000) (2,220,000) (897,000)
Prepayment costs on debt   (577,000) (568,000)
Capital contributions from non-controlling interests 20,000 80,000 713,000
Distributions to non-controlling interests (181,000) (271,000) (1,829,000)
Cash distributions to common stockholders (31,704,000) (28,230,000) (25,599,000)
Net cash (used in) provided by financing activities (24,767,000) 54,190,000 31,406,000
Net (decrease) increase in cash and cash equivalents (3,654,000) 4,684,000 (7,608,000)
Cash and cash equivalents at beginning of year 17,420,000 12,736,000 20,344,000
Cash and cash equivalents at end of year 13,766,000 17,420,000 12,736,000
Supplemental disclosures of cash flow information:      
Cash paid during the year for interest expense 17,777,000 17,310,000 15,986,000
Cash paid during the year for Federal excise tax, net   190,000 300,000
Supplemental schedule of non-cash investing and financing activities:      
Mortgage debt extinguished upon conveyance of the Company's Morrow, Georgia property to mortgagee by deed-in-lieu of foreclosure     1,466,000
Consolidation of real estate investment     2,633,000
Purchase accounting allocation - intangible lease assets 4,009,000 8,194,000 5,776,000
Purchase accounting allocation - intangible lease liabilities $ (158,000) $ (6,288,000) $ (5,365,000)