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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 27,413,000 $ 18,544,000 $ 21,564,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of real estate, net (17,280,000) (4,327,000) (5,262,000)
Impairment due to casualty loss 430,000    
Increase in unbilled rent receivable (1,722,000) (1,547,000) (1,156,000)
Write-off of unbilled rent receivable 1,094,000 585,000 1,514,000
Bad debt expense     684,000
Amortization and write-off of intangibles relating to leases, net (780,000) (914,000) (1,849,000)
Amortization of restricted stock expense 4,686,000 3,870,000 3,510,000
Equity in earnings of unconsolidated joint ventures (38,000) (16,000) (1,304,000)
Equity in earnings from sale of unconsolidated joint venture property (121,000)   (2,057,000)
Distributions of earnings from unconsolidated joint ventures 208,000 97,000 2,341,000
Depreciation and amortization 22,964,000 22,026,000 24,155,000
Amortization and write-off of deferred financing costs 976,000 995,000 985,000
Payment of leasing commissions (235,000) (523,000) (442,000)
(Increase) decrease in escrow, deposits, other assets and receivables (3,146,000) 129,000 (1,183,000)
Increase (decrease) in accrued expenses and other liabilities 677,000 (2,687,000) 1,146,000
Net cash provided by operating activities 35,126,000 36,232,000 42,646,000
Cash flows from investing activities:      
Purchase of real estate (28,504,000) (49,887,000) (80,290,000)
Improvements to real estate (1,037,000) (3,514,000) (7,311,000)
Net proceeds from sale of real estate 29,413,000 40,761,000 27,088,000
Insurance recovery proceeds due to casualty loss 150,000    
Contributions of capital to unconsolidated joint venture   (296,000)  
Distributions of capital from unconsolidated joint venture 311,000 11,000 852,000
Net cash provided (used in) investing activities 333,000 (12,925,000) (59,661,000)
Cash flows from financing activities:      
Scheduled amortization payments of mortgages payable (13,114,000) (13,158,000) (11,081,000)
Repayment of mortgages payable (11,815,000) (19,970,000) (24,502,000)
Proceeds from mortgage financings 18,200,000 50,310,000 61,733,000
Proceeds from sale of common stock, net   5,200,000 3,138,000
Proceeds from bank line of credit 41,500,000 54,550,000 74,500,000
Repayment on bank line of credit (40,000,000) (73,100,000) (53,900,000)
Issuance of shares through dividend reinvestment plan 1,026,000 5,712,000 5,990,000
Payment of financing costs (189,000) (1,443,000) (1,182,000)
Capital contributions from non-controlling interests 10,000    
Distributions to non-controlling interests (40,000) (752,000) (1,195,000)
Cash distributions to common stockholders (29,441,000) (35,421,000) (34,421,000)
Net cash (used in) provided by financing activities (33,863,000) (28,072,000) 19,080,000
Net increase (decrease) in cash, cash equivalents and restricted cash 1,596,000 (4,765,000) 2,065,000
Cash, cash equivalents and restricted cash at beginning of year 11,968,000 16,733,000 14,668,000
Cash, cash equivalents and restricted cash at end of year 13,564,000 11,968,000 16,733,000
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest expense and prepayment costs on debt 20,213,000 19,976,000 17,783,000
Supplemental disclosure of non-cash investing activity:      
Lease liabilities arising from the recognition of right of use assets 2,858,000 5,027,000  
Purchase accounting allocation - intangible lease assets 3,905,000 4,245,000 4,435,000
Loan receivable in connection with sale of property 4,613,000    
Purchase accounting allocation - intangible lease liabilities (568,000) $ (915,000) $ (2,508,000)
Supplemental disclosure of non-cash financing activity:      
Common stock dividend - portion paid in shares of common stock $ 6,828,000