XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 11,947,000 $ 26,125,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (4,714,000) (12,699,000)
Increase in net amortization of unbilled rental income (1,199,000) (1,087,000)
Write-off of unbilled rent receivable 133,000  
Amortization and write-off of intangibles relating to leases, net (454,000) (396,000)
Amortization of restricted stock and RSU compensation expense 2,892,000 2,884,000
Equity in earnings of unconsolidated joint ventures (145,000) (228,000)
Distributions of earnings from unconsolidated joint venture 23,000  
Depreciation and amortization 12,259,000 11,748,000
Amortization and write-off of deferred financing costs 407,000 639,000
Payment of leasing commissions (179,000) (1,030,000)
Decrease (Increase) in escrow, deposits, other assets and receivables 5,015,000 (1,411,000)
Decrease in accrued expenses and other liabilities (1,055,000) (756,000)
Net cash provided by operating activities 24,930,000 23,789,000
Cash flows from investing activities:    
Purchase of real estate   (39,888,000)
Improvements to real estate (2,863,000) (2,423,000)
Investments in ground leased property (668,000) (343,000)
Net proceeds from sale of real estate 10,069,000 22,424,000
Insurance recovery proceeds due to casualty loss   918,000
Net cash provided by (used in) investing activities 6,538,000 (19,312,000)
Cash flows from financing activities:    
Scheduled amortization payments of mortgages payable (6,174,000) (6,613,000)
Repayment of mortgages payable (6,735,000) (33,571,000)
Proceeds from mortgage financings 23,450,000 43,339,000
Proceeds from bank line of credit 16,900,000 39,500,000
Repayments on bank line of credit (36,200,000) (23,700,000)
Issuance of shares through dividend reinvestment plan 2,172,000 324,000
Proceeds from sale of common stock, net   563,000
Repurchases of common stock, net (1,455,000) (3,418,000)
Payment of financing costs (370,000) (554,000)
Distributions to non-controlling interests (16,000) (41,000)
Cash distributions to common stockholders (19,056,000) (18,926,000)
Net cash used in financing activities (27,484,000) (3,097,000)
Net increase in cash, cash equivalents and restricted cash 3,984,000 1,380,000
Cash, cash equivalents and restricted cash at beginning of year 7,277,000 16,666,000
Cash, cash equivalents and restricted cash at end of period 11,261,000 18,046,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest expense $ 9,258,000 8,673,000
Supplemental disclosure of non-cash investing activities:    
Purchase accounting allocation - intangible lease assets   2,816,000
Purchase accounting allocation - intangible lease liabilities   $ (1,152,000)