XML 19 R8.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 24,692 $ 20,246
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (16,712) (11,347)
Impairment loss 1,300 1,086
Increase in net amortization of unbilled rental income (1,148) (1,066)
Amortization and write-off of intangibles relating to leases, net (761) (940)
Amortization of restricted stock and RSU compensation expense 4,041 3,687
Equity in earnings of unconsolidated joint ventures (100) (87)
Equity in earnings from sale of unconsolidated joint venture properties (991)  
Distributions of earnings from unconsolidated joint venture 1,444 100
Depreciation and amortization 20,070 18,119
Amortization and write-off of deferred financing costs 751 741
Payment of leasing commissions (382) (446)
Increase in escrow, deposits, other assets and receivables (28) (1,061)
Increase (decrease) in accrued expenses and other liabilities 921 (1,541)
Net cash provided by operating activities 33,097 27,491
Cash flows from investing activities:    
Purchase of real estate (112,925) (44,877)
Improvements to real estate (3,023) (2,239)
Investments in ground leased property (94) (44)
Net proceeds from sale of real estate 47,395 37,434
Net proceeds from repayment of loan receivable 1,816  
Distributions of capital from unconsolidated joint venture 1,546  
Net cash used in investing activities (65,285) (9,726)
Cash flows from financing activities:    
Proceeds from mortgage financings 66,121 68,138
Repayments of mortgages financings (19,741) (51,136)
Scheduled amortization payments of mortgages payable (8,255) (9,043)
Proceeds from bank line of credit 20,800  
Repayments on bank line of credit (20,800)  
Issuance of shares through dividend reinvestment plan 555 3,347
Payment of financing costs (726) (872)
Capital contribution from non-controlling interests   43
Distributions to non-controlling interests (2,582) (303)
Cash distributions to common stockholders (29,269) (28,839)
Net cash provided by (used in) financing activities 6,103 (18,665)
Net decrease in cash, cash equivalents and restricted cash (26,085) (900)
Cash, cash equivalents and restricted cash at beginning of year 45,481 29,592
Cash, cash equivalents and restricted cash at end of period 19,396 28,692
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest expense 16,497 14,324
Supplemental disclosure of non-cash investing activities:    
Purchase accounting allocation - intangible lease assets 9,781 3,726
Purchase accounting allocation - intangible lease liabilities $ (1,155) $ (3,561)