v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (617,000) $ (589,000)
Adjustments to reconcile net (loss) to net cash provided by operating activities:    
Depreciation and amortization 10,972,000 10,368,000
Provision for impairment   250,000
Amortization of deferred rent receivables/liabilities, net (234,000) (218,000)
Amortization of above/below-market lease intangibles, net (610,000) (624,000)
Amortization of assumed below/above-market debt, net 1,289,000 956,000
Amortization of lease incentives 63,000 64,000
Amortization of deferred financing costs 151,000 73,000
Amortization of deferred ground rent 40,000 40,000
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Receivables 475,000 (288,000)
Other assets (470,000) (419,000)
Due from affiliates   536,000
Accounts payable, accrued expenses and other liabilities 194,000 (1,164,000)
Due to affiliates (266,000) 806,000
Net cash provided by operating activities 10,987,000 9,791,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate (7,382,000)  
Improvements of real estate (61,000) (399,000)
Advances on notes receivable from affiliated parties   (1,000)
Advances on RSLCA notes receivable from affiliated party (32,271,000) (38,831,000)
Net cash used in investing activities (86,000) (7,111,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 8,185,000 7,095,000
Offering costs from issuance of common shares (582,000) (448,000)
Repurchases of common shares (10,263,000) (8,063,000)
Proceeds from pending trade deposits 935,000 1,988,000
Repayments of mortgage loans payable   (10,831,000)
Proceeds from revolving credit facilities   15,000,000
Payments of financing costs   (53,000)
Common shares distributions (6,094,000) (5,974,000)
Noncontrolling interests distributions (3,722,000) (3,362,000)
Net cash used in financing activities (11,541,000) (4,648,000)
Net (decrease) in cash, cash equivalents and restricted cash (640,000) (1,968,000)
Cash, cash equivalents and restricted cash at beginning of year 21,268,000 19,329,000
Cash, cash equivalents and restricted cash at end of period 20,628,000 17,361,000
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 9,512,000 6,091,000
Restricted cash 11,116,000 11,270,000
Cash, cash equivalents and restricted cash at end of year 20,628,000 17,361,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 7,775,000 6,745,000
Supplemental disclosures of non-cash investing and financing activities:    
Distributions payable 3,698,000 3,456,000
Distributions reinvested into Class A and Class I common shares 1,220,000 968,000
Conversion of OP Units to Class I common shares 604,000 661,000
Recognition of guaranty receivable and liability 350,000  
RSLCA Notes    
CASH FLOWS FROM INVESTING ACTIVITIES    
Repayments on RSLCA notes receivable from affiliated party $ 39,628,000 $ 32,120,000