v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,508 $ 3,543
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,832 2,617
Amortization of intangibles and deferred charges 1,441 1,445
Stock-based compensation 402 313
Non-cash lease expense 2 5
Rental income (in excess of) less than amount billed (234) 26
Distributions from unconsolidated affiliate   55
Income from equity investment in unconsolidated affiliate (60) (55)
Changes in operating assets and liabilities:    
Other assets (539) 42
Accounts payable and accrued expenses (30) (15)
Other liabilities (572) 1,140
Net cash provided by operating activities 6,750 9,116
CASH FLOWS FROM INVESTING ACTIVITIES:    
Expenditures for improvements to real estate (1,395) (109)
Return of capital from unconsolidated affiliate   20
Expenditures for property acquisitions (3,577)  
Net cash used in investing activities (4,972) (89)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of mortgage principal (808) (507)
Financing costs from mortgage notes payable   (3,624)
Financing deposit and costs (714)  
Proceeds from mortgage notes payable   125,000
Payment of revolving credit facility   (40,000)
Payment of term loan payable   (50,000)
Cash distributions to noncontrolling interest (323) (312)
Cash dividends paid (1,601) (1,333)
Net cash (used in) provided by financing activities (3,446) 29,224
Net (decrease) increase in cash and cash equivalents, including restricted cash (1,668) 38,251
Cash and cash equivalents including restricted cash of $143 and $1,400, respectively, at the beginning of period 29,523 29,313
Cash and cash equivalents including restricted cash of $315 and $1,536, respectively, at the end of period 27,855 67,564
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:    
Cash paid for interest 6,293 6,409
Non-cash expenditures for real estate 19 58
Right-of-use asset and liability $ 2,420 $ 2,678