v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 4,047,000 $ (614,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 22,044,000 20,655,000
Provision for impairment   250,000
Gain on sales, net (5,184,000) (69,000)
Amortization of deferred rent receivables/liabilities, net (435,000) (417,000)
Amortization of above/below-market lease intangibles, net (1,236,000) (1,325,000)
Amortization of assumed below/above-market debt, net 2,504,000 1,924,000
Amortization of lease incentives 126,000 128,000
Amortization of deferred financing costs 330,000 197,000
Amortization of deferred ground rent 81,000 81,000
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Receivables 427,000 136,000
Other assets (1,089,000) (265,000)
Due from affiliates 23,000 536,000
Accounts payable, accrued expenses and other liabilities 333,000 (108,000)
Due to affiliates (380,000) (173,000)
Net cash provided by operating activities 21,591,000 20,936,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate (35,935,000) (10,218,000)
Proceeds from sale of real estate 29,171,000 122,000
Improvements of real estate (376,000) (420,000)
Advances on notes receivable from affiliated parties   (2,000)
Advances on RSLCA notes receivable from affiliated party (65,370,000) (74,508,000)
Net cash used in investing activities (2,752,000) (25,557,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 19,717,000 20,623,000
Offering costs from issuance of common shares (1,210,000) (772,000)
Repurchases of common shares (19,213,000) (11,963,000)
Offering costs from issuance of noncontrolling interests (94,000)  
Proceeds from pending trade deposits 1,252,000 364,000
Repayments of mortgage loans payable (25,519,000) (28,839,000)
Proceeds from revolving credit facilities 25,519,000 59,000,000
Repayments of revolving credit facilities   (15,000,000)
Payments of financing costs (301,000) (761,000)
Common shares distributions (12,205,000) (11,929,000)
Noncontrolling interests distributions (7,526,000) (6,714,000)
Net cash (used in) / provided by financing activities (19,580,000) 4,009,000
Net (decrease) in cash, cash equivalents and restricted cash (741,000) (612,000)
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 20,527,000 18,717,000
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 9,456,000 6,841,000
Restricted cash 11,071,000 11,876,000
Cash, cash equivalents and restricted cash at end of period 20,527,000 18,717,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 16,070,000 13,834,000
Supplemental disclosures of non-cash investing and financing activities:    
Distributions payable 3,760,000 3,512,000
Distributions reinvested into Class A and Class I common shares 2,454,000 2,084,000
Conversion of OP Units to Class I common shares 786,000 1,885,000
Recognition of guaranty receivable and liability 1,365,000  
Issuance of noncontrolling interest in conjunction with the acquisition of real estate 9,455,000  
RSLCA Notes    
CASH FLOWS FROM INVESTING ACTIVITIES    
Repayments on RSLCA notes receivable from affiliated party $ 69,758,000 $ 59,469,000