v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 7,327 $ 1,288
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,538 10,819
Write-off and amortization of deferred financing fees and debt discounts 422 362
Amortization of above/below market leases (1,582) (1,423)
Amortization of intangible liability (161) (119)
Casualty and impairment losses 707 0
Loss on sale of real estate assets 49 0
Gain on insurance proceeds received for damage due to property (842) (22)
Equity based compensation 3,945 3,565
Deferred rent receivable (1,241) (212)
Other (10) (16)
Changes in assets and liabilities:    
Rent and other receivables 1,475 770
Prepaid expenses and other assets 1,371 1,544
Accounts payable, accrued expenses and other (774) (270)
Net cash provided by operating activities 22,224 16,286
Cash flows from investing activities:    
Acquisition of real estate (46,875) (41,775)
Proceeds from sale of real estate assets 825 0
Escrows for acquisition deposits (349) (221)
Capital improvements (3,007) (1,568)
Insurance proceeds related to property damage claims 842 22
Other investing activities (140) (75)
Net cash used in investing activities (48,704) (43,617)
Cash flows from financing activities:    
Repayments of secured borrowings (109) (103)
Proceeds from revolving credit facility 55,000 48,000
Repayments of revolving credit facility (23,000) (15,000)
Net proceeds from issuance of shares 9,510 8,552
Debt issuance costs (5) 0
Proceeds from issuance of ESPP shares 61 64
Value of shares withheld for payment of taxes related to employee stock compensation (331) (513)
Dividends and distributions (14,935) (13,787)
Other financing activities (167) (138)
Net cash provided by financing activities 26,024 27,075
Net decrease in Cash and Escrows and Reserves (456) (256)
Cash and Escrows and Reserves at the beginning of period 2,543 2,867
Cash and Escrow and Reserves at the end of period 2,087 2,611
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Operating partnership units issued for property acquisitions 6,031 5,788
Unrealized (loss) gain on derivative instruments, net (4,469) 2,833
Reallocation of non-controlling interest 1,985 1,344
Transfer of investment properties, net to assets held for sale 637 0
Reclassification of acquisition deposits included in prepaid expenses and other assets 312 147
Write-off of fixed assets no longer in service 0 25
Accrued capital expenditures included in accounts payable and accrued expenses 902 120
Reclassification of construction deposits included in prepaid expenses and other assets 38 57
Right of use assets, net 93 25
Accrued costs of capital included in accounts payable and accrued expenses 131 130
Shares issued upon redemption of operating partnership units $ 157 $ 862