v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 11,822 $ 10,783
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of real estate investments   (2,828)
Equity in loss of unconsolidated affiliates 1,898 1,413
Allowance for uncollectible accounts receivable   12
Depreciation 13,091 11,826
Amortization 630 1,098
Amortization of debt issuance costs   3
Effects on operating cash flows due to changes in    
Other assets (3,655) (1,603)
Tenant security deposits payable 506 1,134
Accrued expenses and other liabilities (3,628) (5,298)
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,664 16,540
INVESTING ACTIVITIES    
Purchase of real estate investment properties   (28,510)
Capital expenditures and tenant improvements (7,862) (8,463)
Proceeds from sale of real estate investments and non-real estate investments 206 9,050
Proceeds from involuntary conversion 409  
Investment in unconsolidated affiliates (2,829)  
Distributions in excess of earnings received from unconsolidated affiliates 1,348 1,219
Notes receivable issued net of payments received (3,189) 963
NET CASH USED IN INVESTING ACTIVITIES (11,917) (25,741)
FINANCING ACTIVITIES    
Principal payments on special assessments payable (203) (42)
Proceeds from issuance of mortgage notes payable, net of financing costs 7,500 (152)
Principal payments on mortgage notes payable (15,998) (8,019)
Draws on lines of credit 19,174 5,176
Proceeds from contributions received from noncontrolling interest - partially owned properties 1,000 7,042
Draws (payments) on notes payable   8,500
Proceeds from issuance of shares under optional purchase plan 1,192 1,472
Shares/units redeemed (5,775) (7,314)
Dividends/distributions paid (14,274) (13,438)
NET CASH USED IN FINANCING ACTIVITIES (7,384) (6,775)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS 1,363 (15,976)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD 14,925 37,061
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD $ 16,288 $ 21,085