v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net income $ 5,770 $ 4,907
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on involuntary conversion (239)  
Equity in loss of unconsolidated affiliates (845) 919
Depreciation 6,709 6,613
Amortization 1,046 412
Amortization of debt issuance costs 180 131
Effects on operating cash flows due to changes in    
Other assets 2,549 (6,056)
Tenant security deposits payable 491 309
Accrued expenses and other liabilities (2,842) (3,910)
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,819 3,325
INVESTING ACTIVITIES    
Purchase of real estate investment properties (18,165)  
Capital expenditures and tenant improvements (8,952) (4,469)
Payments from sale of real estate investments and non-real estate investments (12) (17)
Investment in unconsolidated affiliates   (567)
Distributions in excess of earnings received from unconsolidated affiliates 782 786
Notes receivable issued net of payments received   (904)
NET CASH USED IN INVESTING ACTIVITIES (26,347) (5,171)
FINANCING ACTIVITIES    
Payments for financing, debt issuance (219)  
Principal payments on special assessments payable (309) (203)
Proceeds from issuance of mortgage notes payable, net of financing costs 29,630  
Principal payments on mortgage notes payable (11,955) (6,528)
Draws on lines of credit 34,920 7,074
Payments on lines of credit (22,003)  
Proceeds from contributions received from noncontrolling interest - partially owned properties   1,000
Draws (payments) on notes payable (10,000)  
Proceeds on notes payable, affiliate   10,000
Proceeds from issuance of shares under optional purchase plan 982 529
Shares/units redeemed (1,925) (2,580)
Dividends/distributions paid (7,509) (6,973)
NET CASH PROVIDED BY FINANCING ACTIVITIES 11,612 2,319
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS (1,916) 473
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD 17,576 14,925
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD $ 15,660 $ 15,398