v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 6,240 $ 4,169
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (3,876) (1,110)
Increase in net amortization and write-off of unbilled rental income (374) (402)
Amortization and write-off of intangibles relating to leases, net (334) (252)
Amortization of restricted stock and RSU compensation expense 1,267 1,346
Depreciation and amortization 8,570 6,545
Amortization and write-off of deferred financing costs 323 233
Payment of leasing commissions (223) (106)
Equity in (loss) earnings of unconsolidated joint ventures included in other income 6 (25)
Decrease in escrow, deposits, other assets and receivables 609 1,540
Decrease in accrued expenses and other liabilities (985) (942)
Net cash provided by operating activities 11,223 10,996
Cash flows from investing activities:    
Purchase of real estate (57,087) (88,838)
Improvements to real estate (1,817) (1,576)
Net proceeds from sale of real estate 9,765 3,456
Distributions of capital from unconsolidated joint venture included in other assets 26 620
Net cash used in investing activities (49,113) (86,338)
Cash flows from financing activities:    
Proceeds from mortgage financings 17,002 52,121
Repayments of mortgages financings (2,075) (3,539)
Scheduled amortization payments of mortgages payable (2,772) (2,797)
Proceeds from bank line of credit 38,000 5,000
Repayments on bank line of credit (6,000)  
Issuance of shares through dividend reinvestment plan 142 187
Payment of financing costs (340) (591)
Distributions to non-controlling interests (8) (63)
Cash distributions to common stockholders (141) (9,641)
Net cash provided by financing activities 43,808 40,677
Net increase (decrease) in cash, cash equivalents and restricted cash 5,918 (34,665)
Cash, cash equivalents and restricted cash at beginning of year 15,084 45,481
Cash, cash equivalents and restricted cash at end of period 21,002 10,816
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest expense 6,719 5,200
Supplemental disclosure of non-cash investing activities:    
Purchase accounting allocation - intangible lease assets 4,989 7,888
Purchase accounting allocation - intangible lease liabilities (1,310) $ (1,155)
Supplemental disclosure of non-cash financing activity:    
Distributions to common stockholders from other assets $ (9,599)