v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 10,926 $ 9,269
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,982 13,839
Amortization related to above/below market leases, net (86) (85)
Amortization of deferred financing costs 400 381
Stock-based compensation expense 393 426
Gain on sale of land (724) 0
Changes in assets and liabilities:    
Lease receivable 93 (222)
Accrued expenses and other liabilities (2,054) 1,039
Tenant reserves, deposits and deferred and prepaid rents 345 146
Accrued interest (53) 192
Leasing costs paid (757) (1,064)
Other, net 1,890 1,375
Net cash provided by operating activities 24,355 25,296
Cash flows from investing activities:    
Investments in LLCs (191) (6,802)
Advance made to third-party partners, net 0 (335)
Cash distributions from LLCs 273 167
Additions to real estate investments, net (13,126) (3,713)
Proceeds from Sale, Land, Held-for-Use 746 0
Net cash used in investing activities (12,298) (10,683)
Cash flows from financing activities:    
Net borrowings on the line of credit 9,350 5,900
Repayments of mortgage notes payable (297) (649)
Financing costs paid (172) 0
Dividends paid (20,824) (20,482)
Issuance of shares of beneficial interest, net 19 75
Net cash used in financing activities (11,924) (15,156)
Increase/(decrease) in cash and cash equivalents 133 (543)
Cash and cash equivalents, beginning of period 6,686 7,097
Cash and cash equivalents, end of period 6,819 6,554
Supplemental disclosures of cash flow information:    
Interest paid 8,553 8,812
Invoices accrued for construction and improvements $ 5,459 $ 643