v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net loss $ (3,181) $ (2,523) $ (5,823) $ (4,831)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization     13,391 13,121
Amortization of deferred financing costs     559 567
Amortization of debt fair value adjustment     141 255
Amortization of deferred loan fee income (15) (15) (29) (31)
Amortization of restricted stock and restricted stock units     1,870 2,277
Equity in loss (earnings) of unconsolidated joint ventures 1 (299) 309 (712)
Increases and decreases from changes in other assets and liabilities:        
Increase in other assets     (1,881) (2,333)
(Decrease) increase in accounts payable and accrued liabilities     (115) 411
Net cash provided by operating activities     8,422 8,724
Cash flows from investing activities:        
Improvements to real estate properties     (3,406) (4,272)
Distributions from unconsolidated joint ventures     2,515 2,033
Net cash used in investing activities     (891) (2,239)
Cash flows from financing activities:        
Mortgage principal payments     (2,352) (2,231)
Dividends paid     (5,677) (9,429)
Distributions to non-controlling interests     (120) (98)
Proceeds from issuance of DRIP shares     2,079 1,630
Repurchase of shares of common stock     (5,408) (2,386)
Net cash used in financing activities     (11,478) (12,514)
Net decrease in cash, cash equivalents, restricted cash and escrows:     (3,947) (6,029)
Cash, cash equivalents, restricted cash and escrows at beginning of period     35,620 40,579
Cash, cash equivalents, restricted cash and escrows at end of period 31,673 34,550 31,673 34,550
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest expense     11,035 10,638
Cash paid for income taxes and excise taxes     220 237
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 22,718 23,645 22,718 23,645
Restricted cash 1,886 2,922 1,886 2,922
Escrows (Other assets) 7,069 7,983 7,069 7,983
Total cash, cash equivalents, restricted cash and escrows shown in consolidated statement of cash flows $ 31,673 $ 34,550 31,673 34,550
Supplemental disclosure of non-cash financing activity:        
Distributions to common stockholders     $ 3,743 $ 0