v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net income $ 20,504 $ 14,498
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of real estate investments (1,082)  
Loss on impairment of property   735
Gain on involuntary conversion (239)  
Equity in loss of unconsolidated affiliates (112) 2,767
Depreciation 20,583 19,740
Amortization 1,663 1,573
Amortization of debt issuance costs 656  
Effects on operating cash flows due to changes in    
Other assets 2,695 (2,218)
Tenant security deposits payable 187 329
Accrued expenses and other liabilities 6,383 404
NET CASH PROVIDED BY OPERATING ACTIVITIES 51,238 37,828
INVESTING ACTIVITIES    
Purchase of real estate investment properties (18,373) (10,855)
Capital expenditures and tenant improvements (38,540) (16,352)
Proceeds from sale of real estate investments and non-real estate investments 2,228 83
Proceeds from insurance claims   797
Investment in unconsolidated affiliates (1,532) (4,540)
Distributions in excess of earnings received from unconsolidated affiliates 1,662 970
Notes receivable issued net of payments received 102 3,564
NET CASH USED IN INVESTING ACTIVITIES (54,453) (26,333)
FINANCING ACTIVITIES    
Payments for financing, debt issuance (1,479)  
Principal payments on special assessments payable (937) (203)
Proceeds from issuance of mortgage notes payable, net of financing costs 116,585 30,354
Principal payments on mortgage notes payable (74,299) (27,513)
Draws on lines of credit 45,935 4,438
Payments on lines of credit (62,514)  
Proceeds from contributions received from noncontrolling interest - partially owned properties 800 1,001
Proceeds on notes payable, affiliate 6,000 10,000
Proceeds from issuance of shares under optional purchase plan 2,867 2,073
Shares/units redeemed (3,715) (7,677)
Dividends/distributions paid (23,781) (21,572)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 5,462 (9,099)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS 2,247 2,396
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 $ 19,823 $ 17,321