Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 15,108 $ 13,567
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,429 8,789
Amortization of debt issuance costs 365 243
Amortization of deferred rent assets and liabilities, net 3,253 492
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 24 23
Loss from investments in unconsolidated entities 136 85
Bad debt expense 38 12
Gain on dispositions of real estate assets, net (15,410) (10,273)
Property and casualty recovery, net (137) 0
Changes in operating assets and liabilities:    
Other assets, net (1,265) (3,750)
Accounts payable and accrued expenses and Due to related parties, net (3,597) (2,904)
Other liabilities, net (2,477) (2,864)
Net cash provided by operating activities 4,467 3,420
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (1,796) (1,478)
Proceeds from dispositions of real estate assets, net 62,012 63,997
Net cash provided by investing activities 60,216 62,519
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of lines of credit (3,400) 0
Repayments of notes and bonds payable (25,546) (22,071)
Payments of financing fees (7) (11)
Proceeds from issuance of preferred and common equity 0 284
Offering costs 2 (40)
Redemptions of cumulative redeemable preferred stock (18) 0
Dividends paid on cumulative redeemable preferred stock (6,002) (6,117)
Distributions paid on common stock (5,070) (5,000)
Net cash used in financing activities (40,041) (32,955)
NET INCREASE IN CASH AND CASH EQUIVALENTS 24,642 32,984
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,275 18,571
CASH AND CASH EQUIVALENTS AT END OF PERIOD 42,917 51,555
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 847 689
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 10 0
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net $ 22 $ 19