v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 698,000 $ 1,877,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales, net (1,648,000) (2,662,000)
Impairment charges 1,064,000 0
Straight-line rents (194,000) (819,000)
Credit adjustments on operating lease receivables 149,000 (349,000)
Depreciation and amortization 6,487,000 8,540,000
Above (below) market lease amortization, net (181,000) (233,000)
Amortization of deferred financing costs 762,000 276,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Receivables, net 492,000 1,588,000
Deferred costs and other assets, net (2,127,000) (2,630,000)
Accounts payable, accrued expenses, and other liabilities 253,000 (663,000)
Net cash provided by operating activities 5,755,000 4,925,000
INVESTING ACTIVITIES    
Expenditures for real estate improvements (9,972,000) (3,094,000)
Net proceeds from sales of real estate 19,408,000 2,759,000
Net cash provided by (used in) investing activities 9,436,000 (335,000)
FINANCING ACTIVITIES    
Advances under Revolving Credit Agreement 5,223,000 0
Repayments under Revolving Credit Agreement (5,223,000) 0
Term loan proceeds 2,500,000 9,060,000
Payments of deferred financing costs (444,000) (414,000)
Preferred stock dividends (8,064,000) (8,064,000)
Preferred stock repurchases (1,035,000) 0
Net cash (used in) provided by financing activities (7,043,000) 582,000
Net increase in cash, cash equivalents and restricted cash 8,148,000 5,172,000
Cash, cash equivalents and restricted cash at beginning of period 15,908,000 13,463,000
Cash, cash equivalents and restricted cash at end of period 24,056,000 18,635,000
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 17,514,000 8,606,000
Restricted cash 6,542,000 10,029,000
Cash, cash equivalents and restricted cash $ 24,056,000 $ 18,635,000

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