v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash Flows from Operating Activities:      
Net Income $ 6,404 $ 6,994  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Stock-Based Compensation 388 350  
Depreciation and Amortization Expense 3,883 3,568  
Amortization of Debt Issuance Costs 67 67  
Provision for Credit Loss (13) (14)  
Straight-Line Rent Expense (1) (1)  
Application of Rent Escrow (446) (274)  
Application of Security Deposit (43) 0  
Changes in Assets and Liabilities      
Other Assets 71 151  
Accounts Payable and Accrued Expenses (213) (420)  
Security Deposits 5 0  
Rent Received in Advance 370 (322)  
Other Liabilities (310) (57)  
Net Cash Provided by Operating Activities 10,162 10,042  
Cash Flows from Investing Activities:      
Funding of Improvement Allowances 0 (7,894) $ (15,145)
Acquisition of Real Estate (285) 0  
Net Cash Used in Investing Activities (285) (7,894)  
Cash Flows from Financing Activities:      
Cash Paid for Taxes in Lieu of Issuance of Common Stock (352) (46)  
PSUs Settled in Cash (251) 0  
Common Stock Dividends Paid (8,821) (8,201)  
Restricted Stock Unit Dividends Paid (310) (49)  
Distributions to OP Unitholders (160) (149)  
Cash Redemption of LPI Units (253) 0  
Borrowings from Revolving Credit Facility 0 3,000  
Principal Repayment on Loan Payable 0 (1,000)  
Net Cash Used in Financing Activities (10,147) (6,445)  
Net (Decrease) in Cash and Cash Equivalents (270) (4,297)  
Cash and Cash Equivalents - Beginning of Period 20,213 25,843 25,843
Cash and Cash Equivalents - End of Period 19,943 21,546 20,213
Supplemental Disclosure of Cash Flow Information:      
Interest Paid 107 54  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Declared, Not Paid 9,015 8,577 $ 9,246
Common Stock Issued in Lieu of Director Cash Compensation $ 13 $ 0  

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