v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net Income $ 5,970 $ 5,134  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Stock-Based Compensation 308 405  
Loss on Sale of Real Estate 0 60  
Depreciation and Amortization Expense 3,557 2,679  
Amortization of Debt Issuance Costs 64 0  
Amortization of Debt Discount 3 7  
Changes in Assets and Liabilities      
Other Assets 259 (121)  
Accounts Payable and Accrued Expenses (383) (685)  
Security Deposits (305) 0  
Interest Reserve 0 (919)  
Rent Received in Advance (724) (323)  
Other Liabilities (512) 0  
Net Cash Provided by Operating Activities 8,237 6,237  
Cash Flows from Investing Activities:      
Escrow Deposits 0 (7,300)  
Reimbursements of Tenant Improvements (1,402) (3,443) $ (45,245)
Acquisition of Real Estate (350) 0  
Disposition of Real Estate 0 761  
Net Cash Used in Investing Activities (1,752) (9,982)  
Cash Flows from Financing Activities:      
Repurchase of Common Stock (622) 0  
Common Stock Dividends Paid (8,349) (6,593)  
Restricted Stock Units Dividend Equivalents Paid (17) (42)  
Distributions to OP Unit Holders (146) (129)  
Principal Repayment on Loan Payable (1,000) (1,800)  
Deferred Financing Costs (45) 0  
Net Cash Used in Financing Activities (10,179) (8,564)  
Net Increase (Decrease) in Cash and Cash Equivalents (3,694) (12,309)  
Cash and Cash Equivalents - Beginning of Period 45,192 127,097 127,097
Cash and Cash Equivalents - End of Period 41,498 114,788 45,192
Supplemental Disclosure of Cash Flow Information:      
Interest Paid 94 5  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Declared, Not Paid $ 8,483 $ 7,200 $ 8,512

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