v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash Flows from Operating Activities:          
Net Income $ 6,538 $ 6,066 $ 20,450 $ 17,935  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:          
Stock-Based Compensation     1,223 1,060  
Depreciation and Amortization Expense     10,920 10,698  
Amortization of Debt Issuance Costs     202 201  
Amortization of Debt Discount     0 10  
Provision for Credit Loss (12) 0 (38) 0  
Non-Cash Lease Expense     (2) 0  
Non-Cash Application of Rent Escrow     (299) 0  
Non-Cash Application of Security Deposit     0 (945)  
Changes in Assets and Liabilities          
Other Assets     (123) 22  
Accounts Payable and Accrued Expenses     128 (659)  
Security Deposits     677 510  
Rent Received in Advance     (322) (468)  
Other Liabilities     (96) (761)  
Net Cash Provided by Operating Activities     32,720 27,603  
Cash Flows from Investing Activities:          
Funding of Building and Tenant Improvements     (13,964) (5,609) $ (14,434)
Acquisition of Real Estate     (3,993) (350)  
Net Cash Used in Investing Activities     (17,957) (5,959)  
Cash Flows from Financing Activities:          
Repurchase of Common Stock     0 (9,254)  
Cash Paid for Taxes in Lieu of Issuance of Common Stock     (46) 0  
Common Stock Dividends Paid     (25,430) (24,987)  
Restricted Stock Unit Dividends Paid     (143) (65)  
Distributions to OP Unitholders     (463) (437)  
Borrowings from Revolving Credit Facility     6,600 0  
Principal Repayment on Loan Payable     (1,000) (1,000)  
Deferred Financing Costs     0 (28)  
Deferred Offering Costs     (291) 0  
Net Cash Used in Financing Activities     (20,773) (35,771)  
Net (Decrease) in Cash and Cash Equivalents     (6,010) (14,127)  
Cash and Cash Equivalents - Beginning of Period     25,843 45,192 45,192
Cash and Cash Equivalents - End of Period 19,833 31,065 19,833 31,065 25,843
Supplemental Disclosure of Cash Flow Information:          
Interest Paid     195 123  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Dividends and Distributions Declared, Not Paid 9,009 8,231 9,009 8,231 $ 8,385
Accrual for Deferred Offering Costs $ 7 $ 0 7 0  
OP Units          
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Conversion of OP Units to Common Stock     $ 19 $ 0  

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