Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,283 $ 282
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,100 5,533
Amortization of debt issuance costs 365 299
Amortization of deferred rent assets and liabilities, net (139) (157)
Amortization of of right-of-use asset from operating leases and operating lease liabilities, net (24) (29)
Income from investments in unconsolidated entities (26) 0
Bad debt expense 12 6
Loss on dispositions of real estate assets, net 666 19
Property and casualty recovery, net (66) 7
Changes in operating assets and liabilities:    
Other assets, net (1,426) 220
Accounts payable and accrued expenses and Due to related parties, net (501) (1,344)
Other liabilities, net (373) (580)
Net cash provided by operating activities 9,937 4,256
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (25,134) (48,004)
Capital expenditures on existing real estate assets (9,427) (5,549)
Proceeds from dispositions of real estate assets 166 0
Change in deposits on real estate acquisitions, net (705) (1,050)
Net cash used in investing activities (35,100) (54,603)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 39,563 61,394
Offering costs (2,917) (4,521)
Redemption of Series B Preferred Stock (309) (166)
Borrowings from mortgage notes and bonds payable 16,300 18,072
Repayments of mortgage notes and bonds payable (6,588) (4,247)
Borrowings from lines of credit 0 14,900
Repayments of lines of credit 0 (14,900)
Payments of financing fees (378) (115)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (3,625) (1,165)
Distributions paid on common stock (5,724) (4,878)
Distributions paid to non-controlling interests in Operating Partnership (68) (52)
Net cash provided by financing activities 36,254 64,322
NET INCREASE IN CASH AND CASH EQUIVALENTS 11,091 13,975
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 13,688 14,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD 24,779 28,705
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Operating lease right-of-use assets 0 198
Operating lease liabilities 0 (169)
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 3,785 2,465
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 0 99
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 95 $ 20
Unrealized loss related to interest rate hedging instrument $ (1,816)