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
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,864 $ 804
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,010 8,952
Amortization of debt issuance costs 559 461
Amortization of deferred rent assets and liabilities, net (212) (226)
Amortization of right-of-use asset from operating leases and operating lease liabilities, net (12) (18)
Income from investments in unconsolidated entities (7) 0
Bad debt expense 12 24
Loss on dispositions of real estate assets, net 861 154
Property and casualty recovery, net (68) (10)
Changes in operating assets and liabilities:    
Other assets, net (3,192) 281
Accounts payable and accrued expenses and Due to related parties, net (1,663) (1,586)
Other liabilities, net (1,559) 5,066
Net cash provided by operating activities 11,593 13,902
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (64,658) (200,676)
Capital expenditures on existing real estate assets (10,725) (8,974)
Proceeds from dispositions of real estate assets 247 0
Change in deposits on real estate acquisitions, net (550) (300)
Insurance proceeds received capitalized as real estate additions 66 0
Net cash used in investing activities (75,620) (209,950)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 55,231 86,070
Offering costs (3,636) (6,551)
Redemption of Series B Preferred Stock (681) (213)
Borrowings from mortgage notes and bonds payable 20,781 120,399
Repayments of mortgage notes and bonds payable (10,599) (7,686)
Borrowings from lines of credit 19,000 22,900
Repayments of lines of credit (7,500) (18,900)
Payments of financing fees (497) (738)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (6,546) (2,222)
Distributions paid on common stock (8,691) (7,658)
Distributions paid to non-controlling interests in Operating Partnership (68) (91)
Payment of contingent consideration 0 0
Net cash provided by financing activities 56,794 185,310
NET DECREASE IN CASH AND CASH EQUIVALENTS (7,233) (10,738)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 13,688 14,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD 6,455 3,992
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions 0 3,290
Operating lease right-of-use assets 0 188
Operating lease liabilities 0 171
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 5,363 1,397
Loss on dispositions of real estate assets, net included in Accounts payable and accrued expenses and Due to related parties, net 0 119
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 0 35
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 16 14
Lender holdback on loan issuance 0 498
Unrealized loss related to interest rate hedging instrument $ (1,721) $ (347)