Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,955 $ 1,762
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,655 12,790
Amortization of debt issuance costs 756 630
Amortization of deferred rent assets and liabilities, net (215) (336)
Loss from investments in unconsolidated entities 4 0
Bad debt expense 17 13
Loss on dispositions of real estate assets, net 2,180 328
Property and casualty recovery, net (70) (10)
Changes in operating assets and liabilities:    
Other assets, net (1,737) (896)
Accounts payable and accrued expenses and Due to related parties, net (744) 1,869
Other liabilities, net 3,201 5,220
Net cash provided by operating activities 25,002 21,370
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (255,948) (250,007)
Capital expenditures on existing real estate assets (16,510) (12,290)
Contributions to unconsolidated real estate entities (573) (587)
Proceeds from dispositions of real estate assets 342 0
Insurance proceeds received capitalized as real estate additions 68 84
Deposits on prospective real estate acquisitions and investments (280) 150
Net cash used in investing activities (272,901) (262,650)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 130,348 118,357
Offering costs (6,620) (9,186)
Redemption of cumulative redeemable preferred stock (Series B and Series C) (684) (340)
Borrowings from notes and bonds payable 156,053 155,659
Repayments of notes and bonds payable (13,413) (8,836)
Borrowings from lines of credit 22,300 45,600
Repayments of lines of credit (22,300) (45,600)
Payments of financing fees (1,172) (1,181)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (8,982) (3,646)
Distributions paid on common stock (12,033) (10,460)
Distributions paid to non-controlling interests in Operating Partnership (68) (129)
Net cash provided by financing activities 243,429 240,238
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,470) (1,042)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 13,688 14,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD 9,218 13,688
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 22,501 [1] 15,974 [1]
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 included in Other assets, net 136 178
Operating lease liabilities included in Other liabilities, net 130 172
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 1,575 1,979
Loss on dispositions of real estate assets, net included in Accounts payable and accrued expenses and Due to related parties, net 0 122
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 74 0
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 135 63
Lender holdback on loan issuance 0 498
Unrealized loss related to interest rate hedging instrument (1,500) (390)
Dividends paid on Series C Preferred Stock via additional share issuances $ 6 $ 0
[1] Includes distribution made on our Series A Term Preferred stock