Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 23 $ 3,283
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,336 8,100
Amortization of debt issuance costs 641 365
Amortization of deferred rent assets and liabilities, net (294) (139)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net (11) (24)
Loss (income) from investments in unconsolidated entities 24 (26)
Bad debt expense 6 12
Loss on dispositions of real estate assets, net 1,840 666
Changes in operating assets and liabilities:    
Other assets, net (2,413) (1,426)
Accounts payable and accrued expenses and Due to related parties, net 2,630 (501)
Other liabilities, net 2,183 (373)
Net cash provided by operating activities 16,965 9,937
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (81,752) (25,134)
Capital expenditures on existing real estate assets (2,423) (9,427)
Proceeds from dispositions of real estate assets 0 166
Deposits on prospective real estate acquisitions and investments (775) (705)
Net cash used in investing activities (84,950) (35,100)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 109,720 39,563
Offering costs (2,903) (2,917)
Redemptions of redeemable preferred stock (28,750) (309)
Proceeds from issuance of mandatorily-redeemable preferred stock (Series D) 60,375 0
Borrowings from notes and bonds payable 9,903 16,300
Repayments of notes and bonds payable (6,607) (6,588)
Payments of financing fees (2,221) (378)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (6,283) (3,625)
Distributions paid on non-controlling common interests in Operating Partnership (37) (68)
Distributions paid on common stock (7,641) (5,724)
Net cash provided by financing activities 125,556 36,254
NET INCREASE IN CASH AND CASH EQUIVALENTS 57,571 11,091
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,218 13,688
CASH AND CASH EQUIVALENTS AT END OF PERIOD 66,789 24,779
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions, net 3,970 0
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 997 3,785
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 19 0
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 118 95
Unrealized loss related to interest rate hedging instrument (1,344) (1,816)
Dividends paid on Series C Preferred Stock via additional share issuances $ 46 $ 0