Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,526 $ 4,864
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,280 12,010
Amortization of debt issuance costs 905 559
Amortization of deferred rent assets and liabilities, net (397) (212)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 10 (12)
Loss (income) from investments in unconsolidated entities 42 (7)
Bad debt expense 11 12
Loss on dispositions of real estate assets, net 1,841 861
Property and casualty recovery, net 0 68
Changes in operating assets and liabilities:    
Other assets, net (5,761) (3,192)
Accounts payable and accrued expenses and Due to related parties, net 1,652 (1,663)
Other liabilities, net 1,247 (1,559)
Net cash provided by operating activities 20,356 11,593
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (144,253) (64,658)
Capital expenditures on existing real estate assets (3,373) (10,725)
Proceeds from dispositions of real estate assets 0 247
Deposits on prospective real estate acquisitions and investments (1,875) (550)
Insurance proceeds received capitalized as real estate additions 0 66
Net cash used in investing activities (149,501) (75,620)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 161,318 55,231
Offering costs (4,359) (3,636)
Proceeds from issuance of mandatorily-redeemable preferred stock (Series D) 60,375 0
Borrowings from notes and bonds payable 40,683 20,781
Repayments of notes and bonds payable (18,816) (10,599)
Borrowings from lines of credit 0 19,000
Repayments of lines of credit 0 (7,500)
Payments of financing fees (2,455) (497)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (9,370) (6,546)
Distributions paid on non-controlling common interests in Operating Partnership (65) (68)
Distributions paid on common stock (11,895) (8,691)
Net cash provided by financing activities 186,418 56,794
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 57,273 (7,233)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,218 13,688
CASH AND CASH EQUIVALENTS AT END OF PERIOD 66,491 6,455
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 670 5,363
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 6 0
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 57 16
Unrealized gain (loss) related to interest rate hedging instruments 987 (1,721)
Dividends paid on Series C Preferred Stock via additional share issuances 106 1
Series B And C Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of redeemable preferred stock (248) (681)
Series A Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of redeemable preferred stock $ (28,750) $ 0