Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended 21 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 3,514 $ 4,955  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,183 16,655  
Amortization of debt issuance costs 1,172 756  
Amortization of deferred rent assets and liabilities, net (581) (215)  
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 122 47  
Loss from investments in unconsolidated entities 61 4  
Bad debt expense 13 17  
Loss on dispositions of real estate assets, net 2,537 2,180  
Property and casualty recovery, net (68) (70)  
Changes in operating assets and liabilities:      
Other assets, net (5,939) (1,779)  
Accounts payable and accrued expenses and Due to related parties, net 1,905 (744)  
Other liabilities, net 2,458 3,196  
Net cash provided by operating activities 32,377 25,002  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of new real estate assets (286,827) (255,948)  
Capital expenditures on existing real estate assets (6,120) (16,510)  
Contributions to unconsolidated real estate entities (2,054) (573)  
Proceeds from dispositions of real estate assets 0 342  
Insurance proceeds received capitalized as real estate additions 0 68  
Deposits on prospective real estate acquisitions and investments 0 (280)  
Net cash used in investing activities (295,001) (272,901)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of preferred and common equity 233,393 130,348 $ 241,200
Offering costs (6,660) (6,620)  
Proceeds from issuance of mandatorily-redeemable preferred stock (Series D) 60,375 0  
Borrowings from lines of credit 0 22,300  
Repayments of lines of credit 0 (22,300)  
Borrowings from notes and bonds payable 67,907 156,053  
Repayments of notes and bonds payable (23,924) (13,413)  
Payments of financing fees (2,717) (1,172)  
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (12,679) (8,982)  
Distributions paid to non-controlling common interests in Operating Partnership (92) (68)  
Distributions paid on common stock (16,491) (12,033)  
Net cash provided by financing activities 270,114 243,429  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,490 (4,470)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,218 13,688  
CASH AND CASH EQUIVALENTS AT END OF PERIOD 16,708 9,218 $ 16,708
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid [1] 26,395 22,501  
NON-CASH INVESTING, AND FINANCING INFORMATION:      
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions 3,970 0  
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 3,724 1,575  
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 3 74  
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 116 135  
Unrealized gain (loss) related to interest rate hedging instrument 1,036 (1,500)  
Dividends paid on Series C Preferred Stock via additional share issuances 185 6  
Series B And C Preferred Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Redemption of cumulative redeemable preferred stock (Series B and Series C) (248) (684)  
Series A Preferred Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Redemption of cumulative redeemable preferred stock (Series B and Series C) $ (28,750) $ 0  
[1] Includes distributions made on our Series D Term Preferred stock and Series A Term Preferred stock