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
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 1,800 $ 23
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,738 12,336
Amortization of debt issuance costs 548 641
Amortization of deferred rent assets and liabilities, net (93) (294)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 46 (11)
Loss from investments in unconsolidated entities 29 24
Bad debt expense 67 6
Loss on dispositions of real estate assets, net 1,280 1,840
Property and casualty recovery, net 49 0
Changes in operating assets and liabilities:    
Other assets, net (2,516) (2,413)
Accounts payable and accrued expenses and Due to related parties, net 1,366 2,630
Other liabilities, net 139 2,183
Net cash provided by operating activities 19,355 16,965
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (24,320) (81,752)
Capital expenditures on existing real estate assets (10,118) (2,423)
Deposits on prospective real estate acquisitions and investments (709) (775)
Net cash used in investing activities (35,147) (84,950)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 85,356 109,720
Offering costs (6,191) (2,903)
Payments for redemptions of OP Units (7,670) 0
Proceeds from issuance of cumulative term preferred stock 0 60,375
Borrowings from notes and bonds payable 9,932 9,903
Repayments of notes and bonds payable (15,925) (6,607)
Payments of financing fees (743) (2,221)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (7,728) (6,283)
Distributions paid on non-controlling common interests in Operating Partnership (27) (37)
Distributions paid on common stock (9,365) (7,641)
Net cash provided by financing activities 47,528 125,556
NET INCREASE IN CASH AND CASH EQUIVALENTS 31,736 57,571
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,708 9,218
CASH AND CASH EQUIVALENTS AT END OF PERIOD 48,444 66,789
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions, net 0 3,970
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 4,182 997
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 10 19
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 13 118
Unrealized gain related to interest rate hedging instruments 6,256 1,344
Dividends paid on Series C Preferred Stock via additional share issuances 170 46
Series B And C Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of preferred stock (111) 0
Series A Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of preferred stock $ 0 $ (28,750)