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
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,606 $ 1,526
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,883 19,280
Amortization of debt issuance costs 817 905
Amortization of deferred rent assets and liabilities, net (180) (397)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 69 10
Loss from investments in unconsolidated entities 54 42
Bad debt expense 68 11
Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series C) 798 0
Loss on dispositions of real estate assets, net 2,100 1,841
Property and casualty recovery, net (49) 0
Changes in operating assets and liabilities:    
Other assets, net (7,549) (5,761)
Accounts payable and accrued expenses and Due to related parties, net (431) 1,652
Other liabilities, net (2,113) 1,247
Net cash provided by operating activities 23,073 20,356
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (59,102) (144,253)
Capital expenditures on existing real estate assets (16,072) (3,373)
Contributions to unconsolidated real estate entities (2,749) 0
Deposits on prospective real estate acquisitions and investments (704) (1,875)
Net cash used in investing activities (78,627) (149,501)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 151,237 161,318
Offering costs (11,318) (4,359)
Payments for redemptions of OP Units (7,669) 0
Proceeds from issuance of cumulative term preferred stock 0 60,375
Borrowings from notes and bonds payable 9,932 40,683
Repayments of notes and bonds payable (38,260) (18,816)
Payments of financing fees (826) (2,455)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (12,581) (9,370)
Distributions paid on non-controlling common interests in Operating Partnership (28) (65)
Distributions paid on common stock (14,104) (11,895)
Net cash provided by financing activities 75,852 186,418
NET INCREASE IN CASH AND CASH EQUIVALENTS 20,298 57,273
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,708 9,218
CASH AND CASH EQUIVALENTS AT END OF PERIOD 37,006 66,491
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 2,980 670
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 10 6
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 32 57
Unrealized gain related to interest rate hedging instruments 9,455 987
Dividends paid on Series C Preferred Stock via additional share issuances 290 106
Series B And C Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of preferred stock (531) (248)
Series A Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Redemptions of preferred stock $ 0 $ (28,750)