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
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,750 $ 1,187
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,119 8,346
Amortization of debt issuance costs 261 271
Amortization of deferred rent assets and liabilities, net (32) (67)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 23 23
Loss from investments in unconsolidated entities 27 29
Bad debt expense 32 67
Loss on dispositions of real estate assets, net 481 976
Property and casualty (loss) recovery, net 1,016 (49)
Changes in operating assets and liabilities:    
Other assets, net (2,586) (1,558)
Accounts payable and accrued expenses and Due to related parties, net (6,367) (344)
Other liabilities, net 990 (1,328)
Net cash provided by operating activities 4,714 7,553
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (2,871) (3,518)
Deposits on prospective real estate acquisitions and investments (145) (54)
Net cash used in investing activities (3,016) (3,572)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings from notes and bonds payable 0 5,122
Repayments of notes and bonds payable (27,570) (12,910)
Payments of financing fees 0 (708)
Proceeds from issuance of preferred and common equity 14,690 48,823
Offering costs (361) (3,285)
Redemptions of cumulative redeemable preferred stock (225) (59)
Dividends paid on cumulative redeemable preferred stock (5,741) (3,599)
Distributions paid on non-controlling common interests in Operating Partnership 0 (28)
Distributions paid on common stock (4,904) (4,664)
Net cash (used in) provided by financing activities (24,111) 28,692
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (22,413) 32,673
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 61,141 16,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 38,728 49,381
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 712 5,162
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 93 22
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 0 20
Unrealized loss related to interest rate hedging instruments (7,359) (3,694)
Dividends paid on Series C Preferred Stock via additional share issuances $ 320 $ 119