Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,605 $ 1,800
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,163 16,738
Amortization of debt issuance costs 519 548
Amortization of deferred rent assets and liabilities, net (13) (93)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 46 46
Loss from investments in unconsolidated entities 60 29
Bad debt expense 63 67
(Gain) loss on dispositions of real estate assets, net (5,914) 1,280
Property and casualty (loss) recovery, net 1,016 (49)
Changes in operating assets and liabilities:    
Other assets, net (1,263) (2,516)
Accounts payable and accrued expenses and Due to related parties, net (3,628) 1,366
Other liabilities, net 3,923 139
Net cash provided by operating activities 22,577 19,355
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets 0 (24,320)
Capital expenditures on existing real estate assets (5,691) (10,118)
Proceeds from dispositions of real estate assets 9,037 0
Deposits on prospective real estate acquisitions and investments (245) (709)
Net cash provided by (used in) investing activities 3,101 (35,147)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings from notes and bonds payable 0 9,932
Repayments of notes and bonds payable (32,987) (15,925)
Payments of financing fees (3) (743)
Proceeds from issuance of preferred and common equity 17,709 85,356
Offering costs (496) (6,191)
Redemptions of cumulative redeemable preferred stock (1,176) (111)
Payments for redemptions of OP Units 0 (7,670)
Dividends paid on cumulative redeemable preferred stock (11,822) (7,728)
Distributions paid on non-controlling common interests in Operating Partnership 0 (27)
Distributions paid on common stock (9,836) (9,365)
Net cash (used in) provided by financing activities (38,611) 47,528
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (12,933) 31,736
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 61,141 16,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 48,208 48,444
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 2,510 4,182
Tenant-funded improvements included within Real estate, at cost 25 284
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 155 10
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 5 13
Unrealized gain related to interest rate hedging instruments 8,714 6,256
Dividends paid on Series C Preferred Stock via additional share issuances $ 320 $ 170