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
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 14,565 $ 4,716 $ 3,514
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 37,161 35,366 27,183
Amortization of debt issuance costs 1,065 1,085 1,172
Amortization of deferred rent assets and liabilities, net 534 (482) (581)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 92 90 122
Loss from investments in unconsolidated entities 59 73 61
Bad debt expense 149 83 13
Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series C) 0 798 0
(Gain) loss on dispositions of real estate assets, net (5,208) 3,760 2,537
Property and casualty loss (recovery), net 1,016 56 (68)
Changes in operating assets and liabilities:      
Other assets, net (6,914) (7,487) (5,939)
Accounts payable and accrued expenses and Due to related parties, net (3,400) 5,678 1,905
Other liabilities, net 962 52 2,458
Net cash provided by operating activities 40,081 43,788 32,377
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of new real estate assets 0 (62,055) (286,827)
Capital expenditures on existing real estate assets (12,805) (20,126) (6,120)
Contributions to unconsolidated real estate entities 0 (2,749) (2,054)
Proceeds from dispositions of real estate assets 9,037 0 0
Deposits on prospective real estate acquisitions and investments 0 (554) 0
Net cash used in investing activities (3,768) (85,484) (295,001)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings from lines of credit 200 0 0
Repayments of lines of credit (100) 0 0
Borrowings from notes and bonds payable 0 9,932 67,907
Repayments of notes and bonds payable (53,015) (51,651) (23,924)
Payments of financing fees (192) (948) (2,717)
Proceeds from issuance of preferred and common equity 21,268 188,106 233,393
Offering costs (763) (13,751) (6,660)
Proceeds from issuance of cumulative term preferred stock (Series D) 0 0 60,375
Payments for redemptions of OP Units 0 (7,670) 0
Dividends paid on cumulative redeemable preferred stock (25,301) (18,068) (12,679)
Distributions paid to non-controlling common interests in Operating Partnership 0 (27) (92)
Distributions paid on common stock (19,789) (18,893) (16,491)
Net cash (used in) provided by financing activities (78,883) 86,129 270,114
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (42,570) 44,433 7,490
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 61,141 16,708 9,218
CASH AND CASH EQUIVALENTS AT END OF PERIOD 18,571 61,141 16,708
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid [1] 26,218 25,259 26,935
NON-CASH INVESTING AND FINANCING INFORMATION:      
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions 0 0 3,970
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 441 2,657 3,724
Tenant-funded improvements included within Real estate, at cost 25 284 1,270
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 11 108 3
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 7 42 116
Dividends paid on Series C Preferred Stock via additional share issuances 320 788 185
Series A Preferred Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Redemption of cumulative redeemable preferred stock 0 0 (28,750)
Series B And C Preferred Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Redemption of cumulative redeemable preferred stock $ (1,191) $ (901) $ (248)
[1] Includes distributions made on our cumulative term preferred stock