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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 12,744 $ 9,605
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,602 18,163
Amortization of debt issuance costs 465 519
Amortization of deferred rent assets and liabilities, net 505 (13)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 46 46
Loss from investments in unconsolidated entities 171 60
Bad debt expense 220 63
Gain on dispositions of real estate assets, net (7,473) (5,914)
Property and casualty loss, net 9 1,016
Changes in operating assets and liabilities:    
Other assets, net (4,832) (1,263)
Accounts payable and accrued expenses and Due to related parties, net (1,311) (3,628)
Other liabilities, net 1,187 3,923
Net cash provided by operating activities 19,333 22,577
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (2,319) (5,691)
Proceeds from dispositions of real estate assets, net 63,997 9,037
Deposits on prospective real estate acquisitions and investments 0 (245)
Net cash provided by investing activities 61,678 3,101
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of notes and bonds payable (24,949) (32,987)
Payments of financing fees (9) (3)
Proceeds from issuance of preferred and common equity 304 17,709
Offering costs (43) (496)
Redemptions of cumulative redeemable preferred stock (2,895) (1,176)
Dividends paid on cumulative redeemable preferred stock (12,223) (11,822)
Distributions paid on common stock (10,010) (9,836)
Net cash used in financing activities (49,825) (38,611)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 31,186 (12,933)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,571 61,141
CASH AND CASH EQUIVALENTS AT END OF PERIOD 49,757 48,208
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 887 2,510
Tenant-funded improvements included within Real estate, at cost 0 25
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 0 155
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 18 5
Dividends paid on Series C Preferred Stock via additional share issuances $ 0 $ 320