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, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 12,750 $ 12,746
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,407 27,407
Impairment charge 2,106 0
Amortization of debt issuance costs 687 766
Amortization of deferred rent assets and liabilities, net (134) 0
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 69 69
Loss from investments in unconsolidated entities 143 84
Bad debt expense 292 70
Gain on dispositions of real estate assets, net (6,641) (5,910)
Property and casualty loss, net 284 1,016
Changes in operating assets and liabilities:    
Other assets, net (9,473) (6,501)
Accounts payable and accrued expenses and Due to related parties, net (5,224) (5,640)
Other liabilities, net (3,300) (1,450)
Net cash provided by operating activities 17,966 22,657
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (3,958) (9,978)
Proceeds from dispositions of real estate assets, net 63,997 9,037
Deposits on prospective real estate acquisitions and investments 0 (145)
Net cash provided by (used in) investing activities 60,039 (1,086)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of notes and bonds payable (43,767) (42,657)
Payments of financing fees (23) (3)
Proceeds from issuance of preferred and common equity 393 20,909
Offering costs (58) (700)
Redemptions of cumulative redeemable preferred stock (6,631) (1,192)
Dividends paid on cumulative redeemable preferred stock (18,246) (19,188)
Distributions paid on common stock (15,031) (14,801)
Net cash used in financing activities (83,363) (57,632)
NET DECREASE IN CASH AND CASH EQUIVALENTS (5,358) (36,061)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,571 61,141
CASH AND CASH EQUIVALENTS AT END OF PERIOD 13,213 25,080
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 452 1,886
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 95
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 0 7
Dividends paid on Series C Preferred Stock via additional share issuances $ 0 $ 320