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, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 13,290 $ 14,565 $ 4,716
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 35,055 37,161 35,366
Impairment charge 2,106 0 0
Amortization of debt issuance costs 990 1,065 1,085
Amortization of deferred rent assets and liabilities, net 2,055 534 (482)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 56 92 90
Loss from investments in unconsolidated entities 60 59 73
Bad debt expense 372 149 83
Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series C) 0 0 798
(Gain) loss on dispositions of real estate assets, net (5,886) (5,208) 3,760
Property and casualty loss, net 284 1,016 56
Changes in operating assets and liabilities:      
Other assets, net (11,275) (6,914) (7,487)
Accounts payable and accrued expenses and Due to related parties, net (6,101) (3,400) 5,678
Other liabilities, net (1,458) 962 52
Net cash provided by operating activities 29,548 40,081 43,788
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of new real estate assets 0 0 (62,055)
Capital expenditures on existing real estate assets (5,197) (12,805) (20,126)
Contributions to unconsolidated real estate entities 0 0 (2,749)
Proceeds from dispositions of real estate assets, net 68,505 9,037 0
Deposits on prospective real estate acquisitions and investments 0 0 (554)
Net cash provided by (used in) investing activities 63,308 (3,768) (85,484)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings from lines of credit 3,400 200 0
Repayments of lines of credit 0 (100) 0
Borrowings from notes and bonds payable 0 0 9,932
Repayments of notes and bonds payable (50,519) (53,015) (51,651)
Payments of financing fees (50) (192) (948)
Proceeds from issuance of preferred and common equity 5,094 21,268 188,106
Offering costs (104) (763) (13,751)
Payments for redemptions of OP Units 0 0 (7,670)
Dividends paid on cumulative redeemable preferred stock (24,248) (25,301) (18,068)
Distributions paid on OP Units 0 0 (27)
Distributions paid on common stock (20,095) (19,789) (18,893)
Net cash (used in) provided by financing activities (93,152) (78,883) 86,129
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (296) (42,570) 44,433
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,571 61,141 16,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 18,275 18,571 61,141
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid [1] 24,396 26,218 25,259
NON-CASH INVESTING AND FINANCING INFORMATION:      
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 802 441 2,657
Tenant-funded improvements included within Real estate, at cost 0 25 284
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 4 11 108
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 0 7 42
Dividends paid on Series C Preferred Stock via additional share issuances 0 320 788
Series B And C Preferred Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Redemption of cumulative redeemable preferred stock $ (6,630) $ (1,191) $ (901)
[1] Includes distributions made on our cumulative term preferred stock