Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 13,567 $ 1,750
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,789 9,119
Amortization of debt issuance costs 243 261
Amortization of deferred rent assets and liabilities, net 492 (32)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 23 23
Loss from investments in unconsolidated entities 85 27
Bad debt expense 12 32
(Gain) loss on dispositions of real estate assets, net (10,273) 481
Property and casualty loss, net 0 1,016
Changes in operating assets and liabilities:    
Other assets, net (3,750) (2,586)
Accounts payable and accrued expenses and Due to related parties, net (2,904) (6,367)
Other liabilities, net (2,864) 990
Net cash provided by operating activities 3,420 4,714
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on existing real estate assets (1,478) (2,871)
Proceeds from dispositions of real estate assets, net 63,997 0
Deposits on prospective real estate acquisitions and investments 0 (145)
Net cash provided by (used in) investing activities 62,519 (3,016)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of notes and bonds payable (22,071) (27,570)
Payments of financing fees (11) 0
Proceeds from issuance of preferred and common equity 284 14,690
Offering costs (40) (361)
Redemptions of cumulative redeemable preferred stock 0 (225)
Dividends paid on cumulative redeemable preferred stock (6,117) (5,741)
Distributions paid on common stock (5,000) (4,904)
Net cash used in financing activities (32,955) (24,111)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 32,984 (22,413)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,571 61,141
CASH AND CASH EQUIVALENTS AT END OF PERIOD 51,555 38,728
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 689 712
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 93
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 19 0
Dividends paid on Series C Preferred Stock via additional share issuances $ 0 $ 320