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
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 554 $ 3,101
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,051 4,257
Amortization of debt issuance costs 388 179
Amortization of deferred rent assets and liabilities, net (179) (69)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net (33) 0
Loss (income) from investments in unconsolidated entities 13 (34)
Bad debt expense 0 12
Loss on dispositions of real estate assets, net 798 99
Changes in operating assets and liabilities:    
Other assets, net (924) (1,857)
Accounts payable and accrued expenses and Due to related parties, net 1,099 (1,243)
Other liabilities, net (1,111) (949)
Net cash provided by operating activities 6,656 3,496
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (1,579) (7,436)
Capital expenditures on existing real estate assets (3,027) (2,682)
Deposits on prospective real estate acquisitions and investments (800) (50)
Net cash used in investing activities (5,406) (10,168)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 35,868 35,589
Offering costs (1,447) (2,523)
Redemptions of redeemable preferred stock (28,750) (185)
Proceeds from issuance of mandatorily-redeemable preferred stock (Series D) 60,375 0
Borrowings from notes and bonds payable 9,903 0
Repayments of notes and bonds payable (4,973) (4,388)
Payments of financing fees (2,223) (263)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C) (2,676) (2,125)
Distributions paid on non-controlling common interests in Operating Partnership (9) (39)
Distributions paid on common stock (3,642) (2,850)
Net cash provided by financing activities 62,426 23,216
NET INCREASE IN CASH AND CASH EQUIVALENTS 63,676 16,544
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,218 13,688
CASH AND CASH EQUIVALENTS AT END OF PERIOD 72,894 30,232
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions, net 3,970 0
Operating lease right-of-use assets included in Other assets, net 683 168
Operating lease liabilities included in Other liabilities, net 644 127
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 692 2,699
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 0 28
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 165 77
Lender holdback on loan issuance 0 498
Unrealized loss related to interest rate hedging instrument (133) (1,647)
Dividends paid on Series C Preferred Stock via additional share issuances $ 21 $ 0