Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 12,746 $ 3,606
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,407 25,883
Amortization of debt issuance costs 766 817
Amortization of deferred rent assets and liabilities, net 0 (180)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net 69 69
Loss from investments in unconsolidated entities 84 54
Bad debt expense 70 68
Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series C) 0 798
(Gain) loss on dispositions of real estate assets, net (5,910) 2,100
Property and casualty (loss) recovery, net 1,016 (49)
Changes in operating assets and liabilities:    
Other assets, net (6,501) (7,549)
Accounts payable and accrued expenses and Due to related parties, net (5,640) (431)
Other liabilities, net (1,450) (2,113)
Net cash provided by operating activities 22,657 23,073
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets 0 (59,102)
Capital expenditures on existing real estate assets (9,978) (16,072)
Contributions to unconsolidated real estate entities 0 (2,749)
Proceeds from dispositions of real estate assets 9,037 0
Deposits on prospective real estate acquisitions and investments (145) (704)
Net cash used in investing activities (1,086) (78,627)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings from notes and bonds payable 0 9,932
Repayments of notes and bonds payable (42,657) (38,260)
Payments of financing fees (3) (826)
Proceeds from issuance of preferred and common equity 20,909 151,237
Offering costs (700) (11,318)
Redemptions of cumulative redeemable preferred stock (1,192) (531)
Payments for redemptions of OP Units 0 (7,669)
Dividends paid on cumulative redeemable preferred stock (19,188) (12,581)
Distributions paid on non-controlling common interests in Operating Partnership 0 (28)
Distributions paid on common stock (14,801) (14,104)
Net cash (used in) provided by financing activities (57,632) 75,852
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (36,061) 20,298
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 61,141 16,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 25,080 37,006
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 1,886 2,980
Tenant-funded improvements included within Real estate, at cost 25 284
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 95 10
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 7 32
Unrealized gain related to interest rate hedging instruments 10,270 9,455
Dividends paid on Series C Preferred Stock via additional share issuances $ 320 $ 290