Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 14,985,000 $ 9,541,000 $ 12,324,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 55,424,000 52,039,000 47,620,000
Impairment charge 3,621,000 1,813,000 0
Gain on sale of real estate, net (8,096,000) (2,952,000) (2,763,000)
Amortization of deferred financing costs 1,531,000 1,641,000 1,445,000
Amortization of deferred rent asset and liability, net (1,930,000) (1,446,000) (728,000)
Amortization of discount and premium on assumed debt, net 57,000 62,000 (20,000)
Asset retirement obligation expense 98,000 119,000 121,000
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 52,000 53,000 0
Bad debt expense 56,000 152,000 0
Operating changes in assets and liabilities      
Decrease (increase) in other assets 2,875,000 (2,170,000) (445,000)
Increase in deferred rent receivable (1,899,000) (1,477,000) (2,548,000)
(Decrease) increase in accounts payable and accrued expenses (1,680,000) 1,540,000 515,000
Increase in amount due to Adviser and Administrator 56,000 381,000 234,000
Increase in other liabilities 1,808,000 2,075,000 246,000
Leasing commissions paid (1,464,000) (1,177,000) (402,000)
Net cash provided by operating activities 65,494,000 60,194,000 55,599,000
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (127,931,000) (130,313,000) (42,353,000)
Improvements of existing real estate (6,360,000) (7,570,000) (4,328,000)
Proceeds from sale of real estate 35,834,000 6,318,000 12,835,000
Receipts from lenders for funds held in escrow 1,310,000 2,664,000 1,769,000
Payments to lenders for funds held in escrow (3,229,000) (3,880,000) (2,376,000)
Receipts from tenants for reserves 2,406,000 4,782,000 2,682,000
Payments to tenants from reserves (1,988,000) (2,496,000) (2,669,000)
Deposits on future acquisitions (300,000) (1,542,000) 0
Net cash used in investing activities (100,258,000) (132,037,000) (34,440,000)
Cash flows from financing activities:      
Proceeds from issuance of equity 63,609,000 134,527,000 18,565,000
Offering costs paid (988,000) (3,431,000) (295,000)
Retirement of senior common stock 0 0 (34,000)
Redemption of Series A and B perpetual preferred stock 0 (56,600,000) 0
Borrowings under mortgage notes payable 52,578,000 69,650,000 14,125,000
Payments for deferred financing costs (606,000) (2,480,000) (386,000)
Principal repayments on mortgage notes payable (50,662,000) (57,438,000) (27,850,000)
Proceeds from issuance of term loan facility 37,700,000 47,300,000 0
Borrowings from revolving credit facility 142,700,000 165,400,000 88,600,000
Repayments on revolving credit facility (141,200,000) (163,600,000) (59,400,000)
Decrease in security deposits (22,000) (192,000) 83,000
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (63,757,000) (58,887,000) (54,565,000)
Net cash provided by (used in) financing activities 39,352,000 74,249,000 (21,157,000)
Net increase in cash, cash equivalents, and restricted cash 4,588,000 2,406,000 2,000
Cash, cash equivalents, and restricted cash at beginning of period 11,488,000 9,082,000 9,080,000
Cash, cash equivalents, and restricted cash at end of period 16,076,000 11,488,000 9,082,000
SUPPLEMENTAL AND NON-CASH INFORMATION      
Cash paid during year for interest 26,098,000 25,685,000 24,987,000
Tenant funded fixed asset improvements 2,978,000 2,787,000 1,608,000
Acquisition of real estate and related intangible assets 1,542,000 0 0
Assumed mortgage in connection with acquisition 0 0 6,918,000
Reserves released by title company to tenant 0 0 3,966,000
Capital improvements and leasing commissions included in accounts payable and accrued expenses 1,070,000 390,000 311,000
Unrealized loss related to interest rate hedging instruments, net (2,219,000) (1,978,000)  
Unrealized loss related to interest rate hedging instruments, net     (183,000)
Increase in asset retirement obligation assumed in acquisition 0 164,000 0
Non-controlling OP Units issued in connection with acquisition 503,000 0 13,975,000
Series A and B Preferred Stock offering cost write off 0 2,674,000 0
Right-of-use asset from operating leases 0 5,998,000 0
Operating lease liabilities 0 (5,998,000) 0
Property manager other assets 0 1,676,000 0
Property manager accrued expenses and other liabilities 0 (1,676,000) 0
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 11,488,000 $ 9,082,000 $ 9,082,000