Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 38 $ 2,258
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,710 14,096
Loss on sale of real estate, net 882 12
Amortization of deferred financing costs 394 374
Amortization of deferred rent asset and liability, net (1,395) (462)
Amortization of discount and premium on assumed debt, net 14 15
Asset retirement obligation expense 27 26
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 13 13
Operating changes in assets and liabilities    
Decrease in other assets 224 1,412
Increase in deferred rent receivable (355) (214)
Increase in accounts payable and accrued expenses 1,063 2,143
Increase in amount due to Adviser and Administrator 265 248
(Decrease) increase in other liabilities (446) 1,124
Leasing commissions paid (555) (715)
Net cash provided by operating activities 16,879 20,330
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (10,846) (69,922)
Improvements of existing real estate (1,669) (2,031)
Proceeds from sale of real estate 5,106 3,947
Receipts from lenders for funds held in escrow 1,768 21
Payments to lenders for funds held in escrow (559) (766)
Receipts from tenants for reserves 1,215 435
Payments to tenants from reserves (1,541) (429)
Net cash used in investing activities (6,526) (68,745)
Cash flows from financing activities:    
Proceeds from issuance of equity 11,465 28,296
Offering costs paid (153) (323)
Borrowings under mortgage notes payable 5,500 35,855
Payments for deferred financing costs (584) (382)
Principal repayments on mortgage notes payable (7,497) (3,162)
Borrowings from revolving credit facility 13,000 36,900
Repayments on revolving credit facility (66,900) (67,700)
Borrowings on term loan 50,000 37,700
(Decrease) increase in security deposits (6) 12
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (16,649) (15,738)
Net cash (used in) provided by financing activities (11,824) 51,458
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,471) 3,043
Cash, cash equivalents, and restricted cash at beginning of period 16,076 11,488
Cash, cash equivalents, and restricted cash at end of period 14,605 14,531
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 1,102 353
Acquisition of real estate and related intangible assets 300 1,541
Unrealized gain (loss) related to interest rate hedging instruments, net 2,424 (2,528)
Capital improvements and leasing commissions included in accounts payable and accrued expenses 788 85
Non-controlling OP Units issued in connection with acquisition 0 502
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 14,605 $ 14,531