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 - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 2,160 $ 3,225
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30,901 28,278
Impairment charge 0 1,721
Loss on sale of real estate, net 882 12
Amortization of deferred financing costs 671 793
Amortization of deferred rent asset and liability, net (1,997) (975)
Amortization of discount and premium on assumed debt, net 27 29
Asset retirement obligation expense 56 49
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 26 26
Operating changes in assets and liabilities    
Decrease in other assets 743 1,606
Increase in deferred rent receivable (1,201) (672)
Increase in accounts payable and accrued expenses 3,183 1,105
Increase in amount due to Adviser and Administrator 129 424
(Decrease) increase in other liabilities (437) 941
Tenant inducement payments (20) 0
Leasing commissions paid (724) (1,139)
Net cash provided by operating activities 34,399 35,423
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (19,041) (69,922)
Improvements of existing real estate (3,208) (3,872)
Proceeds from sale of real estate 5,106 3,947
Receipts from lenders for funds held in escrow 1,889 41
Payments to lenders for funds held in escrow (1,012) (1,220)
Receipts from tenants for reserves 2,372 1,284
Payments to tenants from reserves (2,833) (962)
Deposits on future acquisitions (400) 0
Net cash used in investing activities (17,127) (70,704)
Cash flows from financing activities:    
Proceeds from issuance of equity 120,806 30,785
Offering costs paid (3,804) (358)
Redemption of Series D perpetual preferred stock (87,739) 0
Borrowings under mortgage notes payable 5,500 35,855
Payments for deferred financing costs (614) (397)
Principal repayments on mortgage notes payable (10,905) (24,391)
Borrowings from revolving credit facility 15,000 73,900
Repayments on revolving credit facility (68,900) (83,200)
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 (33,447) (31,562)
Net cash (used in) provided by financing activities (14,109) 38,344
Net increase in cash, cash equivalents, and restricted cash 3,163 3,063
Cash, cash equivalents, and restricted cash at beginning of period 16,076 11,488
Cash, cash equivalents, and restricted cash at end of period 19,239 14,551
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 1,162 1,357
Acquisition of real estate and related intangible assets 300 1,541
Unrealized gain (loss) related to interest rate hedging instruments, net 1,704 (3,009)
Capital improvements and leasing commissions included in accounts payable and accrued expenses 1,367 14
Non-controlling OP Units issued in connection with acquisition 0 502
Series D Preferred Stock offering cost write off 2,141 0
Cash and cash equivalents 14,632 9,563
Restricted cash 4,607 4,988
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 19,239 $ 14,551