Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 6,657 $ 6,070
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,661 42,076
Impairment charge 0 2,905
Loss (gain) on sale of real estate, net 882 (1,184)
Amortization of deferred financing costs 1,175 1,156
Amortization of deferred rent asset and liability, net (2,702) (1,472)
Amortization of discount and premium on assumed debt, net 40 43
Asset retirement obligation expense 78 72
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 34 39
Operating changes in assets and liabilities    
Decrease in other assets 114 2,397
Increase in deferred rent receivable (1,907) (1,042)
Increase in accounts payable and accrued expenses 4,071 1,960
Increase in amount due to Adviser and Administrator 228 68
Increase in other liabilities 1,016 660
Tenant inducement payments (20) 0
Leasing commissions paid (1,634) (1,364)
Net cash provided by operating activities 53,693 52,384
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (45,879) (82,098)
Improvements of existing real estate (4,752) (5,112)
Proceeds from sale of real estate 5,106 14,363
Receipts from lenders for funds held in escrow 1,948 171
Payments to lenders for funds held in escrow (1,691) (1,881)
Receipts from tenants for reserves 3,035 1,740
Payments to tenants from reserves (3,223) (1,507)
Deposits on future acquisitions (500) (1,575)
Deposits applied against acquisition of real estate investments 0 2,891
Net cash used in investing activities (45,956) (73,008)
Cash flows from financing activities:    
Proceeds from issuance of equity 129,992 39,624
Offering costs paid (4,304) (559)
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) (422)
Principal repayments on mortgage notes payable (14,336) (31,667)
Borrowings from revolving credit facility 19,100 95,600
Repayments on revolving credit facility (70,900) (104,200)
Borrowings on term loan 65,000 37,700
Increase (decrease) in security deposits 83 (1)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (50,393) (47,532)
Net cash (used in) provided by financing activities (8,611) 24,398
Net (decrease) increase in cash, cash equivalents, and restricted cash (874) 3,774
Cash, cash equivalents, and restricted cash at beginning of period 16,076 11,488
Cash, cash equivalents, and restricted cash at end of period 15,202 15,262
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 4,905 1,972
Acquisition of real estate and related intangible assets 300 0
Unrealized gain (loss) related to interest rate hedging instruments, net 2,125 (2,733)
Capital improvements and leasing commissions included in accounts payable and accrued expenses 539 670
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 10,230 10,370
Restricted cash 4,972 4,892
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 15,202 $ 15,262