Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 9,733,000 $ 14,985,000 $ 9,541,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 60,311,000 55,424,000 52,039,000
Impairment charge 0 3,621,000 1,813,000
Loss (gain) on sale of real estate, net 1,148,000 (8,096,000) (2,952,000)
Amortization of deferred financing costs 1,583,000 1,531,000 1,641,000
Amortization of deferred rent asset and liability, net (3,271,000) (1,930,000) (1,446,000)
Amortization of discount and premium on assumed debt, net 52,000 57,000 62,000
Asset retirement obligation expense 96,000 98,000 119,000
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 43,000 52,000 53,000
Bad debt expense 0 56,000 152,000
Operating changes in assets and liabilities      
Decrease (increase) in other assets 602,000 2,875,000 (2,170,000)
Increase in deferred rent receivable (2,900,000) (1,899,000) (1,477,000)
Increase (decrease) in accounts payable and accrued expenses 2,834,000 (1,680,000) 1,540,000
Increase in amount due to Adviser and Administrator 471,000 56,000 381,000
Increase in other liabilities 1,418,000 1,808,000 2,075,000
Tenant inducement payments (20,000) 0 0
Leasing commissions paid (1,974,000) (1,464,000) (1,177,000)
Net cash provided by operating activities 70,126,000 65,494,000 60,194,000
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (100,153,000) (127,931,000) (130,313,000)
Improvements of existing real estate (5,348,000) (6,360,000) (7,570,000)
Proceeds from sale of real estate 8,840,000 35,834,000 6,318,000
Receipts from lenders for funds held in escrow 3,963,000 1,310,000 2,664,000
Payments to lenders for funds held in escrow (2,122,000) (3,229,000) (3,880,000)
Receipts from tenants for reserves 3,804,000 2,406,000 4,782,000
Payments to tenants from reserves (3,761,000) (1,988,000) (2,496,000)
Deposits on future acquisitions 0 (300,000) (1,542,000)
Net cash used in investing activities (94,777,000) (100,258,000) (132,037,000)
Cash flows from financing activities:      
Proceeds from issuance of equity 144,677,000 63,609,000 134,527,000
Offering costs paid (4,579,000) (988,000) (3,431,000)
Redemption of Series A, B, and D perpetual preferred stock (87,739,000) 0 (56,600,000)
Borrowings under mortgage notes payable 21,500,000 52,578,000 69,650,000
Payments for deferred financing costs (792,000) (606,000) (2,480,000)
Principal repayments on mortgage notes payable (28,470,000) (50,662,000) (57,438,000)
Borrowings on term loan 65,000,000 37,700,000 47,300,000
Borrowings from revolving credit facility 69,900,000 142,700,000 165,400,000
Repayments on revolving credit facility (90,250,000) (141,200,000) (163,600,000)
Increase (decrease) in security deposits 98,000 (22,000) (192,000)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (67,592,000) (63,757,000) (58,887,000)
Net cash provided by financing activities 21,753,000 39,352,000 74,249,000
Net (decrease) increase in cash, cash equivalents, and restricted cash (2,898,000) 4,588,000 2,406,000
Cash, cash equivalents, and restricted cash at beginning of period 16,076,000 11,488,000 9,082,000
Cash, cash equivalents, and restricted cash at end of period 13,178,000 16,076,000 11,488,000
SUPPLEMENTAL AND NON-CASH INFORMATION      
Cash paid during year for interest 23,393,000 26,098,000 25,685,000
Tenant funded fixed asset improvements included in deferred rent liability, net 9,192,000 2,978,000 2,787,000
Acquisition of real estate and related intangible assets 300,000 1,542,000 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 512,000 1,070,000 390,000
Unrealized gain (loss) related to interest rate hedging instruments, net 2,854,000 (2,219,000) (1,978,000)
Increase in asset retirement obligation assumed in acquisition 600,000 0 164,000
Non-controlling OP Units issued in connection with acquisition 0 503,000 0
Series A, B, and D Preferred Stock offering cost write off 2,141,000 0 2,674,000
Right-of-use asset from operating leases 0 0 5,998,000
Operating lease liabilities 0 0 (5,998,000)
Property manager other assets 0 0 1,676,000
Property manager accrued expenses and other liabilities 0 0 (1,676,000)
Cash and cash equivalents 7,956,000 11,016,000 6,849,000
Restricted cash 5,222,000 5,060,000 4,639,000
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 13,178,000 $ 16,076,000 $ 11,488,000