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
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 3,391 $ 38
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,689 16,710
Loss on sale of real estate, net 0 882
Amortization of deferred financing costs 369 394
Amortization of deferred rent asset and liability, net (615) (1,395)
Amortization of discount and premium on assumed debt, net 12 14
Asset retirement obligation expense 21 27
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 7 13
Operating changes in assets and liabilities    
(Increase) decrease in other assets (372) 224
Increase (decrease) in deferred rent receivable 1,156 (355)
(Decrease) increase in accounts payable and accrued expenses (1,508) 1,063
Increase in amount due to Adviser and Administrator 143 265
Increase (decrease) in other liabilities 856 (446)
Leasing commissions paid (962) (555)
Net cash provided by operating activities 17,187 16,879
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (13,463) (10,846)
Improvements of existing real estate (942) (1,669)
Proceeds from sale of real estate 0 5,106
Receipts from lenders for funds held in escrow 28 1,768
Payments to lenders for funds held in escrow (2,544) (559)
Receipts from tenants for reserves 875 1,215
Payments to tenants from reserves (1,016) (1,541)
Deposits on future acquisitions (509) 0
Net cash used in investing activities (17,571) (6,526)
Cash flows from financing activities:    
Proceeds from issuance of equity 22,166 11,465
Offering costs paid (395) (153)
Redemption of Series F preferred stock (55) 0
Borrowings under mortgage notes payable 0 5,500
Payments for deferred financing costs 0 (584)
Principal repayments on mortgage notes payable (3,460) (7,497)
Borrowings from revolving credit facility 23,100 13,000
Repayments on revolving credit facility (22,100) (66,900)
Borrowings on term loan 0 50,000
Decrease in security deposits (25) (6)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (17,365) (16,649)
Net cash provided by (used in) financing activities 1,866 (11,824)
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,482 (1,471)
Cash, cash equivalents, and restricted cash at beginning of period 13,178 16,076
Cash, cash equivalents, and restricted cash at end of period 14,660 14,605
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 3,340 1,102
Acquisition of real estate and related intangible assets 0 300
Unrealized gain related to interest rate hedging instruments, net 4,267 2,424
Capital improvements and leasing commissions included in accounts payable and accrued expenses 497 788
Dividends paid on Series F Preferred Stock via additional share issuances 88 0
Cash and cash equivalents 9,585 9,871
Restricted cash 5,075 4,734
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 14,660 $ 14,605