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, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 4,965 $ 2,160
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,907 30,901
Impairment charge 1,374 0
Loss on sale of real estate, net 0 882
Amortization of deferred financing costs 860 671
Amortization of deferred rent asset and liability, net (1,194) (1,997)
Amortization of discount and premium on assumed debt, net 24 27
Asset retirement obligation expense 45 56
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 16 26
Operating changes in assets and liabilities    
(Increase) decrease in other assets (1,716) 743
Decrease in deferred rent receivable (57) (1,201)
Increase in accounts payable and accrued expenses 1,817 3,183
Increase in amount due to Adviser and Administrator 215 129
Decrease in other liabilities (569) (437)
Tenant inducement payments 0 (20)
Leasing commissions paid (1,079) (724)
Net cash provided by operating activities 34,608 34,399
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (51,919) (19,041)
Improvements of existing real estate (1,816) (3,208)
Proceeds from sale of real estate 0 5,106
Receipts from lenders for funds held in escrow 1,826 1,889
Payments to lenders for funds held in escrow (4,530) (1,012)
Receipts from tenants for reserves 1,385 2,372
Payments to tenants from reserves (2,247) (2,833)
Deposits on future acquisitions (545) (400)
Net cash used in investing activities (57,846) (17,127)
Cash flows from financing activities:    
Proceeds from issuance of equity 35,260 120,806
Offering costs paid (681) (3,804)
Redemption of Series F preferred stock (55) 0
Redemption of Series D perpetual preferred stock 0 (87,739)
Borrowings under mortgage notes payable 35,000 5,500
Payments for deferred financing costs (667) (614)
Principal repayments on mortgage notes payable (22,040) (10,905)
Borrowings from revolving credit facility 51,500 15,000
Repayments on revolving credit facility (38,100) (68,900)
Borrowings on term loan 0 50,000
Increase (decrease) in security deposits 73 (6)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (35,026) (33,447)
Net cash provided by (used in) financing activities 25,264 (14,109)
Net increase in cash, cash equivalents, and restricted cash 2,026 3,163
Cash, cash equivalents, and restricted cash at beginning of period 13,178 16,076
Cash, cash equivalents, and restricted cash at end of period 15,204 19,239
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 12,952 1,162
Acquisition of real estate and related intangible assets 0 300
Unrealized gain related to interest rate hedging instruments, net 6,870 1,704
Capital improvements and leasing commissions included in accounts payable and accrued expenses 645 1,367
Series D Preferred Stock offering cost write off 0 2,141
Dividends paid on Series F Preferred Stock via additional share issuances 184 0
Cash and cash equivalents 10,741 14,632
Restricted cash 4,463 4,607
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 15,204 $ 19,239