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
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 7,459 $ 6,657
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,672 45,661
Impairment charge 12,092 0
(Gain) loss on sale of real estate, net (8,902) 882
Amortization of deferred financing costs 3,066 1,175
Amortization of deferred rent asset and liability, net (2,483) (2,702)
Amortization of discount and premium on assumed debt, net 36 40
Asset retirement obligation expense 68 78
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 23 34
Operating changes in assets and liabilities    
(Increase) decrease in other assets (1,476) 114
Decrease in deferred rent receivable (1,192) (1,907)
Increase in accounts payable and accrued expenses 3,388 4,071
Increase in amount due to Adviser and Administrator 273 228
Increase in other liabilities 598 1,016
Tenant inducement payments 0 (20)
Leasing commissions paid (1,724) (1,634)
Net cash provided by operating activities 56,898 53,693
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (95,882) (45,879)
Improvements of existing real estate (2,490) (4,752)
Proceeds from sale of real estate 26,847 5,106
Receipts from lenders for funds held in escrow 3,529 1,948
Payments to lenders for funds held in escrow (5,689) (1,691)
Receipts from tenants for reserves 1,513 3,035
Payments to tenants from reserves (3,106) (3,223)
Deposits on future acquisitions (258) (500)
Net cash used in investing activities (75,536) (45,956)
Cash flows from financing activities:    
Proceeds from issuance of equity 45,232 129,992
Offering costs paid (895) (4,304)
Redemption of Series F preferred stock (55) 0
Redemption of Series D perpetual preferred stock 0 (87,739)
Borrowings under mortgage notes payable 56,313 5,500
Payments for deferred financing costs (5,202) (614)
Principal repayments on mortgage notes payable (138,889) (14,336)
Borrowings from revolving credit facility 87,250 19,100
Repayments on revolving credit facility (113,050) (70,900)
Borrowings on term loan 150,000 65,000
Repayments on term loan (5,000) 0
Increase (decrease) in security deposits 464 83
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (53,022) (50,393)
Net cash provided by (used in) financing activities 23,146 (8,611)
Net increase in cash, cash equivalents, and restricted cash 4,508 (874)
Cash, cash equivalents, and restricted cash at beginning of period 13,178 16,076
Cash, cash equivalents, and restricted cash at end of period 17,686 15,202
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 16,668 4,905
Acquisition of real estate and related intangible assets 0 300
Unrealized gain related to interest rate hedging instruments, net 13,660 2,125
Capital improvements and leasing commissions included in accounts payable and accrued expenses 1,142 539
Increase in asset retirement obligation assumed in acquisition 718 0
Non-controlling OP Units issued in connection with acquisition 2,393 0
Series D Preferred Stock offering cost write off 0 2,141
Dividends paid on Series F Preferred Stock via additional share issuances 284 0
Cash and cash equivalents 13,540 10,230
Restricted cash 4,146 4,972
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 17,686 $ 15,202