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, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 2,397 $ 3,391
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,474 14,689
Amortization of deferred financing costs 410 369
Amortization of deferred rent asset and liability, net (1,761) (615)
Amortization of discount and premium on assumed debt, net 11 12
Asset retirement obligation expense 31 21
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 7 7
Operating changes in assets and liabilities    
Decrease (increase) in other assets 924 (372)
(Decrease) increase in deferred rent receivable (938) 1,156
Decrease in accounts payable and accrued expenses (502) (1,508)
(Decrease) increase in amount due to Adviser and Administrator (899) 143
Increase in other liabilities 166 856
Leasing commissions paid (401) (962)
Net cash provided by operating activities 14,919 17,187
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets 0 (13,463)
Improvements of existing real estate (1,961) (942)
Receipts from lenders for funds held in escrow 3,218 28
Payments to lenders for funds held in escrow (325) (2,544)
Receipts from tenants for reserves 451 875
Payments to tenants from reserves 0 (1,016)
Deposits on future acquisitions (709) (509)
Net cash provided by (used in) investing activities 674 (17,571)
Cash flows from financing activities:    
Proceeds from issuance of equity 4,630 22,166
Offering costs paid (80) (395)
Redemption of Series F preferred stock (91) (55)
Retirement of Senior Common stock (55) 0
Repurchase of Series G preferred stock (12) 0
Payments for deferred financing costs (70) 0
Principal repayments on mortgage notes payable (5,002) (3,460)
Borrowings from revolving credit facility 13,000 23,100
Repayments on revolving credit facility (10,000) (22,100)
Increase (decrease) in security deposits 0 (25)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (15,114) (17,365)
Net cash (used in) provided by financing activities (12,794) 1,866
Net increase in cash, cash equivalents, and restricted cash 2,799 1,482
Cash, cash equivalents, and restricted cash at beginning of period 15,992 13,178
Cash, cash equivalents, and restricted cash at end of period 18,791 14,660
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 722 3,340
Unrealized gain related to interest rate hedging instruments, net (5,895) 4,267
Capital improvements and leasing commissions included in accounts payable and accrued expenses 2,350 497
Dividends paid on Series F Preferred Stock via additional share issuances 112 88
Cash and cash equivalents 14,286 9,585
Restricted cash 4,505 5,075
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 18,791 $ 14,660