Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 370 $ 7,852
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44,125 45,279
Impairment charge 13,577 12,092
Gain on sale of real estate, net (4,245) (8,902)
Amortization of deferred financing costs 1,248 3,066
Amortization of deferred rent asset and liability, net (5,772) (2,483)
Amortization of discount and premium on assumed debt, net 31 36
Asset retirement obligation expense 94 68
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 20 23
Operating changes in assets and liabilities    
Decrease (increase) in other assets 2,279 (1,476)
Decrease in deferred rent receivable (2,524) (1,192)
Increase in accounts payable and accrued expenses 2,320 3,388
(Decrease) increase in amount due to Adviser and Administrator (804) 273
(Decrease) increase in other liabilities (894) 598
Leasing commissions paid (1,336) (1,724)
Net cash provided by operating activities 48,489 56,898
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (17,539) (95,882)
Improvements of existing real estate (6,369) (2,490)
Proceeds from sale of real estate 22,174 26,847
Receipts from lenders for funds held in escrow 3,662 3,529
Payments to lenders for funds held in escrow (3,353) (5,689)
Receipts from tenants for reserves 352 1,513
Payments to tenants from reserves (2,165) (3,106)
Deposits on future acquisitions (350) (258)
Net cash used in investing activities (3,588) (75,536)
Cash flows from financing activities:    
Proceeds from issuance of equity 9,775 45,232
Offering costs paid (500) (895)
Redemption of Series F preferred stock (413) (55)
Retirement of Senior Common stock (55) 0
Repurchase of Series G preferred stock (12) 0
Repurchase of common stock (998) 0
Borrowings under mortgage notes payable 9,000 56,313
Payments for deferred financing costs (375) (5,202)
Principal repayments on mortgage notes payable (57,637) (138,889)
Borrowings from revolving credit facility 93,100 87,250
Repayments on revolving credit facility (45,400) (113,050)
Borrowings on term loan 0 150,000
Repayments on term loan 0 (5,000)
Increase in security deposits 141 464
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (45,445) (53,022)
Net cash (used in) provided by financing activities (38,819) 23,146
Net increase in cash, cash equivalents, and restricted cash 6,082 4,508
Cash, cash equivalents, and restricted cash at beginning of period 15,992 13,178
Cash, cash equivalents, and restricted cash at end of period 22,074 17,686
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net (1,312) 16,668
Unrealized gain related to interest rate hedging instruments, net 7,218 13,660
Capital improvements and leasing commissions included in accounts payable and accrued expenses 3,099 1,142
Increase in asset retirement obligation assumed in acquisition 0 718
Non-controlling OP Units issued in connection with acquisition 0 2,393
Dividends paid on Series F Preferred Stock via additional share issuances 355 284
Cash and cash equivalents 18,263 13,540
Restricted cash 3,811 4,146
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 22,074 $ 17,686