Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 4,922 $ 10,782 $ 10,895
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 57,856 60,154 59,149
Impairment charge 19,296 12,092 0
Gain on debt extinguishment, net (2,830) 0 0
Gain on sale of real estate, net (7,737) (10,052) 1,148
Amortization of deferred financing costs 1,646 3,482 1,583
Amortization of deferred rent asset and liability, net (7,457) (4,215) (3,271)
Amortization of discount and premium on assumed debt, net 41 47 52
Asset retirement obligation expense 126 99 96
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 27 29 43
Operating changes in assets and liabilities      
Decrease (increase) in other assets 1,483 (619) 602
Decrease in deferred rent receivable (3,161) (1,330) (2,900)
(Decrease) increase in accounts payable and accrued expenses (11) 1,600 2,834
(Decrease) increase in amount due to Adviser and Administrator (800) (75) 471
(Decrease) increase in other liabilities (722) (942) 1,418
Tenant inducement payments 0 0 (20)
Leasing commissions paid (2,312) (1,875) (1,974)
Net cash provided by operating activities 60,367 69,177 70,126
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (30,018) (112,970) (100,153)
Improvements of existing real estate (6,674) (6,822) (5,348)
Proceeds from sale of real estate 37,008 39,499 8,840
Receipts from lenders for funds held in escrow 4,972 5,945 3,963
Payments to lenders for funds held in escrow (3,669) (7,459) (2,122)
Receipts from tenants for reserves 1,037 1,843 3,804
Payments to tenants from reserves (1,518) (2,549) (3,761)
Net cash provided by (used in) investing activities 1,138 (82,513) (94,777)
Cash flows from financing activities:      
Proceeds from issuance of equity 10,225 49,676 144,677
Offering costs paid (538) (1,073) (4,579)
Retirement of Senior Common stock (52) 0
Repurchase of common stock (998) 0
Borrowings under mortgage notes payable 9,000 62,913 21,500
Payments for deferred financing costs (400) (5,355) (792)
Principal repayments on mortgage notes payable (70,083) (153,744) (28,470)
Borrowings on term loan 0 150,000 65,000
Repayments on term loan 0 (5,000) 0
Borrowings from revolving credit facility 123,600 111,750 69,900
Repayments on revolving credit facility (71,100) (122,050) (90,250)
Increase in security deposits 104 485 98
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (60,620) (71,092) (67,592)
Net cash (used in) provided by financing activities (61,362) 16,150 21,753
Net increase (decrease) in cash, cash equivalents, and restricted cash 143 2,814 (2,898)
Cash, cash equivalents, and restricted cash at beginning of period 15,992 13,178 16,076
Cash, cash equivalents, and restricted cash at end of period 16,135 15,992 13,178
SUPPLEMENTAL AND NON-CASH INFORMATION      
Cash paid during year for interest 33,136 27,844 23,393
Tenant funded fixed asset improvements included in deferred rent liability, net (1,312) 17,898 9,192
Acquisition of real estate and related intangible assets 0 0 300
Capital improvements and leasing commissions included in accounts payable and accrued expenses 5,475 1,632 512
Unrealized (loss) gain related to interest rate hedging instruments, net (4,853) 12,115 2,854
Increase in asset retirement obligation assumed in acquisition 95 979 600
Non-controlling OP Units issued in connection with acquisition 0 2,394 0
Series D Preferred Stock offering cost write off 0 0 2,141
Dividends paid on Series F Preferred Stock via additional share issuances 487 389 0
Cash and cash equivalents 11,985 11,653 7,956
Restricted cash 4,150 4,339 5,222
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows 16,135 15,992 13,178
Series F Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (488) (184) 0
Series G Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (12) (176) 0
Series D Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock $ 0 $ 0 $ (87,739)