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, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 5,125 $ (1,420)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,341 31,640
Impairment charge 493 6,823
Gain on debt extinguishment, net (300) 0
(Gain) loss on sale of real estate, net (236) 451
Amortization of deferred financing costs 847 819
Amortization of deferred rent asset and liability, net (3,575) (4,129)
Amortization of discount and premium on assumed debt, net 18 21
Asset retirement obligation expense 66 63
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 4 14
Bad debt expense 64 0
Operating changes in assets and liabilities    
Increase in other assets (883) (761)
Decrease in deferred rent receivable (2,256) (1,452)
Increase in accounts payable and accrued expenses 1,146 1,199
Increase (decrease) in amount due to Adviser and Administrator 1,085 (732)
Decrease in other liabilities (1,588) (517)
Leasing commissions paid (725) (1,331)
Net cash provided by operating activities 28,626 30,688
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (11,954) (5,363)
Improvements of existing real estate (3,964) (5,973)
Proceeds from sale of real estate 21,052 4,417
Receipts from lenders for funds held in escrow 2,513 3,370
Payments to lenders for funds held in escrow (495) (3,011)
Receipts from tenants for reserves 608 206
Payments to tenants from reserves (1,953) 0
Deposits on future acquisitions 0 (570)
Net cash provided by (used in) investing activities 5,807 (6,924)
Cash flows from financing activities:    
Proceeds from issuance of equity 11,400 8,768
Offering costs paid (196) (423)
Redemption of Series F preferred stock (317) (229)
Retirement of Senior common stock 0 (55)
Repurchase of Series G preferred stock 0 (12)
Repurchase of common stock 0 (998)
Payments for deferred financing costs (43) (118)
Principal repayments on mortgage notes payable (22,088) (11,305)
Borrowings from revolving credit facility 41,500 34,200
Repayments on revolving credit facility (36,100) (19,000)
Increase in security deposits 153 253
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (30,458) (30,274)
Net cash used in financing activities (36,149) (19,193)
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,716) 4,571
Cash, cash equivalents, and restricted cash at beginning of period 16,135 15,992
Cash, cash equivalents, and restricted cash at end of period 14,419 20,563
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 0 861
Unrealized gain related to interest rate hedging instruments, net 5,888 2,130
Right-of-use asset from operating leases (686) 0
Operating lease liabilities 795 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 6,917 2,116
Dividends paid on Series F preferred stock via additional share issuances 261 226
Cash and cash equivalents 10,416 16,487
Restricted cash 4,003 4,076
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 14,419 $ 20,563