Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 16,843 $ 370
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,683 44,125
Impairment charge 5,043 13,577
Gain on debt extinguishment, net (300) 0
Gain on sale of real estate, net (10,554) (4,245)
Amortization of deferred financing costs 1,235 1,248
Amortization of deferred rent asset and liability, net (5,164) (5,772)
Amortization of discount and premium on assumed debt, net 26 31
Asset retirement obligation expense 99 94
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 5 20
Bad debt expense 64 0
Operating changes in assets and liabilities    
(Increase) decrease in other assets (5,641) 2,279
Decrease in deferred rent receivable (4,612) (2,524)
Increase in accounts payable and accrued expenses 1,372 2,320
Increase (decrease) in amount due to Adviser and Administrator 507 (804)
Decrease in other liabilities (2,873) (894)
Leasing commissions paid (4,567) (1,336)
Net cash provided by operating activities 34,166 48,489
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (22,122) (17,539)
Improvements of existing real estate (9,200) (6,369)
Proceeds from sale of real estate 35,132 22,174
Receipts from lenders for funds held in escrow 2,513 3,662
Payments to lenders for funds held in escrow (671) (3,353)
Receipts from tenants for reserves 793 352
Payments to tenants from reserves 2,193 (2,165)
Deposits on future acquisitions 0 (350)
Net cash provided by (used in) investing activities 8,638 (3,588)
Cash flows from financing activities:    
Proceeds from issuance of equity 50,902 9,775
Offering costs paid (737) (500)
Redemption of Series F preferred stock (1,322) (413)
Retirement of senior common stock 0 (55)
Repurchase of Series G preferred stock 0 (12)
Repurchase of common stock 0 (998)
Borrowings under mortgage notes payable 0 9,000
Payments for deferred financing costs (43) (375)
Principal repayments on mortgage notes payable (24,394) (57,637)
Borrowings from revolving credit facility 68,100 93,100
Repayments on revolving credit facility (90,600) (45,400)
Increase in security deposits 198 141
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (46,513) (45,445)
Net cash used in financing activities (44,409) (38,819)
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,605) 6,082
Cash, cash equivalents, and restricted cash at beginning of period 16,135 15,992
Cash, cash equivalents, and restricted cash at end of period 14,530 22,074
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net (479) (1,312)
Unrealized gain related to interest rate hedging instruments, net (4,568) 7,218
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 6,330 3,099
Dividends paid on Series F preferred stock via additional share issuances 385 355
Cash and cash equivalents 10,531 18,263
Restricted cash 3,999 3,811
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 14,530 $ 22,074