Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 24,040,000 $ 4,922,000 $ 10,782,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 55,786,000 57,856,000 60,154,000
Impairment charge 6,822,000 19,296,000 12,092,000
Gain on debt extinguishment, net (300,000) (2,830,000) 0
Gain on sale of real estate, net (14,229,000) (7,737,000) (10,052,000)
Amortization of deferred financing costs 1,631,000 1,646,000 3,482,000
Amortization of deferred rent asset and liability, net (6,813,000) (7,457,000) (4,215,000)
Increase in sales-type lease receivable (136,000) 0 0
Amortization of discount and premium on assumed debt, net 34,000 41,000 47,000
Asset retirement obligation expense 133,000 126,000 99,000
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 7,000 27,000 29,000
Bad debt expense 64,000 0 0
Operating changes in assets and liabilities      
Decrease (increase) in other assets 1,278,000 1,483,000 (619,000)
Decrease in deferred rent receivable (5,541,000) (3,161,000) (1,330,000)
(Decrease) increase in accounts payable and accrued expenses (41,000) (11,000) 1,600,000
Decrease in amount due to Adviser and Administrator (16,000) (800,000) (75,000)
Decrease in other liabilities (983,000) (722,000) (942,000)
Leasing commissions paid (4,783,000) (2,312,000) (1,875,000)
Net cash provided by operating activities 56,953,000 60,367,000 69,177,000
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (27,357,000) (30,018,000) (112,970,000)
Improvements of existing real estate (12,797,000) (6,674,000) (6,822,000)
Proceeds from sale of real estate 37,635,000 37,008,000 39,499,000
Receipts from lenders for funds held in escrow 2,996,000 4,972,000 5,945,000
Payments to lenders for funds held in escrow (848,000) (3,669,000) (7,459,000)
Receipts from tenants for reserves 952,000 1,037,000 1,843,000
Payments to tenants from reserves (2,308,000) (1,518,000) (2,549,000)
Net cash (used in) provided by investing activities (1,727,000) 1,138,000 (82,513,000)
Cash flows from financing activities:      
Proceeds from issuance of equity 55,425,000 10,225,000 49,676,000
Offering costs paid (821,000) (538,000) (1,073,000)
Retirement of senior common stock 0 (52,000)
Repurchase of common stock 0 (998,000)
Borrowings under mortgage notes payable 15,240,000 9,000,000 62,913,000
Payments for deferred financing costs (1,379,000) (400,000) (5,355,000)
Principal repayments on mortgage notes payable (41,560,000) (70,083,000) (153,744,000)
Borrowings on term loan 0 0 150,000,000
Repayments on term loan (20,000,000) 0 (5,000,000)
Borrowings under senior unsecured notes 75,000,000 0 0
Borrowings from revolving credit facility 83,400,000 123,600,000 111,750,000
Repayments on revolving credit facility (157,250,000) (71,100,000) (122,050,000)
Increase in security deposits 158,000 104,000 485,000
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (62,788,000) (60,620,000) (71,092,000)
Net cash (used in) provided by financing activities (56,287,000) (61,362,000) 16,150,000
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,061,000) 143,000 2,814,000
Cash, cash equivalents, and restricted cash at beginning of period 16,135,000 15,992,000 13,178,000
Cash, cash equivalents, and restricted cash at end of period 15,074,000 16,135,000 15,992,000
SUPPLEMENTAL AND NON-CASH INFORMATION      
Cash paid for interest 35,666,000 33,136,000 27,844,000
Tenant funded fixed asset improvements included in deferred rent liability, net (479,000) (1,312,000) 17,898,000
Derecognized carry value of property to sales-type lease receivable (14,553,000) 0 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 5,125,000 5,475,000 1,632,000
Unrealized gain related to interest rate hedging instruments, net 2,702,000 (4,853,000) 12,115,000
Increase in asset retirement obligation assumed in acquisition 0 95,000 979,000
Non-controlling OP Units issued in connection with acquisition 0 0 2,394,000
Dividends paid on Series F preferred stock via additional share issuances 516,000 487,000 389,000
Cash and cash equivalents 10,956,000 11,985,000 11,653,000
Restricted cash 4,118,000 4,150,000 4,339,000
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows 15,074,000 16,135,000 15,992,000
Series F Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (1,712,000) (488,000) (184,000)
Series G Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock $ 0 $ (12,000) $ (176,000)