Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 9,272,000 $ 9,733,000 $ 14,985,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 61,664,000 60,311,000 55,424,000
Impairment charge 12,092,000 0 3,621,000
(Gain) loss on sale of real estate, net (10,052,000) 1,148,000 (8,096,000)
Amortization of deferred financing costs 3,482,000 1,583,000 1,531,000
Amortization of deferred rent asset and liability, net (4,215,000) (3,271,000) (1,930,000)
Amortization of discount and premium on assumed debt, net 47,000 52,000 57,000
Asset retirement obligation expense 99,000 96,000 98,000
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 29,000 43,000 52,000
Bad debt expense 0 0 56,000
Operating changes in assets and liabilities      
(Increase) decrease in other assets (619,000) 602,000 2,875,000
Increase in deferred rent receivable (1,330,000) (2,900,000) (1,899,000)
Increase (decrease) in accounts payable and accrued expenses 1,600,000 2,834,000 (1,680,000)
(Decrease) increase in amount due to Adviser and Administrator (75,000) 471,000 56,000
(Decrease) increase in other liabilities (942,000) 1,418,000 1,808,000
Tenant inducement payments 0 (20,000) 0
Leasing commissions paid (1,875,000) (1,974,000) (1,464,000)
Net cash provided by operating activities 69,177,000 70,126,000 65,494,000
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (112,970,000) (100,153,000) (127,931,000)
Improvements of existing real estate (6,822,000) (5,348,000) (6,360,000)
Proceeds from sale of real estate 39,499,000 8,840,000 35,834,000
Receipts from lenders for funds held in escrow 5,945,000 3,963,000 1,310,000
Payments to lenders for funds held in escrow (7,459,000) (2,122,000) (3,229,000)
Receipts from tenants for reserves 1,843,000 3,804,000 2,406,000
Payments to tenants from reserves (2,549,000) (3,761,000) (1,988,000)
Deposits on future acquisitions 0 0 (300,000)
Net cash used in investing activities (82,513,000) (94,777,000) (100,258,000)
Cash flows from financing activities:      
Proceeds from issuance of equity 49,676,000 144,677,000 63,609,000
Offering costs paid (1,073,000) (4,579,000) (988,000)
Borrowings under mortgage notes payable 62,913,000 21,500,000 52,578,000
Payments for deferred financing costs (5,355,000) (792,000) (606,000)
Principal repayments on mortgage notes payable (153,744,000) (28,470,000) (50,662,000)
Borrowings on term loan 150,000,000 65,000,000 37,700,000
Repayments on term loan (5,000,000) 0 0
Borrowings from revolving credit facility 111,750,000 69,900,000 142,700,000
Repayments on revolving credit facility (122,050,000) (90,250,000) (141,200,000)
Increase (decrease) in security deposits 485,000 98,000 (22,000)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (71,092,000) (67,592,000) (63,757,000)
Net cash provided by financing activities 16,150,000 21,753,000 39,352,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,814,000 (2,898,000) 4,588,000
Cash, cash equivalents, and restricted cash at beginning of period 13,178,000 16,076,000 11,488,000
Cash, cash equivalents, and restricted cash at end of period 15,992,000 13,178,000 16,076,000
SUPPLEMENTAL AND NON-CASH INFORMATION      
Cash paid during year for interest 27,844,000 23,393,000 26,098,000
Tenant funded fixed asset improvements included in deferred rent liability, net 17,898,000 9,192,000 2,978,000
Acquisition of real estate and related intangible assets 0 300,000 1,542,000
Capital improvements and leasing commissions included in accounts payable and accrued expenses 1,632,000 512,000 1,070,000
Unrealized gain related to interest rate hedging instruments, net 12,115,000 2,854,000 (2,219,000)
Increase in asset retirement obligation assumed in acquisition 979,000 600,000 0
Non-controlling OP Units issued in connection with acquisition 2,394,000 0 503,000
Series D Preferred Stock offering cost write off 0 2,141,000 0
Dividends paid on Series F Preferred Stock via additional share issuances 389,000 0 0
Cash and cash equivalents 11,653,000 7,956,000 11,016,000
Restricted cash 4,339,000 5,222,000 5,060,000
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows 15,992,000 13,178,000 16,076,000
Series F Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (184,000) 0 0
Series G Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (176,000) 0 0
Series D Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock $ 0 $ (87,739,000) $ 0