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
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 3,526 $ 3,167
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,326 14,704
Impairment charge 493 0
Gain on debt extinguishment, net (300) 0
Gain on sale of real estate, net (283) 0
Amortization of deferred financing costs 462 410
Amortization of deferred rent asset and liability, net (1,615) (1,761)
Amortization of discount and premium on assumed debt, net 9 11
Asset retirement obligation expense 33 31
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 3 7
Operating changes in assets and liabilities    
Decrease in other assets 1,752 924
Decrease in deferred rent receivable (1,149) (938)
Decrease in accounts payable and accrued expenses (725) (502)
Increase (decrease) in amount due to Adviser and Administrator 366 (899)
(Decrease) increase in other liabilities (550) 166
Leasing commissions paid (325) (401)
Net cash provided by operating activities 15,023 14,919
Cash flows from investing activities:    
Improvements of existing real estate (822) (1,961)
Proceeds from sale of real estate 18,625 0
Receipts from lenders for funds held in escrow 2,499 3,218
Payments to lenders for funds held in escrow (318) (325)
Receipts from tenants for reserves 402 451
Payments to tenants from reserves (1,668) 0
Deposits on future acquisitions (250) (709)
Net cash provided by investing activities 18,468 674
Cash flows from financing activities:    
Proceeds from issuance of equity 189 4,630
Offering costs paid (14) (80)
Redemption of Series F preferred stock (58) (91)
Retirement of Senior Common stock 0 (55)
Repurchase of Series G preferred stock 0 (12)
Payments for deferred financing costs 0 (70)
Principal repayments on mortgage notes payable (19,797) (5,002)
Borrowings from revolving credit facility 19,900 13,000
Repayments on revolving credit facility (19,700) (10,000)
Increase in security deposits (47) 0
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (15,181) (15,114)
Net cash used in financing activities (34,708) (12,794)
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,217) 2,799
Cash, cash equivalents, and restricted cash at beginning of period 16,135 15,992
Cash, cash equivalents, and restricted cash at end of period 14,918 18,791
SUPPLEMENTAL AND NON-CASH INFORMATION    
Tenant funded fixed asset improvements included in deferred rent liability, net 0 722
Unrealized gain (loss) related to interest rate hedging instruments, net 5,417 (5,895)
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 6,868 2,350
Dividends paid on Series F Preferred Stock via additional share issuances 131 112
Cash and cash equivalents 10,451 14,286
Restricted cash 4,467 4,505
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 14,918 $ 18,791