Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:                    
Net (loss) income $ (4,588) $ 3,167 $ 2,787 $ 1,624 $ 3,442 $ (1,420) $ 5,068 $ 7,852 $ 10,782 $ 10,895
Adjustments to reconcile net income to net cash provided by operating activities:                    
Depreciation and amortization 16,936 14,704 15,474 15,167 14,638 31,640 29,804 45,279 60,154 59,149
Impairment charge 6,823     1,374   6,823 1,374      
Loss on sale of real estate, net 451     0   451 0      
Amortization of deferred financing costs           819 860      
Amortization of deferred rent asset and liability, net           (4,129) (1,194)      
Amortization of discount and premium on assumed debt, net           21 24      
Asset retirement obligation expense           63 45      
Amortization of right-of-use asset from operating leases and operating lease liabilities, net           14 16      
Operating changes in assets and liabilities                    
Increase in other assets           (761) (1,716)      
Decrease in deferred rent receivable           (1,452) (57)      
Increase in accounts payable and accrued expenses           1,199 1,817      
(Decrease) increase in amount due to Adviser and Administrator           (732) 215      
Decrease in other liabilities           (517) (569)      
Leasing commissions paid           (1,331) (1,079)      
Net cash provided by operating activities           30,688 34,608      
Cash flows from investing activities:                    
Acquisition of real estate and related intangible assets           (5,363) (51,919)      
Improvements of existing real estate           (5,973) (1,816)      
Proceeds from sale of real estate           4,417 0      
Receipts from lenders for funds held in escrow           3,370 1,826      
Payments to lenders for funds held in escrow           (3,011) (4,530)      
Receipts from tenants for reserves           206 1,385      
Payments to tenants from reserves           0 (2,247)      
Deposits on future acquisitions           (570) (545)      
Net cash used in investing activities           (6,924) (57,846)      
Cash flows from financing activities:                    
Proceeds from issuance of equity           8,768 35,260      
Offering costs paid           (423) (681)      
Redemption of Series F preferred stock           (229) (55)      
Retirement of Senior Common stock           (55) 0      
Repurchase of Series G preferred stock           (12) 0      
Repurchase of common stock           (998) 0      
Borrowings under mortgage notes payable           0 35,000      
Payments for deferred financing costs           (118) (667)      
Principal repayments on mortgage notes payable           (11,305) (22,040)      
Borrowings from revolving credit facility           34,200 51,500      
Repayments on revolving credit facility           (19,000) (38,100)      
Increase in security deposits           253 73      
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders           (30,274) (35,026)      
Net cash (used in) provided by financing activities           (19,193) 25,264      
Net increase in cash, cash equivalents, and restricted cash           4,571 2,026      
Cash, cash equivalents, and restricted cash at beginning of period   $ 15,992 $ 15,204   $ 13,178 15,992 13,178 $ 13,178 13,178  
Cash, cash equivalents, and restricted cash at end of period 20,563     15,204   20,563 15,204   15,992 13,178
SUPPLEMENTAL AND NON-CASH INFORMATION                    
Tenant funded fixed asset improvements included in deferred rent liability, net           861 12,952      
Unrealized gain related to interest rate hedging instruments, net 8,025     2,603   2,130 6,870      
Capital improvements and leasing commissions included in accounts payable and accrued expenses           2,116 645      
Dividends paid on Series F Preferred Stock via additional share issuances           226 184      
Cash and cash equivalents 16,487     10,741   16,487 10,741   11,653  
Restricted cash 4,076     4,463   4,076 4,463      
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 20,563     $ 15,204   $ 20,563 $ 15,204   $ 15,992 $ 13,178