Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 5,136 $ 3,526
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,243 13,326
Impairment charge 0 493
Gain on debt extinguishment, net 0 (300)
Gain on sale of real estate, net 0 (283)
Amortization of deferred financing costs 449 462
Amortization of deferred rent asset and liability, net (1,481) (1,615)
Decrease in sales-type lease receivable 114 0
Amortization of discount and premium on assumed debt, net 7 9
Asset retirement obligation expense 34 33
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 2 3
Operating changes in assets and liabilities    
(Increase) decrease in other assets (418) 1,752
Decrease in deferred rent receivable (378) (1,149)
Increase (decrease) in accounts payable and accrued expenses 978 (725)
Increase in amount due to Adviser and Administrator 841 366
Decrease in other liabilities (751) (550)
Leasing commissions paid (92) (325)
Net cash provided by operating activities 17,684 15,023
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (73,725) 0
Improvements of existing real estate (1,222) (822)
Proceeds from sale of real estate 0 18,625
Receipts from lenders for funds held in escrow 0 2,499
Payments to lenders for funds held in escrow (180) (318)
Receipts from tenants for reserves 734 402
Payments to tenants from reserves (751) (1,668)
Deposits on future acquisitions (500) (250)
Net cash (used in) provided by investing activities (75,644) 18,468
Cash flows from financing activities:    
Proceeds from issuance of equity 28,380 189
Offering costs paid (396) (14)
Payments for deferred financing costs (11) 0
Principal repayments on mortgage notes payable (2,405) (19,797)
Borrowings from revolving credit facility 85,100 19,900
Repayments on revolving credit facility (35,700) (19,700)
Increase (decrease) in security deposits 347 (47)
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders (16,487) (15,181)
Net cash provided by (used in) financing activities 58,247 (34,708)
Net increase (decrease) in cash, cash equivalents, and restricted cash 287 (1,217)
Cash, cash equivalents, and restricted cash at beginning of period 15,074 16,135
Cash, cash equivalents, and restricted cash at end of period 15,361 14,918
SUPPLEMENTAL AND NON-CASH INFORMATION    
Unrealized (loss) gain related to interest rate hedging instruments, net (4,016) 5,417
Right-of-use asset from finance leases 2,938 0
Finance lease liabilities (2,938) 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 6,718 6,868
Dividends paid on Series F preferred stock via additional share issuances 130 131
Series F Preferred Stock    
Cash flows from financing activities:    
Redemption of Series F preferred stock $ (581) $ (58)