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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income from continuing operations $ 7,772 $ 2,980
Income from discontinued operations 1,833 0
Net income 9,605 2,980
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,458 21,112
Amortization of deferred loan costs 822 839
(Gain) loss on sale or disposal of assets and loan forgiveness, net (177) 882
Bad debt 500 4,451
Share-based compensation 4,066 3,980
Equity in earnings of real estate partnership (429) (752)
Changes in operating assets and liabilities:    
Escrows and acquisition deposits (1,163) 522
Accrued rents and accounts receivable 518 (6,123)
Receivable due from related party (316) (825)
Unamortized lease commissions, legal fees and loan costs (2,531) (958)
Prepaid expenses and other assets 1,548 2,145
Accounts payable and accrued expenses (1,572) 131
Payable due to related party 405 538
Tenants' security deposits 802 298
Net cash provided by operating activities 31,703 29,220
Cash flows from investing activities:    
Acquisitions of real estate (53,364) 0
Additions to real estate (6,058) (5,808)
Proceeds from note receivable 0 922
Net cash used in investing activities (59,422) (4,886)
Gain on sale of property from discontinued operations 1,833 0
Cash flows from financing activities:    
Distributions paid to common shareholders (14,063) (20,771)
Distributions paid to OP unit holders (248) (430)
Proceeds from issuance of common shares, net of offering costs 53,335 2,241
Payments of exchange offer costs (49) (43)
Proceeds from Notes Payable 0 1,734
Net proceeds from (payments of) credit facility (25,000) 30,000
Repayments of notes payable (2,403) (11,514)
Repurchase of common shares (678) (2,076)
Net cash provided by (used in) financing activities 10,894 (859)
Net increase (decrease) in cash, cash equivalents and restricted cash (14,992) 23,475
Cash, cash equivalents and restricted cash at beginning of period 25,956 15,643
Cash, cash equivalents and restricted cash at end of period [1] 10,964 39,118
Supplemental disclosure of cash flow information:    
Cash paid for interest 17,732 18,790
Cash paid for taxes 364 353
Non cash investing and financing activities:    
Disposal of fully depreciated real estate 284 34
Financed insurance premiums 1,712 1,431
Value of shares issued under dividend reinvestment plan 45 74
Value of common shares exchanged for OP units 0 1,138
Change in fair value of cash flow hedge 4,783 (10,395)
Cash, cash equivalents and restricted cash    
Cash and cash equivalents 10,858 38,990
Restricted cash 106 128
Total cash, cash equivalents and restricted cash [1] $ 10,964 $ 39,118
[1] For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.