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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (12,709) $ (9,217)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 21,296 20,041
Amortization of deferred financing costs 1,098 939
Amortization of deferred costs and intangible assets 441 540
Amortization of above- and below-market leases (18) (26)
Loss on extinguishment of debt 3,868 0
Deferred rent 66 (220)
Stock-based compensation 2,214 2,064
Bad debt expense (120) (387)
Changes in operating assets and liabilities:    
Tenant and other receivables (103) (304)
Prepaid expenses, other assets and deferred costs 3,328 2,606
Accounts payable and accrued liabilities (4,366) (2,558)
Security deposits 713 896
Other liabilities 1,422 785
Net cash provided by operating activities 17,130 15,159
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to land, buildings, and improvements (27,783) (35,966)
Return of acquisition deposits 0 2,015
Cash paid in connection with acquisition of real estate 0 (8,041)
Net cash used in investing activities (27,783) (41,992)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments of mortgage notes (84,241) (1,652)
Proceeds from mortgage notes 124,858 24,855
Dividends and distributions (13,044) (12,767)
Loan issuance and extinguishment costs (10,232) (335)
Net cash provided by financing activities 17,341 10,101
Net increase (decrease) in cash and cash equivalents and restricted cash 6,688 (16,732)
Cash and cash equivalents and restricted cash - beginning of period 30,666 52,224
Cash and cash equivalents and restricted cash - end of period 37,354 35,492
Cash and cash equivalents and restricted cash – beginning of period:    
Cash and cash equivalents 18,152 34,524
Restricted cash 12,514 17,700
Cash and cash equivalents and restricted cash - beginning of period 30,666 52,224
Cash and cash equivalents 22,450 19,987
Restricted cash 14,904 15,505
Cash and cash equivalents and restricted cash - end of period 37,354 35,492
Supplemental cash flow information:    
Cash paid for interest, net of capitalized interest of $3,855 and $3,775 in 2023 and 2022, respectively 32,924 29,244
Non-cash interest capitalized to real estate under development 339 1,749
Additions to investment in real estate included in accounts payable and accrued liabilities $ 5,102 $ 5,214