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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ (4,158) $ (6,460)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 16,195 25,088
Amortization of above and below market leases (9) (32)
Changes in operating assets and liabilities:    
Tenant rent receivables (87) 3,319
Straight-line rents (1,216) (1,904)
Lease acquisition costs (1,069) (50)
Prepaid expenses and other assets (1,274) (532)
Accounts payable and accrued expenses (10,568) (9,564)
Accrued compensation (3,498) (2,528)
Tenant security deposits (382) (636)
Payment of deferred leasing commissions (3,706) (5,056)
Net cash provided by operating activities (9,772) 1,645
Cash flows from investing activities:    
Property improvements, fixtures and equipment (9,952) (16,022)
Net cash provided by (used in) investing activities (9,952) (16,022)
Cash flows from financing activities:    
Distributions to stockholders (42,640) (9,660)
Stock repurchases (4,843)  
Borrowings under bank note payable 45,000 36,500
Repayments of bank note payable (5,000) (12,500)
Deferred financing costs (2,561)  
Net cash used in financing activities (10,044) 14,340
Net increase (decrease) in cash, cash equivalents and restricted cash (29,768) (37)
Cash, cash equivalents and restricted cash, beginning of year 40,751 4,150
Cash, cash equivalents and restricted cash, end of period 10,983 4,113
Cash paid for:    
Interest 2,737 5,870
Taxes 664 24
Non-cash investing and financing activities:    
Accrued costs for purchases of real estate assets $ 3,766 $ 9,585