v3.24.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 21,734 $ 19,996 $ 18,342
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 41,266 40,008 33,825
Amortization of acquired lease intangible assets 16,691 16,627 12,963
Amortization of above market leases, net 1,052 1,027 520
Amortization of debt issuance costs and other 2,376 2,201 1,982
Stock-based compensation expense 4,242 4,681 5,810
Capitalized preacquisition and other costs charged to expense 177 472 168
Reserve for uncollectible accounts 852   183
Gain on sale of investment property (15,560) (6,753) (1,069)
Loss on extinguishment of debt 868    
Other 433 21 62
Changes in operating assets and liabilities:      
Tenant receivables 426 (2,970) (657)
Deferred assets (2,863) (4,339) (5,298)
Other assets and liabilities 542 586 12
Accounts payable and accrued expenses (2,023) 4,063 1,924
Security deposits (1,773) 921 200
Net cash provided by operating activities 68,440 76,541 68,967
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (442) (150,927) (192,255)
Net proceeds from sale of investment property 78,919 17,889 5,479
Escrow deposits for purchase of properties   98 1,576
Advances made to related parties 7 (38) (60)
Payment received on loan made to a tenant   1,000  
Capital expenditures on existing real estate investments (9,604) (5,274) (9,405)
Leasing commissions (1,264)    
Net cash used in investing activities 67,616 (137,252) (194,665)
Financing activities      
Net proceeds received from common equity offerings   9,896 205,522
Escrow deposits required by third party lenders 7,160 (1,974) (2,716)
Repayment of notes payable (1,262) (1,158) (8,003)
Payment for CMBS loan defeasance (31,525)    
Proceeds from Credit Facility 83,100 138,600 221,600
Repayment of Credit Facility (136,400) (15,500) (224,200)
Repayment of debt issue costs (13) (3,215) (6,177)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (59,025) (58,420) (52,500)
Dividends paid to preferred stockholders (5,822) (5,822) (5,822)
Net cash provided by financing activities (143,787) 62,407 127,704
Net (decrease) increase in cash and cash equivalents and restricted cash (7,731) 1,696 2,006
Cash and cash equivalents and restricted cash-beginning of period 14,455 12,759 10,753
Cash and cash equivalents and restricted cash-end of period 6,724 14,455 12,759
Supplemental cash flow information:      
Cash payments for interest 30,149 21,619 17,707
Noncash financing and investing activities:      
Accrued dividends payable 16,134 15,821 15,668
Interest rate swap agreements fair value change recognized in other comprehensive income 9,549 (41,310) (11,583)
OP Units and LTIP Units redeemed for common stock 427 682 1,039
Accrued capital expenditures included in accounts payable and accrued expenses 2,230 1,365 $ 1,220
OP Units issued for property acquisitions 5,482    
Recognition of lease liability related to right of use asset 4,634    
Loan assumed in connection with a facility acquisition   $ 1,513  
Write off of unamortized debt issuance costs from loan defeasance $ 240    

Source

PDF HTML
10-K Filing
ZIP XLS HTML
XBRL