v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 3,753 $ 21,183
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 30,233 31,062
Amortization of acquired lease intangible assets 11,174 12,718
Amortization of above market leases, net 782 812
Amortization of debt issuance costs and other 1,684 1,795
Stock-based compensation expense 3,826 3,020
Capitalized preacquisition and other costs charged to expense 93 155
Reserve for uncollectible accounts 822  
Loss (gain) on sale of investment properties 1,560 (15,560)
Other 129 285
Changes in operating assets and liabilities:    
Tenant receivables (2,182) 513
Deferred assets (1,008) (2,478)
Other assets and liabilities (1,030) (787)
Accounts payable and accrued expenses 153 (855)
Security deposits (466) (1,548)
Net cash provided by operating activities 49,523 50,315
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (31,279) (442)
Net proceeds from sale of investment property 19,230 77,929
Escrow deposits for purchase of properties (1,252)  
Advances made to related parties (211) (89)
Capital expenditures on existing real estate investments (9,972) (5,778)
Leasing commissions (2,935) (890)
Net cash used in investing activities (26,419) 70,730
Financing activities    
Net proceeds received from common equity offerings 10,896  
Escrow deposits required by third party lenders 231 (1,038)
Repayment of notes payable (11,441) (964)
Proceeds from Credit Facility 82,800 38,100
Repayment of Credit Facility (55,400) (115,400)
Payment of debt issuance costs   (13)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (44,759) (44,207)
Dividends paid to preferred stockholders (4,366) (4,366)
Net cash provided by financing activities (22,039) (127,888)
Net (decrease) increase in cash and cash equivalents and restricted cash 1,065 (6,843)
Cash and cash equivalents and restricted cash-beginning of period 6,724 14,455
Cash and cash equivalents and restricted cash-end of period 7,789 7,612
Supplemental cash flow information:    
Cash payments for interest 19,525 23,290
Noncash financing and investing activities:    
Accrued dividends payable 16,534 16,055
Interest rate swap agreements fair value change recognized in other comprehensive income (10,158) 3,705
OP Units and LTIP Units redeemed for common stock 313 427
Accrued capital expenditures included in accounts payable and accrued expenses $ 1,956 713
OP Units issued for property acquisitions   5,482
Proceeds from sale of an investment property held in escrow   990
Recognition of lease liability related to right of use asset   $ 4,634

Source

PDF HTML
10-Q Filing
ZIP XLS HTML
XBRL