Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net (loss) income $ (2,499) $ 9,588 $ 14,561
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation expense 26,747 19,066 13,644
Amortization of acquired lease intangible assets 9,567 5,569 3,625
Amortization of above market leases, net 504 881 688
Amortization of debt issuance costs and other 1,450 1,312 1,640
Stock-based compensation expense 5,319 3,336 2,671
Capitalized preacquisition costs charged to expense 131 231 110
Noncash lease expense 0 111 0
Reserve for uncollectible receivables 963 0 0
Gain on sale of investment property 0 0 (7,675)
Other (16) 105 0
Changes in operating assets and liabilities:      
Tenant receivables (1,602) (2,142) (2,201)
Deferred assets (5,761) (5,160) (5,811)
Other assets (247) (110) (40)
Accounts payable and accrued expenses 1,562 857 1,519
Security deposits and other 129 2,199 2,024
Accrued management fees due to related party (1,727) 584 79
Net cash provided by operating activities 34,520 36,427 24,834
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (217,675) (254,985) (180,837)
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559 (5,093) 0 0
Net proceeds from sale of investment property 0 0 31,629
Escrow deposits for purchase of properties 180 (1,372) 174
Loan repayments from (made to) related parties 28 (16) (85)
Capital expenditures on existing real estate investments (1,112) (1,824) (2,535)
Preacquisition costs 0 0 36
Net cash used in investing activities (223,672) (258,197) (151,618)
Financing activities      
Net proceeds received from common equity offerings 53,088 189,498 37,307
Escrow deposits required by third party lenders (1,539) (293) (288)
Proceeds from note payable 14,800 0 0
Repayment of note payable (419) (136) (22)
Proceeds from Credit Facility 238,400 244,250 186,100
Repayment of Credit Facility (64,550) (173,175) (70,725)
Payment of debt issuance costs (1,294) (1,039) (2,811)
Redemption of LTIP Units 0 0 (263)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (39,944) (29,171) (18,964)
Dividends paid to preferred stockholders (5,822) (5,822) (5,821)
Net cash provided by financing activities 192,720 224,112 124,513
Net increase in cash and cash equivalents and restricted cash 3,568 2,342 (2,271)
Cash and cash equivalents and restricted cash-beginning of year 7,185 4,843 7,114
Cash and cash equivalents and restricted cash-end of year 10,753 7,185 4,843
Supplemental cash flow information:      
Cash payments for interest 16,907 16,282 13,077
Noncash financing and investing activities:      
Accrued dividends payable 12,470 11,091 6,981
Interest rate swap agreements fair value change recognized in other comprehensive loss 11,545 2,953 3,721
OP Units and LTIP Units redeemed for common stock 18,187 1,081 0
CMBS loan assumed in connection with a facility acquisition 12,074 0 0
Accrued common stock offering costs 80 269 0
OP Units issued for property acquisition 0 506 16,362
Initial recognition of lease liability related to right of use asset $ 0 $ 3,143 $ 0