Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income (loss) $ 18,342 $ (2,499) $ 9,588
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation expense 33,825 26,747 19,066
Amortization of acquired lease intangible assets 12,963 9,567 5,569
Amortization of above market leases, net 520 504 881
Amortization of debt issuance costs and other 1,982 1,450 1,312
Stock-based compensation expense 5,810 5,319 3,336
Capitalized preacquisition costs charged to expense 168 131 231
Noncash lease expense 0 0 111
Reserve for uncollectible receivables, net 183 963 0
Gain on sale of investment property (1,069) 0 0
Other 62 (16) 105
Changes in operating assets and liabilities:      
Tenant receivables (657) (1,602) (2,142)
Deferred assets (5,298) (5,761) (5,160)
Other assets and liabilities 12 (247) (110)
Accounts payable and accrued expenses 1,924 1,562 857
Security deposits 200 129 2,199
Accrued management fees due to related party 0 (1,727) 584
Net cash provided by operating activities 68,967 34,520 36,427
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (192,255) (217,675) (254,985)
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559 0 (5,093) 0
Net proceeds from sale of investment property 5,479 0 0
Escrow deposits for purchase of properties 1,576 180 (1,372)
Loans (made to) repayments received from related parties (60) 28 (16)
Capital expenditures on existing real estate investments (9,405) (1,112) (1,824)
Net cash used in investing activities (194,665) (223,672) (258,197)
Financing activities      
Net proceeds received from common equity offerings 205,522 53,088 189,498
Escrow deposits required by third party lenders (2,716) (1,539) (293)
Proceeds from notes payable 0 14,800 0
Repayment of notes payable (8,003) (419) (136)
Proceeds from Credit Facility 221,600 238,400 244,250
Repayment of Credit Facility (224,200) (64,550) (173,175)
Payment of debt issuance costs (6,177) (1,294) (1,039)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (52,500) (39,944) (29,171)
Dividends paid to preferred stockholders (5,822) (5,822) (5,822)
Net cash provided by financing activities 127,704 192,720 224,112
Net increase in cash and cash equivalents and restricted cash 2,006 3,568 2,342
Cash and cash equivalents and restricted cash-beginning of period 10,753 7,185 4,843
Cash and cash equivalents and restricted cash-end of period 12,759 10,753 7,185
Supplemental cash flow information:      
Cash payments for interest 17,707 16,907 16,282
Noncash financing and investing activities:      
Accrued dividends payable 15,668 12,470 11,091
Interest rate swap agreements fair value change recognized in other comprehensive income (loss) (11,583) 11,545 2,953
OP Units and LTIP Units redeemed for common stock 1,039 18,187 1,081
CMBS loan assumed in connection with a facility acquisition 0 12,074 0
Accrued common stock offering costs 0 80 269
OP Units issued for property acquisitions 0 0 506
Accrued capital expenditures included in accounts payable and accrued expenses 1,220 698 276
Initial recognition of lease liability related to right of use asset $ 0 $ 0 $ 3,143