Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ 19,996 $ 18,342 $ (2,499)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 40,008 33,825 26,747
Amortization of acquired lease intangible assets 16,627 12,963 9,567
Amortization of above market leases, net 1,027 520 504
Amortization of debt issuance costs and other 2,201 1,982 1,450
Stock-based compensation expense 4,681 5,810 5,319
Capitalized preacquisition and other costs charged to expense 472 168 131
Reserve for uncollectible accounts 0 183 963
Gain on sale of investment property (6,753) (1,069) 0
Other 21 62 (16)
Changes in operating assets and liabilities:      
Tenant receivables (2,970) (657) (1,602)
Deferred assets (4,339) (5,298) (5,761)
Other assets and liabilities 586 12 (247)
Accounts payable and accrued expenses 4,063 1,924 1,562
Security deposits 921 200 129
Accrued management fees due to related party 0 0 (1,727)
Net cash provided by operating activities 76,541 68,967 34,520
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (150,927) (192,255) (217,675)
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559 0 0 (5,093)
Net proceeds from sale of investment property 17,889 5,479 0
Escrow deposits for purchase of properties 98 1,576 180
Advances made to related parties (38) (60) 28
Payment received on loan made to a tenant 1,000 0 0
Capital expenditures on existing real estate investments (5,274) (9,405) (1,112)
Net cash used in investing activities (137,252) (194,665) (223,672)
Financing activities      
Net proceeds received from common equity offerings 9,896 205,522 53,088
Escrow deposits required by third party lenders (1,974) (2,716) (1,539)
Proceeds from notes payable 0 0 14,800
Repayment of notes payable (1,158) (8,003) (419)
Proceeds from Credit Facility 138,600 221,600 238,400
Repayment of Credit Facility (15,500) (224,200) (64,550)
Payment of debt issuance costs (3,215) (6,177) (1,294)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (58,420) (52,500) (39,944)
Dividends paid to preferred stockholders (5,822) (5,822) (5,822)
Net cash provided by financing activities 62,407 127,704 192,720
Net (decrease) increase in cash and cash equivalents and restricted cash 1,696 2,006 3,568
Cash and cash equivalents and restricted cash-beginning of period 12,759 10,753 7,185
Cash and cash equivalents and restricted cash-end of period 14,455 12,759 10,753
Supplemental cash flow information:      
Cash payments for interest 21,619 17,707 16,907
Noncash financing and investing activities:      
Accrued dividends payable 15,821 15,668 12,470
Interest rate swap agreements fair value change recognized in other comprehensive income (41,310) (11,583) 11,545
OP Units and LTIP Units redeemed for common stock 682 1,039 18,187
Loan assumed in connection with a facility acquisition 1,513 0 12,074
Accrued common stock offering costs 0 0 80
Accrued capital expenditures included in accounts payable and accrued expenses $ 1,365 $ 1,220 $ 698