Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income (loss) $ 9,588 $ 14,561 $ (87)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 19,066 13,644 7,929
Amortization of acquired lease intangible assets 5,569 3,625 2,072
Amortization of above market leases, net 881 688 129
Amortization of debt issuance costs and other 1,312 1,640 1,224
Stock-based compensation expense 3,336 2,671 1,796
Capitalized preacquisition costs charged to expense 231 110 19
Noncash lease expense 111 0 0
Advisory expense settled in OP Units   0 232
Gain on sale of investment property   (7,675) 0
Other 105 0 0
Changes in operating assets and liabilities:      
Tenant receivables (2,142) (2,201) (492)
Deferred assets (5,160) (5,811) (3,288)
Other assets (110) (40) (144)
Accounts payable and accrued expenses 857 1,519 1,355
Security deposits and other 2,199 2,024 1,408
Accrued management fees due to related party 584 79 443
Net cash provided by operating activities 36,427 24,834 12,596
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (254,985) (180,837) (252,220)
Net proceeds from sale of investment property   31,629 0
Escrow deposits for purchase of properties (1,372) 174 (352)
Loans (made to) repayments received from related parties (16) (85) 21
Capital expenditures on existing real estate investments (1,824) (2,535) 0
Preacquisition costs   36 (102)
Net cash used in investing activities (258,197) (151,618) (252,653)
Financing activities      
Net proceeds received from common equity offerings 189,498 37,307 33,795
Net proceeds received from preferred stock offering   0 74,959
Escrow deposits required by third party lenders (293) (288) (74)
Repayment of notes payable (136) (22) 0
Repayment of note payable from related party   0 (421)
Proceeds from Credit Facility 244,250 186,100 244,200
Repayment of Credit Facility (173,175) (70,725) (107,000)
Payments of debt issuance costs (1,039) (2,811) (2,915)
Redemption of LTIP Units   (263) 0
Loans repaid to related party   0 (9)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (29,171) (18,964) (15,231)
Dividends paid to preferred stockholders (5,822) (5,821) (745)
Net cash provided by financing activities 224,112 124,513 226,559
Net increase (decrease) in cash and cash equivalents and restricted cash 2,342 (2,271) (13,498)
Cash and cash equivalents and restricted cash-beginning of period 4,843 7,114 20,612
Cash and cash equivalents and restricted cash-end of period 7,185 4,843 7,114
Supplemental cash flow information:      
Cash payments for interest 16,282 13,077 5,746
Noncash financing and investing activities:      
Accrued dividends payable 11,091 6,981 5,638
Initial recognition of lease liability related to right of use asset 3,143 0 0
OP Units issued primarily for property acquisitions 506 16,362 11,300
Interest rate swap agreements fair value change recognized in other comprehensive loss 2,953 3,721 0
Accrued common stock offering costs $ 269 0 0
Reclassification of preferred stock offering costs to preferred stock balance   0 221
Interest Rate Swap [Member]      
Noncash financing and investing activities:      
Reclassification of common stock offering costs to additional paid-in capital   $ 573 $ 443