Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities    
Net income $ 2,043 $ 1,901
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 3,867 2,906
Amortization of acquired lease intangible assets 1,002 765
Amortization of above market leases, net 219 113
Amortization of deferred financing costs and other 313 430
Stock-based compensation expense 771 182
Other 33 4
Changes in operating assets and liabilities:    
Tenant receivables (654) (549)
Deferred assets (1,006) (1,178)
Other assets 32 86
Accounts payable and accrued expenses (634) 1,834
Security deposits and other (30) 2,784
Accrued management fees due to related party 192 17
Net cash provided by operating activities 6,148 9,295
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (20,841) (65,565)
Escrow deposits for purchase of properties (1,472) (798)
Loan repayments made to related parties (122) 0
Capital expenditures on existing real estate investments (9) (133)
Pre-acquisition costs for purchase of properties (211) 246
Net cash used in investing activities (22,655) (66,250)
Financing activities    
Net proceeds received from common equity offerings 78,944 0
Escrow deposits required by third party lenders (72) (72)
Borrowings repaid to related parties 0 (18)
Repayment of note payable from third party (35) 0
Proceeds from credit facility 6,200 68,750
Repayment of credit facility borrowings (62,800) (4,500)
Payments of deferred financing costs (29) (753)
Redemption of LTIP Units 0 (158)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (5,781) (4,552)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities 14,972 57,242
Net (decrease) increase in cash and cash equivalents and restricted cash (1,535) 287
Cash and cash equivalents and restricted cash—beginning of period 4,843 7,114
Cash and cash equivalents and restricted cash—end of period 3,308 7,401
Supplemental cash flow information:    
Cash payments for interest 3,714 2,245
Noncash financing and investing activities:    
Accrued dividend payable 8,985 5,710
Initial recognition of lease liability related to right of use asset 2,346 0
OP Units issued for property acquisition 506 0
Accrued common stock offering costs 190 0
LTIP Units and OP Units redeemed for common stock 576 0
Accrued pre-acquisition costs for purchase of properties and construction in process 0 271
Interest Rate Swap [Member]    
Noncash financing and investing activities:    
Interest rate swap agreements fair value change recognized in other comprehensive loss $ 2,022 $ 0