Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net income $ 4,505 $ 3,285
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 8,475 6,351
Amortization of acquired lease intangible assets 2,257 1,691
Amortization of above market leases, net 405 294
Amortization of deferred financing costs and other 651 983
Stock-based compensation expense 1,625 1,237
Other 70 46
Changes in operating assets and liabilities:    
Tenant receivables (1,030) (635)
Deferred assets (2,479) (2,635)
Other assets 37 97
Accounts payable and accrued expenses (22) 1,254
Security deposits and other 1,729 2,924
Accrued management fees due to related party 441 31
Net cash provided by operating activities 16,664 14,923
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (115,472) (124,874)
Escrow deposits for purchase of properties (1,622) (298)
Loans to related parties (113) (80)
Capital expenditures on existing real estate investments (193) (437)
Pre-acquisition costs (74) 118
Net cash used in investing activities (117,474) (125,571)
Financing activities    
Net proceeds received from common equity offerings 79,651  
Escrow deposits required by third party lenders (144) (144)
Repayment of note payable (68)  
Proceeds from Credit Facility 103,800 129,950
Repayment of Credit Facility (64,600) (6,500)
Payments of deferred financing costs (422) (1,123)
Redemption of LTIP Units   (263)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (13,467) (9,288)
Dividends paid to preferred stockholders (2,911) (2,911)
Net cash provided by financing activities 101,839 109,721
Net increase (decrease) in cash and cash equivalents and restricted cash 1,029 (927)
Cash and cash equivalents and restricted cash-beginning of period 4,843 7,114
Cash and cash equivalents and restricted cash-end of period 5,872 6,187
Supplemental cash flow information:    
Cash payments for interest 7,521 5,592
Noncash financing and investing activities:    
Accrued dividends payable 9,081 5,826
Initial recognition of lease liability related to right of use asset 3,143  
OP Units issued for property acquisition 506 4,742
Accrued common stock offering costs 384  
LTIP Units and OP Units redeemed for common stock 576  
Accrued pre acquisition costs for purchase of properties and tenant improvements 196 $ 1,647
Interest Rate Swap [Member]    
Noncash financing and investing activities:    
Interest rate swap agreements fair value change recognized in other comprehensive loss $ 5,572