Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net (loss) income $ (5,091) $ 6,813
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation expense 19,383 13,481
Amortization of acquired lease intangible assets 6,813 3,757
Amortization of above market leases, net 472 634
Amortization of debt issuance costs and other 1,030 1,000
Stock-based compensation expense 3,391 2,493
Capitalized preacquisition costs charged to expense 167 162
Reserve for uncollectible receivables 727  
Other 45 82
Changes in operating assets and liabilities:    
Tenant receivables (2,472) (1,232)
Deferred assets (4,416) (3,955)
Other assets (322) (154)
Accounts payable and accrued expenses 1,169 911
Security deposits and other (780) 2,210
Accrued management fees due to related party (1,727) 479
Net cash provided by operating activities 18,389 26,681
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (136,813) (181,440)
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559 (5,093)  
Escrow deposits for purchase of properties 700 (897)
Loan repayments from related parties 10  
Capital expenditures on existing real estate investments (416) (337)
Net cash used in investing activities (141,612) (182,674)
Financing activities    
Net proceeds received from common equity offerings 38,137 96,799
Escrow deposits required by third party lenders (1,034) (216)
Proceeds from note payable 14,800  
Repayments of notes payable (233) (101)
Proceeds from Credit Facility 158,400 164,450
Repayment of Credit Facility (51,550) (77,500)
Payment of debt issuance costs (1,266) (924)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (29,588) (21,167)
Dividends paid to preferred stockholders (4,366) (4,365)
Net cash provided by financing activities 123,300 156,976
Net increase in cash and cash equivalents and restricted cash 77 983
Cash and cash equivalents and restricted cash-beginning of period 7,185 4,843
Cash and cash equivalents and restricted cash-end of period 7,262 5,826
Supplemental cash flow information:    
Cash payments for interest 12,339 11,687
Noncash financing and investing activities:    
Accrued dividends payable 11,843 9,470
Interest rate swap agreements fair value change recognized in other comprehensive loss 12,977 6,875
OP Units and LTIP Units redeemed for common stock 15,551 630
CMBS loan assumed in connection with a facility acquisition 12,074  
Accrued common stock offering costs 169 22
Recognition of lease liability related to right of use asset $ 727 3,143
OP Units issued for property acquisition   $ 506