Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income (loss) $ 12,855 $ (5,091)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 24,779 19,383
Amortization of acquired lease intangible assets 9,378 6,813
Amortization of above market leases, net 318 472
Amortization of debt issuance costs and other 1,468 1,030
Stock-based compensation expense 4,568 3,391
Capitalized preacquisition costs charged to expense 123 167
Reserve for uncollectible receivables (100) 727
Other 38 45
Changes in operating assets and liabilities:    
Tenant receivables 570 (2,472)
Deferred assets (4,150) (4,416)
Other assets (1,379) (322)
Accounts payable and accrued expenses 2,956 1,169
Security deposits and other 260 (780)
Accrued management fees due to related party   (1,727)
Net cash provided by operating activities 51,684 18,389
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (165,743) (136,813)
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559   (5,093)
Escrow deposits for purchase of properties 795 700
Loan repayments from (made to) related parties (172) 10
Capital expenditures on existing real estate investments (1,620) (416)
Net cash used in investing activities (166,740) (141,612)
Financing activities    
Net proceeds received from common equity offerings 194,433 38,137
Escrow deposits required by third party lenders (1,948) (1,034)
Proceeds from note payable   14,800
Repayments of notes payable (7,731) (233)
Proceeds from Credit Facility 187,700 158,400
Repayment of Credit Facility (207,200) (51,550)
Payment of debt issuance costs (6,177) (1,266)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (38,539) (29,588)
Dividends paid to preferred stockholders (4,366) (4,366)
Net cash provided by financing activities 116,172 123,300
Net increase in cash and cash equivalents and restricted cash 1,116 77
Cash and cash equivalents and restricted cash-beginning of period 10,753 7,185
Cash and cash equivalents and restricted cash-end of period 11,869 7,262
Supplemental cash flow information:    
Cash payments for interest 13,307 12,339
Noncash financing and investing activities:    
Accrued dividends payable 15,309 11,843
Interest rate swap agreements fair value change recognized in other comprehensive loss (6,273) 12,977
LTIP Units and OP Units redeemed for common stock 919 15,551
CMBS loan assumed in connection with a facility acquisition   12,074
Accrued common stock offering costs   169
Accrued capital expenditures included in accounts payable and accrued expenses 909 975
Recognition of lease liability related to right of use asset $ 511 $ 727