Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 16,350 $ 8,119
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 20,962 19,300
Amortization of acquired lease intangible assets 8,679 7,871
Amortization of above market leases, net 578 514
Amortization of debt issuance costs and other 1,202 1,029
Stock-based compensation expense 1,835 2,576
Capitalized preacquisition and other costs charged to expense 76 190
Gain on sale of investment property (13,271)  
Other 121 45
Changes in operating assets and liabilities:    
Tenant receivables 659 (119)
Deferred assets (1,731) (2,314)
Other assets and liabilities (224) 323
Accounts payable and accrued expenses (339) 1,621
Security deposits (1,248) 764
Net cash provided by operating activities 33,649 39,919
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (442) (99,917)
Net proceeds from sale of investment property 68,403  
Escrow deposits for purchase of properties   (794)
Advances made to related parties (191) (174)
Capital expenditures on existing real estate investments (2,333) (1,509)
Leasing commissions (371)  
Net cash used in investing activities 65,066 (102,394)
Financing activities    
Net proceeds received from common equity offerings   9,979
Escrow deposits required by third party lenders (902) (957)
Repayment of notes payable (628) (552)
Proceeds from Credit Facility 24,600 92,500
Repayment of Credit Facility (94,157) (5,000)
Repayment of debt issue costs   (7)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (29,387) (29,136)
Dividends paid to preferred stockholders (2,911) (2,911)
Net cash provided by financing activities (103,385) 63,916
Net (decrease) increase in cash and cash equivalents and restricted cash (4,670) 1,441
Cash and cash equivalents and restricted cash-beginning of period 14,455 12,759
Cash and cash equivalents and restricted cash-end of period 9,785 14,200
Supplemental cash flow information:    
Cash payments for interest 16,286 9,046
Noncash financing and investing activities:    
Accrued dividends payable 16,048 15,926
Interest rate swap agreements fair value change recognized in other comprehensive income 1,185 23,163
OP Units and LTIP Units redeemed for common stock 427 682
Accrued capital expenditures included in accounts payable and accrued expenses 2,912 $ 1,697
OP Units issued for property acquisitions 5,482  
Proceeds from sale of an investment property held in escrow 990  
Recognition of lease liability related to right of use asset $ 4,634