Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 21,183 $ 18,148
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 31,062 29,428
Amortization of acquired lease intangible assets 12,718 12,136
Amortization of above market leases, net 812 735
Amortization of debt issuance costs and other 1,795 1,600
Stock-based compensation expense 3,020 3,615
Capitalized preacquisition and other costs charged to expense 155 344
Gain on sale of investment property (15,560) (6,753)
Other 285 68
Changes in operating assets and liabilities:    
Tenant receivables 513 (1,312)
Deferred assets (2,478) (3,390)
Other assets and liabilities (787) (810)
Accounts payable and accrued expenses (855) 3,560
Security deposits (1,548) 864
Net cash provided by operating activities 50,315 58,233
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (442) (150,592)
Net proceeds from sale of investment property 77,929 17,889
Escrow deposits for purchase of properties   (302)
Advances made to related parties (89) (174)
Payment received on loan made to a tenant   1,000
Capital expenditures on existing real estate investments (5,778) (3,663)
Leasing commissions (890)  
Net cash used in investing activities 70,730 (135,842)
Financing activities    
Net proceeds received from common equity offerings   9,979
Escrow deposits required by third party lenders (1,038) (1,401)
Repayment of notes payable (964) (873)
Proceeds from Credit Facility 38,100 127,100
Repayment of Credit Facility (115,400) (5,000)
Repayment of debt issue costs (13) (3,215)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (44,207) (43,779)
Dividends paid to preferred stockholders (4,366) (4,366)
Net cash provided by financing activities (127,888) 78,445
Net (decrease) increase in cash and cash equivalents and restricted cash (6,843) 836
Cash and cash equivalents and restricted cash-beginning of period 14,455 12,759
Cash and cash equivalents and restricted cash-end of period 7,612 13,595
Supplemental cash flow information:    
Cash payments for interest 23,290 15,252
Noncash financing and investing activities:    
Accrued dividends payable 16,055 15,777
Interest rate swap agreements fair value change recognized in other comprehensive income 3,705 43,519
OP Units and LTIP Units redeemed for common stock 427 682
Accrued capital expenditures included in accounts payable and accrued expenses 713 1,193
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  
Loan assumed in connection with a facility acquisition   $ 1,513