Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net income $ 6,813 $ 5,057
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 13,481 9,965
Amortization of acquired lease intangible assets 3,757 2,645
Amortization of above market leases, net 634 484
Amortization of deferred financing costs and other 1,000 1,327
Stock-based compensation expense 2,493 1,978
Capitalized preacquisition costs charged to expense 162 132
Other 82  
Changes in operating assets and liabilities:    
Tenant receivables (1,232) (1,040)
Deferred assets (3,955) (4,597)
Other assets (154) (126)
Accounts payable and accrued expenses 911 1,434
Security deposits and other 2,210 1,800
Accrued management fees due to related party 479 41
Net cash provided by operating activities 26,681 19,100
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (181,440) (133,851)
Escrow deposits for purchase of properties (897) (774)
Loans to related parties   (49)
Capital expenditures on existing real estate investments (337) (2,014)
Preacquisition costs   257
Net cash used in investing activities (182,674) (136,431)
Financing activities    
Net proceeds received from common equity offerings 96,799 3,209
Escrow deposits required by third party lenders (216) (216)
Repayment of note payable (101)  
Proceeds from Credit Facility 164,450 142,900
Repayment of Credit Facility (77,500) (10,400)
Payments of deferred financing costs (924) (2,750)
Redemption of LTIP Units   (263)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (21,167) (14,075)
Dividends paid to preferred stockholders (4,365) (4,366)
Net cash provided by financing activities 156,976 114,039
Net increase (decrease) in cash and cash equivalents and restricted cash 983 (3,292)
Cash and cash equivalents and restricted cash-beginning of period 4,843 7,114
Cash and cash equivalents and restricted cash-end of period 5,826 3,822
Supplemental cash flow information:    
Cash payments for interest 11,687 9,106
Noncash financing and investing activities:    
Accrued dividends payable 9,470 5,995
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 22 302
LTIP Units and OP Units redeemed for common stock 630  
Accrued pre acquisition costs for purchase of properties and tenant improvements 901 774
Construction in Progress [Member]    
Noncash financing and investing activities:    
Construction-in-process completed and transferred to real estate investments 100 2,043
Interest Rate Swap [Member]    
Noncash financing and investing activities:    
Interest rate swap agreements fair value change recognized in other comprehensive loss $ 6,875 $ 109