Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income $ 2,817 $ 2,043
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 5,836 3,867
Amortization of acquired lease intangible assets 1,921 1,002
Amortization of above market leases, net 247 219
Amortization of debt issuance costs and other 315 313
Stock-based compensation expense 922 771
Capitalized preacquisition costs charged to expense 7  
Other 26 33
Changes in operating assets and liabilities:    
Tenant receivables (751) (654)
Deferred assets (1,629) (1,006)
Other assets 28 32
Accounts payable and accrued expenses 2,051 (634)
Security deposits and other 195 (30)
Accrued management fees due to related party 275 192
Net cash provided by operating activities 12,260 6,148
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (68,457) (20,841)
Escrow deposits for purchase of properties (100) (1,472)
Loan repayments received from (made to) related party 5 (122)
Capital expenditures on existing real estate investments (211) (9)
Preacquisition costs   (211)
Net cash used in investing activities (68,763) (22,655)
Financing activities    
Net proceeds received from common equity offerings   78,944
Payment of accrued common stock offerin'g costs (269)  
Escrow deposits required by third party lenders (72) (72)
Repayment of note payable (35) (35)
Proceeds from Credit Facility 81,700 6,200
Repayment of Credit Facility (3,600) (62,800)
Payment of debt issuance costs (44) (29)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (10,031) (5,781)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities 66,194 14,972
Net increase (decrease) in cash and cash equivalents and restricted cash 9,691 (1,535)
Cash and cash equivalents and restricted cash-beginning of period   7,185
Cash and cash equivalents and restricted cash-end of period 16,876 3,308
Supplemental cash flow information:    
Cash payments for interest 3,823 3,714
Noncash financing and investing activities:    
Accrued dividends payable 10,949 8,985
Initial recognition of lease liability related to right of use asset   2,346
OP Units issued for property acquisition   506
Accrued common stock offering costs   190
LTIP Units and OP Units redeemed for common stock 6,890 576
Interest Rate Swap [Member]    
Noncash financing and investing activities:    
Interest rate swap agreements fair value change recognized in other comprehensive loss $ 13,958 $ 2,022