Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 4,489 $ 4,505
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 12,429 8,475
Amortization of acquired lease intangible assets 4,269 2,257
Amortization of above market leases, net 403 405
Amortization of debt issuance costs and other 634 651
Stock-based compensation expense 1,819 1,625
Capitalized preacquisition costs charged to expense 135  
Reserve for uncollectible receivables 627  
Other 46 70
Changes in operating assets and liabilities:    
Tenant receivables (1,558) (1,030)
Deferred assets (2,921) (2,479)
Other assets 117 37
Accounts payable and accrued expenses 3,620 (22)
Security deposits and other (536) 1,729
Accrued management fees due to related party 295 441
Net cash provided by operating activities 23,868 16,664
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (76,057) (115,472)
Escrow deposits for purchase of properties 500 (1,622)
Loans to related parties (61) (113)
Capital expenditures on existing real estate investments (341) (193)
Preacquisition costs   (74)
Net cash used in investing activities (75,959) (117,474)
Financing activities    
Net proceeds received from common equity offerings 13,605 79,651
Escrow deposits required by third party lenders (385) (144)
Repayment of note payable (113) (68)
Proceeds from Credit Facility 88,700 103,800
Repayment of Credit Facility (20,850) (64,600)
Payment of debt issuance costs (128) (422)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (19,675) (13,467)
Dividends paid to preferred stockholders (2,911) (2,911)
Net cash provided by financing activities 58,243 101,839
Net increase in cash and cash equivalents and restricted cash 6,152 1,029
Cash and cash equivalents and restricted cash-beginning of period 7,185 4,843
Cash and cash equivalents and restricted cash-end of period 13,337 5,872
Supplemental cash flow information:    
Cash payments for interest 7,916 7,521
Noncash financing and investing activities:    
Accrued dividends payable 11,281 9,081
Interest rate swap agreements fair value change recognized in other comprehensive loss 14,980 5,572
LTIP Units and OP Units redeemed for common stock 15,475 576
CMBS loan assumed in connection with a facility acquisition 12,074  
Initial recognition of lease liability related to right of use asset   3,143
OP Units issued for property acquisition   506
Interest Rate Swap [Member]    
Noncash financing and investing activities:    
Accrued common stock offering costs $ 70 $ 384