Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 3,323 $ 2,817
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation expense 7,848 5,836
Amortization of acquired lease intangible assets 2,984 1,921
Amortization of above market leases, net 60 247
Amortization of debt issuance costs and other 425 315
Stock-based compensation expense 1,715 922
Capitalized preacquisition costs charged to expense 24 7
Other 10 26
Changes in operating assets and liabilities:    
Tenant receivables 11 (751)
Deferred assets (1,404) (1,629)
Other assets 551 28
Accounts payable and accrued expenses (287) 2,051
Security deposits and other 27 195
Accrued management fees due to related party   275
Net cash provided by operating activities 15,287 12,260
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (43,348) (68,457)
Escrow deposits for purchase of properties 300 (100)
Loan repayments from (made to) related parties (127) 5
Capital expenditures on existing real estate investments (397) (211)
Net cash used in investing activities (43,572) (68,763)
Financing activities    
Net proceeds received from common equity offerings 144,312  
Payment of accrued common stock offerin'g costs   (269)
Escrow deposits required by third party lenders (646) (72)
Repayments of notes payable (190) (35)
Proceeds from Credit Facility 50,100 81,700
Repayment of Credit Facility (151,800) (3,600)
Payment of debt issuance costs (74) (44)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (11,315) (10,031)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities 28,932 66,194
Net increase in cash and cash equivalents and restricted cash 647 9,691
Cash and cash equivalents and restricted cash-beginning of period 10,753 7,185
Cash and cash equivalents and restricted cash-end of period 11,400 16,876
Supplemental cash flow information:    
Cash payments for interest 4,602 3,823
Noncash financing and investing activities:    
Accrued dividends payable 14,482 10,949
Interest rate swap agreements fair value change recognized in other comprehensive loss (3,631) 13,958
OP Units and LTIP Units redeemed for common stock   $ 6,890
Accrued common stock offering costs $ 220