Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income $ 7,487 $ 4,489
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation expense 16,140 12,429
Amortization of acquired lease intangible assets 6,097 4,269
Amortization of above market leases, net 145 403
Amortization of debt issuance costs and other 930 634
Stock-based compensation expense 3,327 1,819
Capitalized preacquisition costs charged to expense 84 135
Reserve for uncollectible receivables (100) 627
Other 22 46
Changes in operating assets and liabilities:    
Tenant receivables 810 (1,558)
Deferred assets (2,778) (2,921)
Other assets 5 117
Accounts payable and accrued expenses 862 3,620
Security deposits and other 45 (536)
Accrued management fees due to related party   295
Net cash provided by operating activities 33,076 23,868
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (115,545) (76,057)
Escrow deposits for purchase of properties 1,020 500
Loan repayments from (made to) related parties (162) (61)
Capital expenditures on existing real estate investments (1,284) (341)
Net cash used in investing activities (115,971) (75,959)
Financing activities    
Net proceeds received from common equity offerings 194,455 13,605
Escrow deposits required by third party lenders (1,734) (385)
Repayments of notes payable (446) (113)
Proceeds from Credit Facility 133,100 88,700
Repayment of Credit Facility (207,200) (20,850)
Payment of debt issuance costs (6,177) (128)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (24,575) (19,675)
Dividends paid to preferred stockholders (2,911) (2,911)
Net cash provided by financing activities 84,512 58,243
Net increase in cash and cash equivalents and restricted cash 1,617 6,152
Cash and cash equivalents and restricted cash-beginning of period 10,753 7,185
Cash and cash equivalents and restricted cash-end of period 12,370 13,337
Supplemental cash flow information:    
Cash payments for interest 9,182 7,916
Noncash financing and investing activities:    
Accrued dividends payable 15,251 11,281
Interest rate swap agreements fair value change recognized in other comprehensive loss (4,435) 14,980
LTIP Units and OP Units redeemed for common stock 751 15,475
CMBS loan assumed in connection with a facility acquisition   12,074
Accrued common stock offering costs $ 22 $ 70