Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 4,286 $ 3,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 9,402 7,848
Amortization of acquired lease intangible assets 3,755 2,984
Amortization of above market leases, net 199 60
Amortization of debt issuance costs and other 515 425
Stock-based compensation expense 1,287 1,715
Capitalized preacquisition and other costs charged to expense 153 24
Other 29 10
Changes in operating assets and liabilities:    
Tenant receivables (407) 11
Deferred assets (1,297) (1,404)
Other assets and liabilities (532) 551
Accounts payable and accrued expenses (1,030) (287)
Security deposits 76 27
Net cash provided by operating activities 16,436 15,287
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (24,468) (43,348)
Escrow deposits for purchase of properties (1,284) 300
Advances made to related parties (288) (127)
Capital expenditures on existing real estate investments (556) (397)
Net cash used in investing activities (26,596) (43,572)
Financing activities    
Net proceeds received from common equity offerings 8,210 144,312
Escrow deposits required by third party lenders (456) (646)
Repayment of notes payable (282) (190)
Proceeds from Credit Facility 14,100 50,100
Repayment of Credit Facility   (151,800)
Payment of debt issuance costs   (74)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (14,526) (11,315)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities 5,591 28,932
Net (decrease) increase in cash and cash equivalents and restricted cash (4,569) 647
Cash and cash equivalents and restricted cash-beginning of period 12,759 10,753
Cash and cash equivalents and restricted cash-end of period 8,190 11,400
Supplemental cash flow information:    
Cash payments for interest 4,258 4,602
Noncash financing and investing activities:    
Accrued dividends payable 15,823 14,482
Interest rate swap agreements fair value change recognized in other comprehensive income (17,393) (3,631)
OP Units and LTIP Units redeemed for common stock 682  
Accrued common stock offering costs   220
Accrued capital expenditures included in accounts payable and accrued expenses $ 1,841 $ 244