Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 8,119 $ 7,487
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 19,300 16,140
Amortization of acquired lease intangible assets 7,871 6,097
Amortization of above market leases, net 514 145
Amortization of debt issuance costs and other 1,029 930
Stock-based compensation expense 2,576 3,327
Capitalized preacquisition and other costs charged to expense 190 84
Reserve for uncollectible accounts   (100)
Other 45 22
Changes in operating assets and liabilities:    
Tenant receivables (119) 810
Deferred assets (2,314) (2,778)
Other assets and liabilities 323 5
Accounts payable and accrued expenses 1,621 862
Security deposits 764 45
Net cash provided by operating activities 39,919 33,076
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (99,917) (115,545)
Escrow deposits for purchase of properties (794) 1,020
Advances made to related parties (174) (162)
Capital expenditures on existing real estate investments (1,509) (1,284)
Net cash used in investing activities (102,394) (115,971)
Financing activities    
Net proceeds received from common equity offerings 9,979 194,455
Escrow deposits required by third party lenders (957) (1,734)
Repayment of notes payable (552) (446)
Proceeds from Credit Facility 92,500 133,100
Repayment of Credit Facility (5,000) (207,200)
Payment of debt issuance costs (7) (6,177)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (29,136) (24,575)
Dividends paid to preferred stockholders (2,911) (2,911)
Net cash provided by financing activities 63,916 84,512
Net (decrease) increase in cash and cash equivalents and restricted cash 1,441 1,617
Cash and cash equivalents and restricted cash-beginning of period 12,759 10,753
Cash and cash equivalents and restricted cash-end of period 14,200 12,370
Supplemental cash flow information:    
Cash payments for interest 9,046 9,182
Noncash financing and investing activities:    
Accrued dividends payable 15,926 15,251
Interest rate swap agreements fair value change recognized in other comprehensive income (23,163) (4,435)
OP Units and LTIP Units redeemed for common stock 682 751
Accrued common stock offering costs   22
Accrued capital expenditures included in accounts payable and accrued expenses $ 1,697 $ 574