Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 18,148 $ 12,855
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 29,428 24,779
Amortization of acquired lease intangible assets 12,136 9,378
Amortization of above market leases, net 735 318
Amortization of debt issuance costs and other 1,600 1,468
Stock-based compensation expense 3,615 4,568
Capitalized preacquisition and other costs charged to expense 344 123
Reserve for uncollectible accounts   (100)
Gain on sale of investment property (6,753)  
Other 68 38
Changes in operating assets and liabilities:    
Tenant receivables (1,312) 570
Deferred assets (3,390) (4,150)
Other assets and liabilities (810) (1,379)
Accounts payable and accrued expenses 3,560 2,956
Security deposits 864 260
Net cash provided by operating activities 58,233 51,684
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (150,592) (165,743)
Net proceeds from sale of investment property 17,889  
Escrow deposits for purchase of properties (302) 795
Advances made to related parties (174) (172)
Payment received on loan made to a tenant 1,000  
Capital expenditures on existing real estate investments (3,663) (1,620)
Net cash used in investing activities (135,842) (166,740)
Financing activities    
Net proceeds received from common equity offerings 9,979 194,433
Escrow deposits required by third party lenders (1,401) (1,948)
Repayment of notes payable (873) (7,731)
Proceeds from Credit Facility 127,100 187,700
Repayment of Credit Facility (5,000) (207,200)
Payment of debt issuance costs (3,215) (6,177)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (43,779) (38,539)
Dividends paid to preferred stockholders (4,366) (4,366)
Net cash provided by financing activities 78,445 116,172
Net (decrease) increase in cash and cash equivalents and restricted cash 836 1,116
Cash and cash equivalents and restricted cash-beginning of period 12,759 10,753
Cash and cash equivalents and restricted cash-end of period 13,595 11,869
Supplemental cash flow information:    
Cash payments for interest 15,252 13,307
Noncash financing and investing activities:    
Accrued dividends payable 15,777 15,309
Interest rate swap agreements fair value change recognized in other comprehensive income (43,519) (6,273)
OP Units and LTIP Units redeemed for common stock 682 919
Accrued capital expenditures included in accounts payable and accrued expenses 1,193 909
Recognition of lease liability related to right of use asset   $ 511
Loan assumed in connection with a facility acquisition $ 1,513