Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 2,173 $ 4,286
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 10,494 9,402
Amortization of acquired lease intangible assets 4,373 3,755
Amortization of above market leases, net 291 199
Amortization of debt issuance costs and other 601 515
Stock-based compensation expense 688 1,287
Capitalized preacquisition and other costs charged to expense 15 153
Gain on sale of investment property (485)  
Other   29
Changes in operating assets and liabilities:    
Tenant receivables 638 (407)
Deferred assets (811) (1,297)
Other assets and liabilities (210) (532)
Accounts payable and accrued expenses (1,223) (1,030)
Security deposits (773) 76
Net cash provided by operating activities 15,771 16,436
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities   (24,468)
Net proceeds from sale of investment property 4,175  
Escrow deposits for purchase of properties (153) (1,284)
Advances made to related parties (121) (288)
Capital expenditures on existing real estate investments (809) (556)
Net cash used in investing activities 3,092 (26,596)
Financing activities    
Net proceeds received from common equity offerings   8,210
Escrow deposits required by third party lenders (639) (456)
Repayment of notes payable (344) (282)
Proceeds from Credit Facility 12,600 14,100
Repayment of Credit Facility (14,800)  
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (14,699) (14,526)
Dividends paid to preferred stockholders (1,455) (1,455)
Net cash provided by financing activities (19,337) 5,591
Net (decrease) increase in cash and cash equivalents and restricted cash (474) (4,569)
Cash and cash equivalents and restricted cash-beginning of period 14,455 12,759
Cash and cash equivalents and restricted cash-end of period 13,981 8,190
Supplemental cash flow information:    
Cash payments for interest 8,139 4,258
Noncash financing and investing activities:    
Accrued dividends payable 15,854 15,823
Interest rate swap agreements fair value change recognized in other comprehensive income 7,264 (17,393)
OP Units and LTIP Units redeemed for common stock 122 682
Accrued capital expenditures included in accounts payable and accrued expenses $ 778 $ 1,841