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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 362 $ 16,350
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 20,240 20,962
Amortization of acquired lease intangible assets 7,629 8,679
Amortization of above market leases, net 500 578
Amortization of debt issuance costs and other 1,125 1,202
Stock-based compensation expense 2,552 1,835
Capitalized preacquisition and other costs charged to expense 82 76
Reserve for uncollectible accounts 822  
Loss (gain) on sale of investment properties 3,383 (13,271)
Other 202 121
Changes in operating assets and liabilities:    
Tenant receivables (2,133) 659
Deferred assets (1,265) (1,731)
Other assets and liabilities (291) (224)
Accounts payable and accrued expenses (272) (339)
Security deposits 285 (1,248)
Net cash provided by operating activities 33,221 33,649
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities   (442)
Net proceeds from sale of investment property 7,537 68,403
Escrow deposits for purchase of properties (500)  
Advances made to related parties (217) (191)
Capital expenditures on existing real estate investments (5,206) (2,333)
Leasing commissions (2,545) (371)
Net cash used in investing activities (931) 65,066
Financing activities    
Escrow deposits required by third party lenders 248 (902)
Repayment of notes payable (11,287) (628)
Proceeds from Credit Facility 38,500 24,600
Repayment of Credit Facility (25,900) (94,157)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (29,846) (29,387)
Dividends paid to preferred stockholders (2,911) (2,911)
Net cash provided by financing activities (31,196) (103,385)
Net (decrease) increase in cash and cash equivalents and restricted cash 1,094 (4,670)
Cash and cash equivalents and restricted cash-beginning of period 6,724 14,455
Cash and cash equivalents and restricted cash-end of period 7,818 9,785
Supplemental cash flow information:    
Cash payments for interest 12,583 16,286
Noncash financing and investing activities:    
Accrued dividends payable 16,280 16,048
Interest rate swap agreements fair value change recognized in other comprehensive income 2,547 1,185
OP Units and LTIP Units redeemed for common stock 209 427
Accrued capital expenditures included in accounts payable and accrued expenses $ 1,442 2,912
OP Units issued for property acquisitions   5,482
Proceeds from sale of an investment property held in escrow   990
Recognition of lease liability related to right of use asset   $ 4,634