Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 6,692 $ 21,734 $ 19,996
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 40,427 41,266 40,008
Amortization of acquired lease intangible assets 14,486 16,691 16,627
Amortization of above market leases, net 1,171 1,052 1,027
Amortization of debt issuance costs and other 2,243 2,376 2,201
Stock-based compensation expense 5,102 4,242 4,681
Capitalized preacquisition and other costs charged to expense 242 177 472
Reserve for uncollectible accounts 822 852  
Gain on sale of investment properties (4,205) (15,560) (6,753)
Impairment of investment property 1,696 0 0
Equity loss from unconsolidated joint venture 20 0 0
Loss on extinguishment of debt   868  
Other 136 433 21
Changes in operating assets and liabilities:      
Tenant receivables (1,484) 426 (2,970)
Deferred assets (1,913) (2,863) (4,339)
Other assets and liabilities 1,992 542 586
Accounts payable and accrued expenses 2,983 (2,023) 4,063
Security deposits (364) (1,773) 921
Net cash provided by operating activities 70,046 68,440 76,541
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (81,674) (442) (150,927)
Net proceeds from sale of investment property 57,368 78,919 17,889
Investment in unconsolidated joint venture (2,086)    
Escrow deposits for purchase of properties (290)   98
Advances made to related parties (77) 7 (38)
Payment received on loan made to a tenant     1,000
Capital expenditures on existing real estate investments (13,445) (9,604) (5,274)
Leasing commissions (5,738) (1,264)  
Net cash used in investing activities (45,942) 67,616 (137,252)
Financing activities      
Net proceeds received from common equity offerings 10,896   9,896
Escrow deposits required by third party lenders 252 7,160 (1,974)
Repayment of notes payable (11,544) (1,262) (1,158)
Payment for CMBS loan defeasance   (31,525)  
Proceeds from Credit Facility 143,800 83,100 138,600
Repayment of Credit Facility (99,600) (136,400) (15,500)
Payment of debt issuance costs   (13) (3,215)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (59,868) (59,025) (58,420)
Dividends paid to preferred stockholders (5,822) (5,822) (5,822)
Net cash provided by financing activities (21,886) (143,787) 62,407
Net (decrease) increase in cash and cash equivalents and restricted cash 2,218 (7,731) 1,696
Cash and cash equivalents and restricted cash-beginning of period 6,724 14,455 12,759
Cash and cash equivalents and restricted cash-end of period 8,942 6,724 14,455
Supplemental cash flow information:      
Cash payments for interest 26,572 30,149 21,619
Noncash financing and investing activities:      
Accrued dividends payable 16,520 16,134 15,821
Interest rate swap agreements fair value change recognized in other comprehensive income 6,512 9,549 (41,310)
OP Units and LTIP Units redeemed for common stock 910 427 682
Accrued capital expenditures and leasing commissions included in accounts payable and accrued expenses $ 2,426 2,230 1,365
OP Units issued for property acquisitions   5,482  
Loan assumed in connection with a facility acquisition     $ 1,513
Recognition of lease liability related to right of use asset   4,634  
Write off of unamortized debt issuance costs from loan defeasance   $ 240