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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 2,900 $ 1,133
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,168 26,758
Amortization of market-lease intangibles and inducements, net (576) (1,516)
Amortization of debt discounts and financing costs 575 854
Straight-line rent adjustments, net (906) (909)
Reversal of estimated credit losses (46) (305)
Equity in losses of unconsolidated entities 0 663
Stock-based compensation expense, net 2,191 1,967
Changes in operating assets and liabilities:    
Accounts and rents receivable 6,539 5,505
Deferred costs and other assets, net (4,749) (3,513)
Accounts payable and accrued expenses (17,311) (14,735)
Other liabilities (1,982) 123
Net cash provided by operating activities 14,803 16,025
Cash flows from investing activities:    
Purchase of investment properties (16,527) (129,635)
Capital expenditures and tenant improvements (4,872) (4,734)
Investment in development and redevelopment projects (1,230) (809)
Distributions from unconsolidated entities 0 79,255
Lease commissions and other leasing costs (991) (475)
Other investing activities, net (39) 38
Net cash used in investing activities (23,659) (56,360)
Cash flows from financing activities:    
Payment of tax withholdings for stock-based compensation (1,197) (556)
Distributions to shareholders (14,594) (13,837)
Line of credit proceeds 0 30,000
Line of credit repayments 0 (30,000)
Payoffs of debt 0 (13,700)
Principal payments on mortgage debt 0 (32)
Other financing activities 0 (11)
Net cash used in financing activities (15,791) (28,136)
Net decrease in cash, cash equivalents and restricted cash (24,647) (68,471)
Cash, cash equivalents and restricted cash at the beginning of the period 99,763 137,762
Cash, cash equivalents and restricted cash at the end of the period 75,116 69,291
Cash flow disclosure, including non-cash activities:    
Cash paid for interest, net of capitalized interest 12,713 11,343
Cash paid for income taxes 3 3
Previously held equity investments in real estate assets acquired 0 39,603
Distributions payable to shareholders 15,360 14,548
Accrued capital expenditures and tenant improvements 4,465 3,969
Capitalized costs placed in service 3,066 2,424
Gross issuance of shares for stock-based compensation 2,888 1,395
Purchase of investment properties:    
Net investment properties 25,286 181,039
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 4,477 49,322
Accounts payable and accrued expenses, lease intangibles, and other liabilities (646) (8,950)
Assumption of mortgage debt, at fair value (12,590) (91,776)
Cash outflow for purchase of investment properties, net 16,527 129,635
Assumption of mortgage principal 13,000 92,468
Capitalized acquisition costs (108) (78)
Credits and other changes in cash outflow, net 81 (425)
Gross acquisition price of investment properties $ 29,500 $ 221,600