XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 1,481 $ 1,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,949 10,980
Amortization of deferred financing costs 308 157
Amortization of above/below-market assumed debt 29 0
Noncash revenue adjustments (509) (807)
Stock-based compensation expense 1,027 1,045
(Gain) loss on sales of real estate, net 319 (161)
Gain on involuntary conversion of buildings and improvements (12) 0
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Other assets, net (1,845) (1,484)
Accounts payable, accrued expenses and other liabilities (441) (2,742)
Lease incentive payments (500) 0
Net cash provided by operating activities 14,806 8,954
Cash flows from investing activities    
Acquisitions of real estate (67,717) (89,973)
Real estate development and improvements (2,480) (4,378)
Investment in mortgage loans receivable (45,917) (40,426)
Earnest money deposits (1,773) (630)
Purchase of computer equipment and other corporate assets 0 (595)
Proceeds from sale of real estate 15,463 2,294
Proceeds from the settlement of property-related insurance claims 12 0
Net cash used in investing activities (102,412) (133,708)
Cash flows from financing activities    
Issuance of common stock in public offerings, net 52,903 75,497
Payment of common stock dividends (11,650) (8,888)
Payment of OP unit distributions (101) (109)
Payment of restricted stock dividends (92) (106)
Principal payments on mortgages payable (26) 0
Proceeds under property development incentives 0 375
Proceeds under revolving credit facilities 99,000 128,000
Repayments under revolving credit facilities (116,000) (72,000)
Repurchase of common stock for tax withholding obligations (360) (363)
Deferred offering costs (15) (568)
Net cash provided by financing activities 23,659 121,838
Net change in cash, cash equivalents and restricted cash (63,947) (2,916)
Cash, cash equivalents and restricted cash at beginning of the period 70,543 7,603
Cash, cash equivalents and restricted cash at end of the period 6,596 4,687
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,641 1,108
Supplemental disclosures of non-cash investing and financing activities:    
Dividends declared and unpaid on restricted stock 122 128
Cash flow hedge change in fair value (5,979) 6,211
Accrued capital expenditures and real estate development and improvement costs $ 2,516 $ 1,418