v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (17,096) $ (15,267) $ (14,462)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 95,312 70,642 56,428
Straight line rent adjustment (3,682) (3,700) (1,963)
Intangible amortization in rental revenue, net (3,151) (2,096) (2,075)
Loss on extinguishment of debt 2,176 523
Amortization of debt related costs 2,163 1,605 1,467
Appreciation (depreciation) of warrants (1,760) 5,121 103
Impairment on real estate lease 311
Stock based compensation 2,603 1,559 1,439
(Earnings) loss in investment of unconsolidated joint venture 147 850 19
Gain on sale of real estate (1,775)
Changes in operating assets and liabilities:      
Other assets (915) (3,883) (9,614)
Deferred leasing costs (5,668) (5,564) (2,238)
Accounts payable, accrued expenses and other liabilities 2,099 9,925 12,330
Net cash provided by operating activities 72,228 57,940 41,745
Investing activities      
Acquisition of real estate properties (197,085) (337,030) (246,353)
Real estate improvements (55,494) (25,308) (6,063)
Proceeds from sale of real estate, net 222 6,258
Contribution to and investments in unconsolidated joint venture (6,702)
Net cash used in investing activities (252,357) (356,080) (259,118)
Financing activities      
Proceeds from issuance of common stock, net 58,179 212,033 135,155
Proceeds from issuance of secured debt 96,000
Proceeds from issuance of unsecured debt 150,000 200,000 100,000
Repayment of secured debt (21,186) (17,392) (86,166)
Proceeds from line of credit facility 213,000 139,000 131,500
Repayment of line of credit facility (173,500) (191,000) (120,400)
Repurchase of Series A Preferred Stock (1,728) (12) (416)
Redemption of Series B Preferred Stock (15,000)
Debt issuance costs (1,826) (1,692) (2,935)
Dividends and distributions paid (39,971) (31,477) (25,709)
Net cash provided by financing activities 167,968 309,460 227,029
Net (decrease) increase in cash, cash held in escrow, and restricted cash (12,161) 11,320 9,656
Cash, cash held in escrow, and restricted cash at beginning of period 43,374 32,054 22,398
Cash, cash held in escrow, and restricted cash at end of period 31,213 43,374 32,054
Supplemental Cash Flow Disclosures:      
Cash paid for interest 28,931 18,172 17,316
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture 2,895
Supplemental Non-cash Financing and Investing Activities:      
Dividends declared included in dividends payable 9,426 8,286 5,725
Distribution payable to non-controlling interest holder 108 103 121
Series B accretion to redemption value 4,621 7,228 7,416
Real estate improvements included in accounts payable, accrued expenses and other liabilities 6,997 1,377 685
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities 483 91 342
New financing lease 2,207
Assumption of secured debt 39,620
Conversion of common stock warrants 3,758
Conversion of Series B Preferred Stock 84,058
Consolidation of net book value of investment in joint venture 5,686
Assumption of other assets upon consolidation of investment in joint venture 638
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture 1,955
Assumption of secured debt upon consolidation of investment in joint venture $ 56,000

Source

PDF HTML
ZIP XBRL