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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income (loss) $ 13,807 $ (17,096) $ (15,267)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 92,891 95,312 70,642
Straight line rent adjustment (1,944) (3,682) (3,700)
Intangible amortization in rental revenue, net (2,221) (3,151) (2,096)
Loss on extinguishment of debt 72 2,176 523
Amortization of debt related costs 2,184 2,163 1,605
Appreciation (depreciation) of warrants (1,760) 5,121
Stock based compensation 2,966 2,603 1,559
(Earnings) loss in investment of unconsolidated joint venture 147 850
Gain on sale of real estate (22,646) (1,775)
Changes in operating assets and liabilities:      
Other assets (3,091) (915) (3,883)
Deferred leasing costs (6,394) (5,668) (5,564)
Accounts payable, accrued expenses and other liabilities 6,248 2,099 9,925
Net cash provided by operating activities 81,872 72,228 57,940
Investing activities      
Acquisition of real estate properties (197,085) (337,030)
Real estate improvements (34,751) (55,494) (25,308)
Proceeds from sale of real estate, net 34,672 222 6,258
Net cash used in investing activities (79) (252,357) (356,080)
Financing activities      
Proceeds from issuance of common stock, net 49,465 58,179 212,033
Repayment of secured debt (123,264) (21,186) (17,392)
Proceeds from issuance of unsecured debt 150,000 200,000
Proceeds from line of credit facility 149,400 213,000 139,000
Repayment of line of credit facility (71,500) (173,500) (191,000)
Repurchase of Series A Preferred Stock (43) (1,728) (12)
Redemption of Series A Preferred Stock (48,843)
Redemption of Series B Preferred Stock (15,000)
Debt issuance costs (83) (1,826) (1,692)
Dividends and distributions paid (41,934) (39,971) (31,477)
Net cash (used in) provided by financing activities (86,802) 167,968 309,460
Net (decrease) increase in cash, cash held in escrow, and restricted cash (5,009) (12,161) 11,320
Cash, cash held in escrow, and restricted cash at beginning of period 31,213 43,374 32,054
Cash, cash held in escrow, and restricted cash at end of period 26,204 31,213 43,374
Supplemental Cash Flow Disclosures:      
Cash paid for interest 36,212 28,931 18,172
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 10,216 9,426 8,286
Distribution payable to non-controlling interest holder 110 108 103
Series B accretion to redemption value 4,621 7,228
Real estate improvements included in accounts payable, accrued expenses and other liabilities 1,868 6,997 1,377
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities 575 483 91
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

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