v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income (loss) $ 4,430 $ (13,560)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 70,098 71,759
Straight line rent adjustment (1,833) (3,045)
Intangible amortization in rental revenue, net (1,820) (2,632)
Loss on extinguishment of debt 72 2,176
Amortization of debt related costs 1,708 1,597
Appreciation (depreciation) of warrants (1,760)
Stock based compensation 2,128 1,498
(Earnings) loss in investment of unconsolidated joint venture 147
Gain on sale of real estate (12,112)
Changes in operating assets and liabilities:    
Other assets 588 1,160
Deferred leasing costs (4,400) (4,316)
Accounts payable, accrued expenses and other liabilities 4,400 5,828
Net cash provided by operating activities 63,259 58,852
Investing activities    
Acquisition of real estate properties (197,085)
Real estate improvements (26,542) (39,687)
Proceeds from sale of real estate, net 18,231 222
Net cash used in investing activities (8,311) (236,550)
Financing activities    
Proceeds from issuance of common stock, net 49,499 58,319
Repayment of secured debt (12,352) (19,621)
Proceeds from issuance of unsecured debt 150,000
Proceeds from line of credit facility 27,500 203,000
Repayment of line of credit facility (40,000) (173,500)
Repurchase of Series A Preferred Stock (43) (1,304)
Redemption of Series A Preferred Stock (48,824)
Redemption of Series B Preferred Stock (15,000)
Debt issuance costs (27) (1,798)
Dividends and distributions paid (31,642) (29,519)
Net cash (used in) provided by financing activities (55,889) 170,577
Net increase (decrease) in cash, cash held in escrow, and restricted cash (941) (7,121)
Cash, cash held in escrow, and restricted cash at beginning of period 31,213 43,374
Cash, cash held in escrow, and restricted cash at end of period 30,272 36,253
Supplemental Cash Flow Disclosures:    
Cash paid for interest 27,450 20,645
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 10,205 9,427
Distribution payable to non-controlling interest holder 110 108
Series B accretion to redemption value 4,621
Real estate improvements included in accounts payable, accrued expenses and other liabilities 3,981 5,261
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities 1,605 634
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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