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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income $ 13,837 $ 6,163
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,473 16,319
Other amortization (21) 412
Stock-based compensation 3,358 2,751
Straight-line rent receivable (2,518) (1,353)
Loss on sale of real estate 313 0
Deferred income tax expense 40 9
Changes in operating assets and liabilities:    
Other assets 137 (1,889)
Accounts payable and accrued liabilities 1,420 723
Other liabilities 764 52
Net cash provided by operating activities 35,803 23,187
INVESTING ACTIVITIES    
Acquisitions of real estate (58,945) (115,624)
Proceeds from sale of real estate 248 0
Net funding of notes receivable (1,902) 0
Proceeds from the repayment of notes receivable 7,760 752
Capital expenditures on existing real estate properties (4,706) (3,461)
Net cash used in investing activities (57,545) (118,333)
FINANCING ACTIVITIES    
Net repayments on revolving credit facility (15,000) (6,750)
Term loan borrowings 0 75,000
Mortgage note repayments (80) (77)
Dividends paid (28,040) (23,499)
Proceeds from issuance of common stock 75,516 51,640
Equity issuance costs (179) (308)
Debt issuance costs 0 (1,304)
Net cash provided by financing activities 32,217 94,702
Increase in cash and cash equivalents and restricted cash 10,475 (444)
Cash and cash equivalents and restricted cash, beginning of period 2,023 2,392
Cash and cash equivalents and restricted cash, end of period 12,498 1,948
Supplemental Cash Flow Information:    
Interest paid 6,223 6,380
Invoices accrued for construction, tenant improvement and other capitalized costs 663 270
Reclassification between accounts and notes receivable 0 45
Reclassification of registration statement costs incurred in prior year to equity issuance costs 150 321
Decrease in fair value of cash flow hedges (10,292) (7,305)
Income taxes paid $ 40 $ 0