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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 3,036 $ 1,624
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 7,744 5,548
Amortization of in-place intangibles 5,222 4,583
Write-off and amortization of deferred financing costs 440 585
Amortization of above/below market leases (1,609) (1,174)
Amortization of intangible liability (67) (13)
Equity based compensation 3,712 2,752
Loss on early extinguishment of debt 0 202
Deferred rent receivable (430) (291)
Deferred rent expense payable 7 10
Other 35 47
Changes in assets and liabilities:    
Rent and other receivables (396) (678)
Prepaid expenses and other assets 542 (617)
Accounts payable, accrued expenses and other 334 869
Net cash provided by operating activities 18,570 13,447
Cash flows from investing activities:    
Acquisition of real estate (96,421) (60,748)
Investment in financing leases (10) 0
Repayment of financing lease 0 4
Escrows for acquisition and construction deposits (471) (512)
Capital improvements (2,930) (1,069)
Insurance proceeds related to property damage claims 557 977
Other investing activities (718) (274)
Net cash used in investing activities (99,993) (61,622)
Cash flows from financing activities:    
Repayments of secured borrowings (96) (13,840)
Proceeds from term loan 75,000 50,000
Proceeds from revolving credit facility 105,000 101,000
Repayments of revolving credit facility (87,000) (134,500)
Repayments from other financing activity 0 (53)
Net proceeds from issuance of shares 3,507 59,865
Deferred offering costs (199) 0
Debt issuance costs (623) (1,296)
Proceeds from issuance of ESPP shares 185 126
Shares withheld for payment of taxes on restricted share vesting (383) (242)
Distributions and dividends (15,970) (11,080)
Other financing activities (116) (150)
Net cash provided by financing activities 79,305 49,830
Net increase (decrease) in Cash and Escrows and Reserves (2,118) 1,655
Cash and Escrows and Reserves at the beginning of period 7,026 3,271
Cash and Escrow and Reserves at the end of period 4,908 4,926
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Unrealized gain on interest rate swaps, net 8,366 0
OP Units issued for property acquisitions 8,487 9,031
OP Units issued for business acquisition 1,451 0
Reallocation of non-controlling interest 1,719 1,219
Reclassification of acquisition costs included in prepaid expenses and other assets 696 792
Accrued capital expenditures included in accounts payable and accrued expenses 445 336
Write-off of fixed assets no longer in service 208 4
Accrued costs of capital included in accounts payable and accrued expenses 0 14
Right of use assets $ 39 $ 1,131