v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net Income $ 8,925 $ 4,354
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Stock-Based Compensation 921 1,004
Loss on Sale of Real Estate 60 0
Depreciation and Amortization Expense 5,483 3,137
Amortization of Debt Issuance Costs 20 0
Non-Cash Financing Expense 14 0
Changes in Assets and Liabilities, Net of Acquisitions:    
Prepaid Expenses and Other Assets (459) (55)
Accounts Payable and Accrued Expenses 1,315 (1,691)
Security Deposits Payable 1,088 2,179
Interest Reserve (1,838) 0
Rent Received in Advance 199 913
Net Cash Provided by Operating Activities 15,728 9,841
Cash Flows from Investing Activities:    
Cash Acquired from Merger Transaction 0 64,355
Payment of Merger Related Transaction Costs 0 (2,144)
Reimbursements of Tenant Improvements (38,792) (6,719)
Investment in Loans Receivable (5,000) 0
Acquisition of Real Estate (35,421) (44,648)
Disposition of Real Estate 761 0
Net Cash (Used in) Provided by Investing Activities (78,452) 10,844
Cash Flows from Financing Activities:    
Proceeds from Issuance of Common Stock, Net of Offering Costs 0 39,579
Preferred Stock Dividends Paid 0 (4)
Common Stock Dividends Paid (13,612) (3,060)
Restricted Stock Units Dividend Equivalents Paid (89) (38)
Distributions to OP Unit Holders (270) (124)
Redemption of Series A Preferred Stock 0 (125)
Borrowings from revolving credit facility 1,000 0
Payment of Loan Payable (1,800) 0
Net Cash (Used in) Provided by Financing Activities (14,771) 36,228
Net Increase (Decrease) in Cash and Cash Equivalents (77,495) 56,913
Cash and Cash Equivalents - Beginning of Period 127,097 19,617
Cash and Cash Equivalents - End of Period 49,602 76,530
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Accrual for Dividends and Distributions Payable 7,650 4,277
Accrual for Reimbursements of Tenant Improvements 0 807
Real Estate Assets, In-Place Leases, Other Assets and Liabilities Acquired through the Issuance of Common Stock and Warrants 0 103,319
Issuance of 88,200 OP Units for Property Acquisition 0 2,205
Operating lease liability for obtaining right of use asset $ 271 $ 0

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