v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash Flows from Operating Activities:          
Net Income $ 6,066 $ 6,623 $ 17,935 $ 15,547  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:          
Stock-Based Compensation     1,060 1,201  
Loss on Sale of Real Estate 0 0 0 60  
Depreciation and Amortization Expense     10,698 9,113  
Amortization of Debt Issuance Costs     201 72  
Amortization of Debt Discount     10 20  
Non-Cash Application of Security Deposit     (945) 0  
Changes in Assets and Liabilities          
Other Assets     22 (1,618)  
Accounts Payable and Accrued Expenses     (659) 577  
Security Deposits     510 1,263  
Interest Reserve     0 (2,144)  
Rent Received in Advance     (468) (567)  
Other Liabilities     (761) 0  
Net Cash Provided by Operating Activities     27,603 23,524  
Cash Flows from Investing Activities:          
Funding of Tenant Improvements     (5,609) (43,518) $ (45,245)
Investment in Loans Receivable     0 (5,000)  
Acquisition of Real Estate     (350) (35,419)  
Disposition of Real Estate     0 761  
Net Cash Used in Investing Activities     (5,959) (83,176)  
Cash Flows from Financing Activities:          
Repurchase of Common Stock     (9,254) 0  
Common Stock Dividends Paid     (24,987) (21,074)  
Restricted Stock Units Dividend Equivalents Paid     (65) (147)  
Distributions to OP Unit Holders     (437) (401)  
Borrowings from Revolving Credit Facility     0 1,000  
Principal Repayment on Loan Payable     (1,000) (1,800)  
Deferred Financing Costs     (28) 0  
Net Cash Used in Financing Activities     (35,771) (22,422)  
Net (Decrease) in Cash and Cash Equivalents     (14,127) (82,074)  
Cash and Cash Equivalents - Beginning of Period     45,192 127,097 127,097
Cash and Cash Equivalents - End of Period 31,065 45,023 31,065 45,023 45,192
Supplemental Disclosure of Cash Flow Information:          
Interest Paid     123 15  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Dividends and Distributions Declared, Not Paid $ 8,231 $ 8,064 8,231 8,064 $ 8,512
Conversion of Mortgage Loan Receivable to Real Estate     0 30,000  
Operating lease liability for obtaining right of use asset     $ 0 $ 277  

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