Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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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 $ 15,547 $ 7,133
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Stock-Based Compensation 1,201 1,820
Loss on Sale of Real Estate 60 0
Depreciation and Amortization Expense 9,113 5,601
Amortization of debt issuance costs 72 0
Non-cash financing expense 20 0
Changes in Assets and Liabilities    
Prepaid Expenses and Other Assets (1,618) 232
Accounts Payable and Accrued Expenses 577 (1,814)
Security Deposits Payable 1,263 2,179
Interest Reserve (2,144) 0
Rent Received in Advance (567) 623
Net Cash Provided by Operating Activities 23,524 15,774
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 (43,518) (8,449)
Investment in Loans Receivable (5,000) 0
Acquisition of Real Estate (35,419) (44,650)
Disposition of Real Estate 761 0
Net Cash (Used in) Provided by Investing Activities (83,176) 9,112
Cash Flows from Financing Activities:    
Proceeds from Issuance of Common Stock, Net of Offering Costs 0 133,085
Preferred Stock Dividends Paid 0 (4)
Common Stock Dividends Paid (21,074) (9,298)
Restricted Stock Units Dividend Equivalents Paid (147) (84)
Distributions to OP Unit Holders (401) (266)
Redemption of Preferred Stock 0 (125)
Borrowings from revolving line of credit 1,000 0
Payment of Loan Payable (1,800) 0
Net Cash (Used in) Provided by Financing Activities (22,422) 123,308
Net Increase (Decrease) in Cash and Cash Equivalents (82,074) 148,194
Cash and Cash Equivalents - Beginning of Period 127,097 19,617
Cash and Cash Equivalents - End of Period 45,023 167,811
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Accrual for Dividends and Distributions Payable 8,064 268
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 277 0
Conversion of Mortgage Loan Receivable to Real Estate $ 30,000 $ 0