| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||
Net income | ||||||
8,376 | 4,403 | 3,510 | 2,721 | -1,456 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
22,225 | 19,539 | 17,732 | 13,383 | 5,320 | ||
Depreciation and amortization | ||||||
527 | 629 | 421 | - | - | ||
Stock-based compensation | ||||||
3,836 | 2,852 | 1,474 | 674 | 166 | ||
Straight Line Rent | ||||||
2,052 | 1,212 | 1,303 | 606 | 133 | ||
Provision for bad debts, net of recoveries | ||||||
- | - | - | -155 | -71 | ||
Gain (Loss) on Sale of Properties | ||||||
0 | 295 | 0 | 0 | - | ||
Impairment of note receivable | ||||||
0 | 5,000 | 0 | 0 | - | ||
Reduction in contingent purchase price | ||||||
0 | 0 | -5 | -1,279 | 0 | ||
Deferred income tax expense | ||||||
1,430 | -1,547 | -478 | 0 | 0 | ||
Changes in operating assets and liabilities: | ||||||
Other assets | ||||||
1,761 | 2,162 | 1,023 | 1,956 | 1,811 | ||
Accounts payable and accrued liabilities | ||||||
-95 | -1,251 | 402 | 2,127 | 326 | ||
Other liabilities | ||||||
-124 | -1,515 | 1,397 | -290 | 488 | ||
Net cash provided by operating activities | ||||||
32,362 | 24,441 | 22,127 | 14,929 | 2,971 | ||
INVESTING ACTIVITIES | ||||||
Acquisitions of real estate | ||||||
150,001 | 45,185 | 133,505 | 103,206 | 128,950 | ||
Disposition of real estate | ||||||
0 | 3,176 | 0 | 0 | - | ||
Acquisition of note receivable | ||||||
0 | 2,201 | 13,750 | - | - | ||
Funding of notes receivable | ||||||
0 | 4,833 | 0 | 12,406 | 10,863 | ||
Funding of notes receivable | ||||||
- | - | - | 0 | - | ||
Proceeds from the repayment of notes receivable | ||||||
1,195 | 92 | 833 | 104 | 0 | ||
Capital expenditures on existing real estate properties | ||||||
4,372 | 4,557 | 1,132 | 1,579 | 827 | ||
Net cash used in investing activities | ||||||
-153,178 | -53,508 | -147,554 | -117,087 | -140,640 | ||
FINANCING ACTIVITIES | ||||||
Net borrowings (repayments) on revolving credit facility | ||||||
28,000 | 9,000 | 17,000 | 34,000 | 17,000 | ||
Term loan borrowings | ||||||
75,000 | 40,000 | 60,000 | 0 | 0 | ||
Mortgage note repayments | ||||||
103 | 0 | 0 | - | - | ||
Dividends paid | ||||||
31,947 | 29,375 | 24,432 | 17,783 | 3,928 | ||
Proceeds from issuance of common stock | ||||||
107,250 | 10,187 | 109,168 | 86,805 | 129,353 | ||
Equity issuance costs | ||||||
449 | 157 | 611 | 680 | 1,867 | ||
Debt issuance costs | ||||||
1,304 | 326 | 743 | 634 | 873 | ||
Settlement of contingent purchase price | ||||||
0 | 0 | 393 | 0 | 0 | ||
Net cash provided by financing activities | ||||||
120,447 | 29,329 | 125,989 | 101,708 | 139,685 | ||
Increase in cash and cash equivalents and restricted cash | ||||||
-369 | 262 | 562 | -450 | 2,016 | ||
Supplemental Cash Flow Information: | ||||||
Interest paid | ||||||
8,846 | 5,564 | 3,125 | 564 | 178 | ||
Invoices accrued for construction, tenant improvement and other capitalized costs | ||||||
385 | 71 | 209 | 28 | 52 | ||
Reclassification between accounts and notes receivable | ||||||
47 | 861 | 615 | 0 | 0 | ||
Reclassification of registration statement costs incurred in prior year to equity issuance costs | ||||||
322 | 147 | 0 | 0 | - | ||
Business Combination, Consideration Transferred, Liabilities Incurred | ||||||
- | - | - | 12,500 | 0 | ||
Decrease in fair value of cash flow hedges | ||||||
-5,472 | 182 | 144 | 0 | 0 | ||
Fair value of property received in foreclosure | ||||||
0 | 4,541 | 0 | 0 | - | ||
Notes, mortgage and interest receivable payments utilized to originate note receivable | ||||||
23,500 | 18,167 | 0 | 0 | - | ||
Interest accrued to notes receivable | ||||||
29 | 235 | 0 | 0 | - | ||
Assumption of mortgage note payable | ||||||
0 | 5,391 | 0 | 0 | - | ||