Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 853 $ 694
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,133 8,207
Impairment charge 43  
Amortization of deferred financing costs 471 431
Amortization of deferred rent asset and liability, net (102) (141)
Amortization of discount and premium on assumed debt (60) (77)
Asset retirement obligation expense 37 38
Decrease (increase) in other assets 290 (2)
Increase in deferred rent receivable (1,087) (856)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (121) 1,008
Decrease in other liabilities (303) (301)
Leasing commissions paid (372) (65)
Net cash provided by operating activities 8,782 8,936
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets   (28,348)
Improvements of existing real estate (1,685) (1,697)
Collection of mortgage note receivable 5,900  
Receipts from lenders for funds held in escrow 2,143 68
Payments to lenders for funds held in escrow (476) (801)
Receipts from tenants for reserves 763 795
Payments to tenants from reserves (738) (511)
Increase in restricted cash (85) (314)
Deposits on future acquisitions   (150)
Deposits applied against acquisition of real estate investments   250
Net cash provided by (used in) investing activities 5,822 (30,708)
Cash flows from financing activities:    
Proceeds from issuance of equity 2,800 18,135
Offering costs paid (52) (542)
Retirement of senior common stock (178)  
Borrowings under mortgage notes payable 18,475 14,573
Payments for deferred financing costs (380) (216)
Principal repayments on mortgage notes payable (23,534) (2,245)
Borrowings from line of credit 15,800 22,000
Repayments on line of credit (18,000) (24,000)
Increase in security deposits 59 30
Distributions paid for common, senior common and preferred stock (9,736) (8,802)
Net cash (used in) provided by financing activities (14,746) 18,933
Net decrease in cash and cash equivalents (142) (2,839)
Cash and cash equivalents, beginning of period 5,152 8,599
Cash and cash equivalents, end of period 5,010 5,760
NON-CASH INVESTING AND FINANCING INFORMATION    
Senior common dividend issued in the dividend reinvestment program   51
Capital improvements included in accounts payable and accrued expenses $ 2,829 4,402
Increase in asset retirement obligation assumed in acquisition   $ 21