Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 1,738 $ 1,125
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,338 17,154
Impairment charge 230 0
Amortization of deferred financing costs 1,090 878
Amortization of deferred rent asset and liability, net (215) (270)
Amortization of discount and premium on assumed debt (116) (154)
Asset retirement obligation expense 73 76
Decrease (increase) in other assets 196 (538)
Increase in deferred rent receivable (1,959) (1,843)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (655) 1,021
Decrease in other liabilities (402) (683)
Leasing commissions paid (486) (291)
Net cash provided by operating activities 17,832 16,475
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (17,000) (58,248)
Improvements of existing real estate (2,654) (3,072)
Proceeds from sale of real estate 200 0
Issuance of mortgage note receivable 0 (300)
Collection of mortgage note receivable 5,900 0
Receipts from lenders for funds held in escrow 2,719 642
Payments to lenders for funds held in escrow (1,107) (1,924)
Receipts from tenants for reserves 1,840 2,037
Payments to tenants from reserves (1,505) (1,308)
Decrease (increase) in restricted cash 303 (800)
Deposits on future acquisitions (500) (1,600)
Deposits applied against acquisition of real estate investments 500 1,400
Net cash used in investing activities (11,304) (63,173)
Cash flows from financing activities:    
Proceeds from issuance of equity 37,669 30,363
Offering costs paid (1,247) (742)
Retirement of senior common stock (178) 0
Redemption of Series C mandatorily redeemable preferred stock (25,000) 0
Borrowings under mortgage notes payable 37,905 51,819
Payments for deferred financing costs (690) (883)
Principal repayments on mortgage notes payable (51,977) (23,625)
Principal repayments on employee notes receivable 0 375
Borrowings from line of credit 71,000 56,400
Repayments on line of credit (55,500) (54,500)
Increase in security deposits 97 108
Distributions paid for common, senior common and preferred stock (19,766) (17,919)
Net cash (used in) provided by financing activities (7,687) 41,396
Net decrease in cash and cash equivalents (1,159) (5,302)
Cash and cash equivalents, beginning of period 5,152 8,599
Cash and cash equivalents, end of period 3,993 3,297
NON-CASH INVESTING AND FINANCING INFORMATION    
Increase in asset retirement obligation assumed in acquisition 0 56
Senior common dividend issued in the dividend reinvestment program 0 52
Capital improvements included in accounts payable and accrued expenses $ 2,461 $ 2,922