Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 5,020 $ 1,738
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,845 18,338
Impairment charge 3,999 230
Gain on sale of real estate, net (3,992) 0
Amortization of deferred financing costs 854 1,090
Amortization of deferred rent asset and liability, net (412) (215)
Amortization of discount and premium on assumed debt (60) (116)
Gain on interest rate swap 179 0
Asset retirement obligation expense 65 73
Operating changes in assets and liabilities    
(Increase) decrease in other assets (1,794) 196
Increase in deferred rent receivable (1,549) (1,959)
Decrease in accounts payable, accrued expenses, and amount due Adviser and Administrator (837) (655)
Increase (decrease) in other liabilities 392 (402)
Tenant inducement payments (122)  
Leasing commissions paid (168) (486)
Net cash provided by operating activities 21,420 17,832
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (4,518) (17,000)
Improvements of existing real estate (6,796) (2,654)
Proceeds from sale of real estate 25,290 200
Collection of mortgage note receivable 0 5,900
Receipts from lenders for funds held in escrow 3,320 2,719
Payments to lenders for funds held in escrow (1,119) (1,107)
Receipts from tenants for reserves 1,349 1,840
Payments to tenants from reserves (1,255) (1,505)
Increase in restricted cash 253 303
Deposits on future acquisitions (1,650) (500)
Deposits applied against acquisition of real estate investments 0 500
Net cash provided by (used in) investing activities 14,874 (11,304)
Cash flows from financing activities:    
Proceeds from issuance of equity 25,178 37,669
Offering costs paid (422) (1,247)
Retirement of senior common stock 0 (178)
Redemption of Series C mandatorily redeemable preferred stock 0 (25,000)
Borrowings under mortgage notes payable 6,700 37,905
Payments for deferred financing costs (414) (690)
Principal repayments on mortgage notes payable (40,573) (51,977)
Borrowings from revolving credit facility 50,000 71,000
Repayments on revolving credit facility (51,900) (55,500)
Increase in security deposits (348) 97
Distributions paid for common, senior common and preferred stock (24,159) (19,766)
Net cash used by financing activities (35,938) (7,687)
Net increase (decrease) in cash and cash equivalents 356 (1,159)
Cash and cash equivalents, beginning of period 4,658 5,152
Cash and cash equivalents, end of period 5,014 3,993
NON-CASH INVESTING AND FINANCING INFORMATION    
Tenant funded fixed asset improvements 1,571 0
Assumed mortgage in connection with acquisition 11,179 0
Assumed interest rate swap fair market value 42 0
Capital improvements included in accounts payable and accrued expenses $ 2,031 $ 2,461