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
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 4,673 $ 4,605
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,010 11,586
Gain on sale of real estate, net (2,952) (1,844)
Amortization of deferred financing costs 456 394
Amortization of deferred rent asset and liability, net (293) (261)
Amortization of discount and premium on assumed debt, net 16 (69)
Asset retirement obligation expense 32 30
Operating changes in assets and liabilities    
Increase in other assets (743) (1,445)
Increase in deferred rent receivable (581) (704)
(Decrease) increase in accounts payable, accrued expenses, and amount due to Adviser and Administrator (84) 57
Decrease in right-of-use asset from operating leases 50 0
Decrease in operating lease liabilities (50) 0
(Decrease) increase in other liabilities (796) 655
Leasing commissions paid (138) (378)
Net cash provided by operating activities 12,600 12,626
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (6,315) (14,341)
Improvements of existing real estate (829) (925)
Proceeds from sale of real estate 6,318 10,773
Receipts from lenders for funds held in escrow 991 517
Payments to lenders for funds held in escrow (482) (656)
Receipts from tenants for reserves 624 603
Payments to tenants from reserves (271) (70)
Deposits on future acquisitions (565) (300)
Deposits applied against acquisition of real estate investments 215 300
Net cash used in investing activities (314) (4,099)
Cash flows from financing activities:    
Proceeds from issuance of equity 14,292 1,603
Offering costs paid (179) (26)
Retirement of senior common stock 0 (34)
Borrowings under mortgage notes payable 10,640 9,380
Payments for deferred financing costs (279) (212)
Principal repayments on mortgage notes payable (6,692) (19,092)
Borrowings from revolving credit facility 13,700 35,200
Repayments on revolving credit facility (31,500) (23,900)
Decrease in security deposits (141) (26)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (14,192) (13,474)
Net used in financing activities (14,351) (10,581)
Net decrease in cash, cash equivalents, and restricted cash (2,065) (2,054)
Cash, cash equivalents, and restricted cash at beginning of period 9,082 9,080
Cash, cash equivalents, and restricted cash at end of period 7,017 7,026
NON-CASH INVESTING AND FINANCING INFORMATION    
Tenant funded fixed asset improvements 1,015 27
Unrealized (loss) gain related to interest rate hedging instruments, net (722) 495
Right-of-use asset from operating leases 5,998 0
Operating lease liability (5,998) 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses $ 239 $ 613