Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 6,878 $ 7,130
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,632 23,358
Gain on sale of real estate, net (2,952) (1,844)
Amortization of deferred financing costs 810 758
Amortization of deferred rent asset and liability, net (680) (522)
Amortization of discount and premium on assumed debt, net 32 (53)
Asset retirement obligation expense 63 60
Operating changes in assets and liabilities    
Increase in other assets (734) (458)
Increase in deferred rent receivable (870) (1,335)
Increase (decrease) in accounts payable, accrued expenses, and amount due to Adviser and Administrator 923 (206)
Decrease in right-of-use asset from operating leases 101 0
Decrease in operating lease liabilities (74) 0
Increase (decrease) in other liabilities 57 (511)
Leasing commissions paid (236) (382)
Net cash provided by operating activities 28,950 25,995
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (46,557) (14,341)
Improvements of existing real estate (2,227) (2,169)
Proceeds from sale of real estate 6,318 10,773
Receipts from lenders for funds held in escrow 1,218 1,097
Payments to lenders for funds held in escrow (921) (1,248)
Receipts from tenants for reserves 1,674 1,544
Payments to tenants from reserves (1,296) (1,175)
Deposits on future acquisitions (1,215) (340)
Deposits applied against acquisition of real estate investments 1,065 300
Net cash used in investing activities (41,941) (5,559)
Cash flows from financing activities:    
Proceeds from issuance of equity 33,746 5,779
Offering costs paid (497) (94)
Retirement of senior common stock 0 (34)
Borrowings under mortgage notes payable 41,140 9,380
Payments for deferred financing costs (713) (253)
Principal repayments on mortgage notes payable (30,958) (21,998)
Borrowings from revolving credit facility 47,900 50,400
Repayments on revolving credit facility (47,500) (38,400)
Decrease in security deposits (106) (26)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (28,751) (26,980)
Net provided by (used in) financing activities 14,261 (22,226)
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,270 (1,790)
Cash, cash equivalents, and restricted cash at beginning of period 9,082 9,080
Cash, cash equivalents, and restricted cash at end of period 10,352 7,290
NON-CASH INVESTING AND FINANCING INFORMATION    
Tenant funded fixed asset improvements 1,645 27
Unrealized (loss) gain related to interest rate hedging instruments, net (1,711) 783
Right-of-use asset from operating leases 5,998  
Operating lease liabilities (5,998)  
Capital improvements and leasing commissions included in accounts payable and accrued expenses $ 811 $ 31