Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Cash flows from operating activities:                
Net income $ 2,191 $ 2,677 $ 9,068 $ 9,807        
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization 12,979 11,807 38,611 35,166        
Gain on sale of real estate, net 0 0 (2,952) (1,844)        
Amortization of deferred financing costs     1,268 1,103        
Amortization of deferred rent asset and liability, net     (1,071) (797)        
Amortization of discount and premium on assumed debt, net     47 (36)        
Asset retirement obligation expense     81 90        
Operating changes in assets and liabilities                
(Increase) decrease in other assets     (88) 170        
Increase in deferred rent receivable     (1,448) (1,908)        
(Decrease) increase in accounts payable, accrued expenses, and amount due to Adviser and Administrator     (13) 513        
Decrease in right-of-use asset from operating leases     152 0        
Decrease in operating lease liabilities     (112) 0        
Increase (decrease) in other liabilities     398 (1,071)        
Leasing commissions paid     (875) (402)        
Net cash provided by operating activities     43,066 40,791        
Cash flows from investing activities:                
Acquisition of real estate and related intangible assets     (67,272) (22,800)        
Improvements of existing real estate     (3,261) (2,494)        
Proceeds from sale of real estate     6,318 10,773        
Receipts from lenders for funds held in escrow     1,424 1,286        
Payments to lenders for funds held in escrow     (1,425) (1,817)        
Receipts from tenants for reserves     2,166 2,119        
Payments to tenants from reserves     (1,589) (1,884)        
Deposits on future acquisitions     (1,490) (590)        
Deposits applied against acquisition of real estate investments     1,490 590        
Net cash used in investing activities     (63,639) (14,817)        
Cash flows from financing activities:                
Proceeds from issuance of equity     41,231 12,504        
Offering costs paid     (620) (200)        
Retirement of senior common stock     0 (34)        
Borrowings under mortgage notes payable     41,140 14,125        
Payments for deferred financing costs     (2,075) (345)        
Principal repayments on mortgage notes payable     (48,116) (24,888)        
Borrowings from revolving credit facility     94,500 57,400        
Repayments on revolving credit facility     (109,300) (47,900)        
Borrowings on term loan     47,300 0        
Decrease in security deposits     (106) (26)        
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders     (43,510) (40,615)        
Net cash provided by (used in) financing activities     20,444 (29,979)        
Net decrease in cash, cash equivalents, and restricted cash     (129) (4,005)        
Cash, cash equivalents, and restricted cash at beginning of period     9,082 9,080 $ 9,080      
Cash, cash equivalents, and restricted cash at end of period 8,953 5,075 8,953 5,075 9,082      
NON-CASH INVESTING AND FINANCING INFORMATION                
Tenant funded fixed asset improvements     2,665 314        
Reserves released by title company to tenant     0 3,966        
Unrealized (loss) gain related to interest rate hedging instruments, net (624)   (2,335)          
Unrealized (loss) gain related to interest rate hedging instruments, net       1,028        
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     371 506        
Increase in asset retirement obligation assumed in acquisition     164 0        
Cash and cash equivalents           $ 6,175 $ 6,591 $ 2,470
Restricted cash           2,778   2,605
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 8,953 $ 5,075 $ 9,082 $ 9,080 $ 9,080 $ 8,953 $ 9,082 $ 5,075