Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 6,070 $ 9,068
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,076 38,611
Impairment charge 2,905 0
Gain on sale of real estate, net (1,184) (2,952)
Amortization of deferred financing costs 1,156 1,268
Amortization of deferred rent asset and liability, net (1,472) (1,071)
Amortization of discount and premium on assumed debt, net 43 47
Asset retirement obligation expense 72 81
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 39 40
Operating changes in assets and liabilities    
Decrease (increase) in other assets 2,397 (88)
Increase in deferred rent receivable (1,042) (1,448)
Increase (decrease) in accounts payable, accrued expenses, and amount due to Adviser and Administrator 2,028 (13)
Increase in other liabilities 660 398
Leasing commissions paid (1,364) (875)
Net cash provided by operating activities 52,384 43,066
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (82,098) (67,272)
Improvements of existing real estate (5,112) (3,261)
Proceeds from sale of real estate 14,363 6,318
Receipts from lenders for funds held in escrow 171 1,424
Payments to lenders for funds held in escrow (1,881) (1,425)
Receipts from tenants for reserves 1,740 2,166
Payments to tenants from reserves (1,507) (1,589)
Deposits on future acquisitions (1,575) (1,490)
Deposits applied against acquisition of real estate investments 2,891 1,490
Net cash used in investing activities (73,008) (63,639)
Cash flows from financing activities:    
Proceeds from issuance of equity 39,624 41,231
Offering costs paid (559) (620)
Borrowings under mortgage notes payable 35,855 41,140
Payments for deferred financing costs (422) (2,075)
Principal repayments on mortgage notes payable (31,667) (48,116)
Borrowings from revolving credit facility 95,600 94,500
Repayments on revolving credit facility (104,200) (109,300)
Borrowings on term loan 37,700 47,300
Decrease in security deposits (1) (106)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (47,532) (43,510)
Net cash provided by financing activities 24,398 20,444
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,774 (129)
Cash, cash equivalents, and restricted cash at beginning of period 11,488 9,082
Cash, cash equivalents, and restricted cash at end of period 15,262 8,953
SUPPLEMENTAL NON-CASH INFORMATION    
Tenant funded fixed asset improvements 1,972 2,665
Unrealized loss related to interest rate hedging instruments, net (2,733) (2,335)
Unrealized loss related to interest rate hedging instruments, net   (2,335)
Right-of-use asset from operating leases 0 5,998
Operating lease liabilities 0 (5,998)
Capital improvements and leasing commissions included in accounts payable and accrued expenses 670 371
Increase in asset retirement obligation assumed in acquisition 0 164
Non-controlling OP Units issued in connection with acquisition 502 0
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 15,262 $ 8,953