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, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 2,258 $ 4,673
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,096 13,010
Loss (gain) on sale of real estate, net 12 (2,952)
Amortization of deferred financing costs 374 456
Amortization of deferred rent asset and liability, net (462) (293)
Amortization of discount and premium on assumed debt, net 15 16
Asset retirement obligation expense 26 32
Operating changes in assets and liabilities    
Decrease (increase) in other assets 1,412 (743)
Increase in deferred rent receivable (214) (581)
Increase (decrease) in accounts payable, accrued expenses, and amount due to Adviser and Administrator 2,391 (84)
Decrease in right-of-use asset from operating leases 52 50
Decrease in operating lease liabilities (39) (50)
Increase (decrease) in other liabilities 1,124 (796)
Leasing commissions paid (715) (138)
Net cash provided by operating activities 20,330 12,600
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (71,463) (6,315)
Improvements of existing real estate (2,031) (829)
Proceeds from sale of real estate 3,947 6,318
Receipts from lenders for funds held in escrow 21 991
Payments to lenders for funds held in escrow (766) (482)
Receipts from tenants for reserves 435 624
Payments to tenants from reserves (429) (271)
Deposits on future acquisitions (1,000) (565)
Deposits applied against acquisition of real estate investments 2,541 215
Net cash used in investing activities (68,745) (314)
Cash flows from financing activities:    
Proceeds from issuance of equity 28,296 14,292
Offering costs paid (323) (179)
Borrowings under mortgage notes payable 35,855 10,640
Payments for deferred financing costs (382) (279)
Principal repayments on mortgage notes payable (3,162) (6,692)
Borrowings from revolving credit facility 36,900 13,700
Repayments on revolving credit facility (67,700) (31,500)
Borrowings on term loan 37,700 0
Increase (decrease) in security deposits 12 (141)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (15,738) (14,192)
Net cash provided by (used in) financing activities 51,458 (14,351)
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,043 (2,065)
Cash, cash equivalents, and restricted cash at beginning of period 11,488 9,082
Cash, cash equivalents, and restricted cash at end of period 14,531 7,017
SUPPLEMENTAL NON-CASH INFORMATION    
Tenant funded fixed asset improvements 353 1,015
Unrealized loss related to interest rate hedging instruments, net (2,528) (722)
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 85 239
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 $ 14,531 $ 7,017