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
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ 1,125 $ (12,297)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 17,154 13,591
Impairment charge   13,958
Gain on sale of real estate   (1,240)
Amortization of deferred financing costs 878 795
Amortization of deferred rent asset and liability, net (270) (178)
Amortization of discount and premium on assumed debt (154) (114)
Asset retirement obligation expense 76 (137)
Increase in other assets (538) (372)
Increase in deferred rent receivable (1,843) (1,778)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator 1,021 (1,004)
(Decrease) increase in other liabilities (683) 585
Leasing commissions paid (291) (765)
Net cash provided by operating activities 16,475 11,044
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (58,248) (64,764)
Improvements of existing real estate (3,072) (2,934)
Proceeds from sale of real estate   11,162
Issuance of mortgage note receivable (300)  
Receipts from lenders for funds held in escrow 642 1,287
Payments to lenders for funds held in escrow (1,924) (5,445)
Receipts from tenants for reserves 2,037 1,519
Payments to tenants from reserves (1,308) (3,423)
(Increase) decrease in restricted cash (800) 1,935
Deposits on future acquisitions (1,600) (1,500)
Deposits applied against acquisition of real estate investments 1,400 1,300
Net cash used in investing activities (63,173) (60,863)
Cash flows from financing activities:    
Proceeds from issuance of equity 30,363 36,042
Offering costs paid (742) (2,028)
Borrowings under mortgage notes payable 51,819 27,535
Payments for deferred financing costs (883) (633)
Principal repayments on mortgage notes payable (23,625) (4,182)
Principal repayments on employee notes receivable 375  
Borrowings from line of credit 56,400 44,250
Repayments on line of credit (54,500) (43,000)
Increase (decrease) in security deposits 108 (31)
Distributions paid for common, senior common and preferred stock (17,919) (14,313)
Net cash provided by financing activities 41,396 43,640
Net decrease in cash and cash equivalents (5,302) (6,179)
Cash and cash equivalents, beginning of period 8,599 8,546
Cash and cash equivalents, end of period 3,297 2,367
NON-CASH INVESTING AND FINANCING INFORMATION    
Increase in asset retirement obligation 56  
Fixed rate principal debt assumed in connection with acquisition   10,147
Senior common dividend issued in the dividend reinvestment program 52 87
Capital improvements included in accounts payable and accrued expenses $ 2,922 $ 5,521