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
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ 1,030 $ (12,066)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 26,160 21,107
Impairment charge 622 14,238
Gain on sale of real estate   (1,240)
Amortization of deferred financing costs 1,358 1,209
Amortization of deferred rent asset and liability, net (394) (266)
Amortization of discount and premium on assumed debt (231) (190)
Asset retirement obligation expense 114 (96)
Increase in other assets (946) (322)
Increase in deferred rent liability   311
Increase in deferred rent receivable (3,034) (2,808)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator 1,045 (538)
(Decrease) increase in other liabilities (315) 238
Leasing commissions paid (532) (898)
Net cash provided by operating activities 24,877 18,679
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (71,248) (83,564)
Improvements of existing real estate (4,969) (5,416)
Proceeds from sale of real estate   11,162
Issuance of mortgage note receivable (300) (5,600)
Receipts from lenders for funds held in escrow 2,952 1,670
Payments to lenders for funds held in escrow (2,792) (6,394)
Receipts from tenants for reserves 3,068 2,484
Payments to tenants from reserves (1,992) (3,892)
(Increase) decrease in restricted cash (1,214) 1,510
Deposits on future acquisitions (1,700) (2,000)
Deposits applied against acquisition of real estate investments 1,700 2,000
Net cash used in investing activities (76,495) (88,040)
Cash flows from financing activities:    
Proceeds from issuance of equity 39,495 42,636
Offering costs paid (892) (2,443)
Borrowings under mortgage notes payable 61,059 33,635
Payments for deferred financing costs (1,157) (711)
Principal repayments on mortgage notes payable (37,216) (6,085)
Principal repayments on employee notes receivable 375  
Borrowings from line of credit 73,200 67,250
Repayments on line of credit (61,000) (46,050)
Increase (decrease) in security deposits 138 (103)
Distributions paid for common, senior common and preferred stock (27,253) (22,077)
Net cash provided by financing activities 46,749 66,052
Net decrease in cash and cash equivalents (4,869) (3,309)
Cash and cash equivalents, beginning of period 8,599 8,546
Cash and cash equivalents, end of period 3,730 5,237
NON-CASH INVESTING AND FINANCING INFORMATION    
Increase in asset retirement obligation 56 162
Fixed rate principal debt assumed in connection with acquisition   10,147
Senior common dividend issued in the dividend reinvestment program 53 142
Capital improvements included in accounts payable and accrued expenses $ 4,954 $ 5,774