Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 5,937 $ 3,958 $ 3,596
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 42,795 37,517 35,288
Impairment charge 6,835 2,016 622
Gain on sale of real estate, net (3,993) (242) (1,538)
Amortization of deferred financing costs 1,713 1,932 1,955
Amortization of deferred rent asset and liability, net (851) (663) (515)
Amortization of discount and premium on assumed debt (99) (175) (314)
Unrealized gain related to interest rate hedging instruments, net 35 0 0
Asset retirement obligation expense 125 148 152
(Increase) decrease in other assets (1,901) 528 (1,185)
Increase in deferred rent receivable (3,077) (3,423) (4,464)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (524) 932 (452)
Increase (decrease) in other liabilities 521 (385) (43)
Tenant inducement payments (122) (115) 0
Leasing commissions paid (552) (867) (1,615)
Net cash provided by operating activities 46,842 41,161 31,487
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (120,978) (66,570) (77,798)
Improvements of existing real estate (9,216) (5,875) (6,689)
Proceeds from sale of real estate 29,499 6,431 6,683
Issuance of mortgage note receivable 0 0 (300)
Collection of mortgage note receivable 0 5,900 0
Receipts from lenders for funds held in escrow 7,302 3,728 6,947
Payments to lenders for funds held in escrow (5,899) (3,000) (3,385)
Receipts from tenants for reserves 2,093 3,435 3,429
Payments to tenants from reserves (2,666) (3,898) (2,811)
Decrease (increase) in restricted cash 633 1,175 (658)
Deposits on future acquisitions (3,150) (2,500) (1,700)
Deposits applied against acquisition of real estate investments 3,150 2,000 1,800
Deposits refunded 0 500 0
Net cash used in investing activities (99,232) (58,674) (74,482)
Cash flows from financing activities:      
Proceeds from issuance of equity 86,260 118,362 50,165
Offering costs paid (2,190) (2,899) (1,066)
Retirement of senior common stock (24) (178) 0
Redemption of Series C mandatorily redeemable preferred stock 0 (38,500) 0
Borrowings under mortgage notes payable 51,208 78,705 68,499
Payments for deferred financing costs (1,990) (1,500) (1,880)
Principal repayments on mortgage notes payable (60,080) (88,899) (66,714)
Principal repayments on employee notes receivable 0 0 375
Proceeds from issuance of term loan facility 50,000 0 25,000
Borrowings from revolving credit facility 116,900 129,400 77,000
Repayments on revolving credit facility (135,200) (135,000) (75,000)
(Decrease) increase in security deposits (61) 22 40
Distributions paid for common, senior common and preferred stock (50,408) (42,494) (36,871)
Net cash provided by financing activities 54,415 17,019 39,548
Net increase (decrease) in cash and cash equivalents 2,025 (494) (3,447)
Cash and cash equivalents, beginning of period 4,658 5,152 8,599
Cash and cash equivalents, end of period 6,683 4,658 5,152
NON-CASH INVESTING AND FINANCING INFORMATION      
Cash paid during year for interest 22,352 25,337 29,259
Tenant funded fixed asset improvements 3,018 4,879 766
Assumed mortgage in connection with acquisition 11,179 0 0
Assumed interest rate swap fair market value 42 0 0
Assumed tenant improvement allowance in connection with acquisition 3,966 0 0
Capital improvements included in accounts payable and accrued expenses 1,495 $ 3,275 4,488
Increase in asset retirement obligation assumed in acquisition 0   56
Senior common dividend issued in the dividend reinvestment program $ 0   $ 52