Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 12,324,000 $ 5,937,000 $ 3,958,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 47,620,000 42,795,000 37,517,000
Impairment charge 0 6,835,000 2,016,000
Gain on sale of real estate, net (2,763,000) (3,993,000) (242,000)
Amortization of deferred financing costs 1,445,000 1,713,000 1,932,000
Amortization of deferred rent asset and liability, net (728,000) (851,000) (663,000)
Amortization of discount and premium on assumed debt (20,000) (99,000) (175,000)
Asset retirement obligation expense 121,000 125,000 148,000
(Increase) decrease in other assets (445,000) (1,866,000) 528,000
Increase in deferred rent receivable (2,548,000) (3,077,000) (3,423,000)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator 749,000 (524,000) 932,000
Increase (decrease) in other liabilities 246,000 521,000 (385,000)
Tenant inducement payments 0 (122,000) (115,000)
Leasing commissions paid (402,000) (552,000) (867,000)
Net cash provided by operating activities 55,599,000 46,842,000 41,161,000
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (42,353,000) (120,978,000) (66,570,000)
Improvements of existing real estate (4,328,000) (9,216,000) (5,875,000)
Proceeds from sale of real estate 12,835,000 29,499,000 6,431,000
Collection of mortgage note receivable 0 0 5,900,000
Receipts from lenders for funds held in escrow 1,769,000 7,302,000 3,728,000
Payments to lenders for funds held in escrow (2,376,000) (5,899,000) (3,000,000)
Receipts from tenants for reserves 2,682,000 2,093,000 3,435,000
Payments to tenants from reserves (2,669,000) (2,666,000) (3,898,000)
Deposits on future acquisitions (1,590,000) (3,150,000) (2,500,000)
Deposits applied against acquisition of real estate investments 1,590,000 3,150,000 2,000,000
Deposits refunded 0 0 500,000
Net cash used in investing activities (34,440,000) (99,865,000) (59,849,000)
Cash flows from financing activities:      
Proceeds from issuance of equity 18,565,000 86,260,000 118,362,000
Offering costs paid (295,000) (2,190,000) (2,899,000)
Retirement of senior common stock (34,000) (24,000) (178,000)
Redemption of Series C mandatorily redeemable preferred stock 0 0 (38,500,000)
Borrowings under mortgage notes payable 14,125,000 51,208,000 78,705,000
Payments for deferred financing costs (386,000) (1,990,000) (1,500,000)
Principal repayments on mortgage notes payable (27,850,000) (60,080,000) (88,899,000)
Proceeds from issuance of term loan facility 0 50,000,000 0
Borrowings from revolving credit facility 88,600,000 116,900,000 129,400,000
Repayments on revolving credit facility (59,400,000) (135,200,000) (135,000,000)
Increase (decrease) in security deposits 83,000 (61,000) 22,000
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (54,565,000) (50,408,000) (42,494,000)
Net cash (used in) provided by financing activities (21,157,000) 54,415,000 17,019,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,000 1,392,000 (1,669,000)
Cash, cash equivalents, and restricted cash at beginning of period 9,080,000 7,688,000 9,357,000
Cash, cash equivalents, and restricted cash at end of period 9,082,000 9,080,000 7,688,000
NON-CASH INVESTING AND FINANCING INFORMATION      
Cash paid during year for interest 24,987,000 22,352,000 25,337,000
Tenant funded fixed asset improvements 1,608,000 3,018,000 4,879,000
Assumed mortgage in connection with acquisition 6,918,000 11,179,000 0
Assumed interest rate swap fair market value 0 42,000 0
Reserves released by title company to tenant 3,966,000 0 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 311,000 1,495,000 3,275,000
Assumed tenant improvement allowance in connection with acquisition 0 3,966,000 0
Unrealized (loss) gain related to interest rate hedging instruments, net (183,000) 35,000 0
Non-controlling OP Units issued in connection with acquisition $ 13,975,000 $ 0 $ 0