Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 1,665 $ 1,030
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,796 26,160
Impairment charge 2,016 622
Loss on sale of real estate 24 0
Amortization of deferred financing costs 1,537 1,358
Amortization of deferred rent asset and liability, net (363) (394)
Amortization of discount and premium on assumed debt (145) (231)
Asset retirement obligation expense 114 114
Decrease (increase) in other assets 288 (946)
Increase in deferred rent receivable (2,780) (3,034)
Increase in accounts payable, accrued expenses, and amount due Adviser and Administrator 240 1,045
Increase (decrease) in other liabilities 51 (315)
Leasing commissions paid (628) (532)
Net cash provided by operating activities 29,815 24,877
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (40,900) (71,248)
Improvements of existing real estate (3,793) (4,969)
Proceeds from sale of real estate 3,022 0
Issuance of mortgage note receivable 0 (300)
Collection of mortgage note receivable 5,900 0
Receipts from lenders for funds held in escrow 2,747 2,952
Payments to lenders for funds held in escrow (2,385) (2,792)
Receipts from tenants for reserves 2,678 3,068
Payments to tenants from reserves (2,219) (1,992)
Decrease (increase) in restricted cash 203 (1,214)
Deposits on future acquisitions (1,750) (1,700)
Deposits applied against acquisition of real estate investments 1,250 1,700
Net cash used in investing activities (35,247) (76,495)
Cash flows from financing activities:    
Proceeds from issuance of equity 90,999 39,495
Offering costs paid (2,367) (892)
Retirement of senior common stock (178) 0
Redemption of Series C mandatorily redeemable preferred stock (38,500) 0
Borrowings under mortgage notes payable 56,005 61,059
Payments for deferred financing costs (1,024) (1,157)
Payments for deferred financing costs (67,119) (37,216)
Principal repayments on employee notes receivable 0 375
Borrowings from line of credit 132,500 73,200
Repayments on line of credit (130,500) (61,000)
Increase in security deposits 73 138
Distributions paid for common, senior common and preferred stock (30,862) (27,253)
Net cash provided by financing activities 9,027 46,749
Net increase (decrease) in cash and cash equivalents 3,595 (4,869)
Cash and cash equivalents, beginning of period 5,152 8,599
Cash and cash equivalents, end of period 8,747 3,730
NON-CASH INVESTING AND FINANCING INFORMATION    
Increase in asset retirement obligation assumed in acquisition 0 56
Senior common dividend issued in the dividend reinvestment program 0 53
Fixed asset additions paid for by tenant 2,570 0
Capital improvements included in accounts payable and accrued expenses $ 2,023 $ 4,954