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, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 7,403 $ 1,665
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30,673 27,796
Impairment charge 3,999 2,016
(Gain) loss on sale of real estate, net (3,993) 24
Amortization of deferred financing costs 1,248 1,537
Amortization of deferred rent asset and liability, net (633) (363)
Amortization of discount and premium on assumed debt (80) (145)
Gain on interest rate swap 172 0
Asset retirement obligation expense 96 114
Operating changes in assets and liabilities    
(Increase) decrease in other assets (1,732) 288
Increase in deferred rent receivable (2,437) (2,780)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (239) 240
Increase in other liabilities 634 51
Tenant inducement payments (122) 0
Leasing commissions paid (192) (628)
Net cash provided by operating activities 34,797 29,815
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (83,242) (40,900)
Improvements of existing real estate (8,233) (3,793)
Proceeds from sale of real estate 29,499 3,022
Collection of mortgage note receivable 0 5,900
Receipts from lenders for funds held in escrow 3,712 2,747
Payments to lenders for funds held in escrow (5,252) (2,385)
Receipts from tenants for reserves 1,450 2,678
Payments to tenants from reserves (783) (2,219)
(Increase) decrease in restricted cash (503) 203
Deposits on future acquisitions (1,650) (1,750)
Deposits applied against acquisition of real estate investments 1,650 1,250
Net cash used in investing activities (63,352) (35,247)
Cash flows from financing activities:    
Proceeds from issuance of equity 69,891 90,999
Offering costs paid (1,922) (2,367)
Retirement of senior common stock (24) (178)
Redemption of Series C mandatorily redeemable preferred stock 0 (38,500)
Borrowings under mortgage notes payable 51,208 56,005
Payments for deferred financing costs (992) (1,024)
Principal repayments on mortgage notes payable (57,182) (67,119)
Borrowings from revolving credit facility 89,800 132,500
Repayments on revolving credit facility (85,300) (130,500)
(Decrease) increase in security deposits (165) 73
Distributions paid for common, senior common and preferred stock (37,130) (30,862)
Net cash provided by financing activities 28,184 9,027
Net (decrease) increase in cash and cash equivalents (371) 3,595
Cash and cash equivalents, beginning of period 4,658 5,152
Cash and cash equivalents, end of period 4,287 8,747
NON-CASH INVESTING AND FINANCING INFORMATION    
Tenant funded fixed asset improvements 2,201 2,570
Assumed mortgage in connection with acquisition 11,179 0
Assumed interest rate swap fair market value 42 0
Assumed tenant improvement allowance in connection with acquisition 3,966 0
Capital improvements included in accounts payable and accrued expenses $ 2,053 $ 2,023