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 ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 4,605,000 $ 4,356,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,586,000 9,921,000
Impairment charge 0 3,746,000
Gain on sale of real estate, net (1,844,000) (5,906,000)
Amortization of deferred financing costs 394,000 483,000
Amortization of deferred rent asset and liability, net (261,000) (207,000)
Amortization of discount and premium on assumed debt (69,000) (30,000)
Asset retirement obligation expense 30,000 34,000
Operating changes in assets and liabilities    
Increase in other assets (1,445,000) (719,000)
Increase in deferred rent receivable (704,000) (795,000)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator 57,000 (976,000)
Increase in other liabilities 655,000 735,000
Leasing commissions paid (378,000) (167,000)
Net cash provided by operating activities 12,626,000 10,475,000
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (14,341,000) 0
Improvements of existing real estate (925,000) (4,964,000)
Proceeds from sale of real estate 10,773,000 12,398,000
Receipts from lenders for funds held in escrow 517,000 3,108,000
Payments to lenders for funds held in escrow (656,000) (583,000)
Receipts from tenants for reserves 603,000 597,000
Payments to tenants from reserves (70,000) (433,000)
Deposits on future acquisitions (300,000) 0
Deposits applied against acquisition of real estate investments 300,000 0
Net cash (used in) provided by investing activities (4,099,000) 10,123,000
Cash flows from financing activities:    
Proceeds from issuance of equity 1,603,000 4,657,000
Offering costs paid (26,000) (81,000)
Retirement of senior common stock (34,000) 0
Borrowings under mortgage notes payable 9,380,000 0
Payments for deferred financing costs (212,000) (17,000)
Principal repayments on mortgage notes payable (19,092,000) (38,063,000)
Borrowings from revolving credit facility 35,200,000 38,500,000
Repayments on revolving credit facility (23,900,000) (14,000,000)
Decrease in security deposits (26,000) (78,000)
Distributions paid for common, senior common and preferred stock (13,474,000) (11,983,000)
Net cash used in financing activities (10,581,000) (21,065,000)
Net decrease in cash, cash equivalents, and restricted cash (2,054,000) (467,000)
Cash, cash equivalents, and restricted cash at beginning of period 9,080,000 7,688,000
Cash, cash equivalents, and restricted cash at end of period 4,123,000 4,105,000
NON-CASH INVESTING AND FINANCING INFORMATION    
Tenant funded fixed asset improvements 27,000 0
Unrealized gain related to interest rate hedging instruments, net 495,000 0
Capital improvements included in accounts payable and accrued expenses $ 613,000 $ 1,849,000