Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 7,130,000 $ 5,020,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23,358,000 19,845,000
Impairment charge 0 3,999,000
Gain on sale of real estate, net (1,844,000) (3,992,000)
Amortization of deferred financing costs 758,000 854,000
Amortization of deferred rent asset and liability, net (522,000) (412,000)
Amortization of discount and premium on assumed debt (53,000) (60,000)
Asset retirement obligation expense 60,000 65,000
Operating changes in assets and liabilities    
Increase in other assets (458,000) (1,615,000)
Increase in deferred rent receivable (1,335,000) (1,549,000)
Decrease in accounts payable, accrued expenses, and amount due Adviser and Administrator (206,000) (837,000)
(Decrease) increase in other liabilities (511,000) 392,000
Tenant inducement payments 0 (122,000)
Leasing commissions paid (382,000) (168,000)
Net cash provided by operating activities 25,995,000 21,420,000
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (14,341,000) (4,518,000)
Improvements of existing real estate (2,169,000) (6,796,000)
Proceeds from sale of real estate 10,773,000 25,290,000
Receipts from lenders for funds held in escrow 1,097,000 3,320,000
Payments to lenders for funds held in escrow (1,248,000) (1,119,000)
Receipts from tenants for reserves 1,544,000 1,349,000
Payments to tenants from reserves (1,175,000) (1,255,000)
Deposits on future acquisitions (340,000) (1,650,000)
Deposits applied against acquisition of real estate investments 300,000 0
Net cash (used in) provided by investing activities (5,559,000) 14,621,000
Cash flows from financing activities:    
Proceeds from issuance of equity 5,779,000 25,178,000
Offering costs paid (94,000) (422,000)
Retirement of senior common stock (34,000) 0
Borrowings under mortgage notes payable 9,380,000 6,700,000
Payments for deferred financing costs (253,000) (414,000)
Principal repayments on mortgage notes payable (21,998,000) (40,573,000)
Borrowings from revolving credit facility 50,400,000 50,000,000
Repayments on revolving credit facility (38,400,000) (51,900,000)
Decrease in security deposits (26,000) (348,000)
Distributions paid for common, senior common and preferred stock (26,980,000) (24,159,000)
Net cash used in financing activities (22,226,000) (35,938,000)
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,790,000) 103,000
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 4,552,000 5,014,000
NON-CASH INVESTING AND FINANCING INFORMATION    
Tenant funded fixed asset improvements 27,000 1,571,000
Assumed mortgage in connection with acquisition 0 11,179,000
Assumed interest rate swap fair market value 0 42,000
Unrealized gain related to interest rate hedging instruments, net 783,000 179,000
Capital improvements included in accounts payable and accrued expenses $ 31,000 $ 2,031,000