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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 3,225 $ 6,878
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,278 25,632
Impairment charge 1,721 0
Loss (gain) on sale of real estate, net 12 (2,952)
Amortization of deferred financing costs 793 810
Amortization of deferred rent asset and liability, net (975) (680)
Amortization of discount and premium on assumed debt, net 29 32
Asset retirement obligation expense 49 63
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 26 27
Operating changes in assets and liabilities    
Decrease (increase) in other assets 1,606 (734)
Increase in deferred rent receivable (672) (870)
Increase in accounts payable, accrued expenses, and amount due to Adviser and Administrator 1,529 923
Increase in other liabilities 941 57
Leasing commissions paid (1,139) (236)
Net cash provided by operating activities 35,423 28,950
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (71,463) (46,557)
Improvements of existing real estate (3,872) (2,227)
Proceeds from sale of real estate 3,947 6,318
Receipts from lenders for funds held in escrow 41 1,218
Payments to lenders for funds held in escrow (1,220) (921)
Receipts from tenants for reserves 1,284 1,674
Payments to tenants from reserves (962) (1,296)
Deposits on future acquisitions (1,000) (1,215)
Deposits applied against acquisition of real estate investments 2,541 1,065
Net cash used in investing activities (70,704) (41,941)
Cash flows from financing activities:    
Proceeds from issuance of equity 30,785 33,746
Offering costs paid (358) (497)
Borrowings under mortgage notes payable 35,855 41,140
Payments for deferred financing costs (397) (713)
Principal repayments on mortgage notes payable (24,391) (30,958)
Borrowings from revolving credit facility 73,900 47,900
Repayments on revolving credit facility (83,200) (47,500)
Borrowings on term loan 37,700 0
Increase (decrease) in security deposits 12 (106)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders (31,562) (28,751)
Net cash provided by financing activities 38,344 14,261
Net increase in cash, cash equivalents, and restricted cash 3,063 1,270
Cash, cash equivalents, and restricted cash at beginning of period 11,488 9,082
Cash, cash equivalents, and restricted cash at end of period 14,551 10,352
SUPPLEMENTAL NON-CASH INFORMATION    
Tenant funded fixed asset improvements 1,357 1,645
Unrealized loss related to interest rate hedging instruments, net (3,009) (1,711)
Unrealized loss related to interest rate hedging instruments, net   (1,711)
Right-of-use asset from operating leases 0 5,998
Operating lease liabilities 0 (5,998)
Capital improvements and leasing commissions included in accounts payable and accrued expenses 14 811
Non-controlling OP Units issued in connection with acquisition 502 0
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 14,551 $ 10,352