Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net loss $ (87) $ (6,353) $ (1,609)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation expense 7,929 2,335 660
Amortization of acquired lease intangible assets 2,072 42 0
Amortization of above (below) market leases, net 129 (1) 0
Amortization of deferred financing costs 1,224 350 127
Stock-based compensation expense 1,796 1,685 0
Capitalized deal costs charged to expense 19 0 0
Advisory expense settled in OP Units 232 0 0
Changes in operating assets and liabilities:      
Restricted cash (993) (558) 0
Tenant receivables (492) (212) 3
Deferred assets (3,288) (681) (94)
Other assets (144) 0 0
Accounts payable and accrued expenses 1,355 (40) 344
Security deposits and other 1,408 719 0
Accrued management fees due to related party 443 (9) 360
Net cash provided by (used in) operating activities 11,603 (2,723) (209)
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (252,220) (150,459) (31,764)
Escrow deposits for purchase of properties (352) 104 (439)
Loans repayments from (made to) related party 21 [1] 138 [2] (136)
Pre-acquisition costs for purchase of properties (102) (141) 0
Net cash used in investing activities (252,653) (150,358) (32,339)
Financing activities      
Net proceeds received from preferred stock offering 74,959 0 0
Net proceeds received from common equity offerings 33,795 137,288 0
Change in restricted cash (71) 64 (251)
Escrow deposits required by third party lenders (74) (862) 0
Loans (repaid to) from related party (9) (395) 292
(Repayment of) proceeds from convertible debenture, due to related party 0 (10,000) 34,584
Proceeds from notes payable from acquisitions 0 41,321 7,378
Repayment of notes payable from acquisitions 0 (25,634) (349)
Proceeds from note payable from related party 0 1,950 383
Repayment of note payable from related party (421) (1,950) 0
Proceeds from revolving credit facility, net 137,200 27,700 0
Payments of deferred financing costs (2,915) (2,036) (138)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (15,231) (3,878) (256)
Dividends paid to preferred stockholders (745) 0 0
Net cash provided by financing activities 226,488 163,568 41,643
Net (decrease) increase in cash and cash equivalents (14,562) 10,487 9,095
Cash and cash equivalents—beginning of period 19,671 9,184 89
Cash and cash equivalents—end of period 5,109 19,671 9,184
Supplemental cash flow information:      
Cash payments for interest 5,746 4,099 1,165
Noncash financing and investing activities:      
Accrued dividends payable 5,638 3,604 0
Conversion of convertible debenture due to majority stockholder to common stock 0 30,030 0
Reclassification of common stock offering costs to additional paid-in capital 443 1,681 0
Reclassification of preferred stock offering costs to preferred stock balance 221 0 0
OP Units issued for noncash transaction $ 11,300 $ 0 $ 0
[1] Amount represents the net receipt by the Company of previous loans made by the Company to those related parties. This represents a cash flow investing activity.
[2] Total amount of $395 consists of $240 repaid by the Company to the Advisor and $155 repaid by the Company to another related party. This is a cash flow financing activity.