Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income (loss) $ 14,561 $ (87) $ (6,353)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense 13,644 7,929 2,335
Amortization of acquired lease intangible assets 3,625 2,072 42
Amortization of above (below) market leases, net 688 129 (1)
Amortization of deferred financing costs and other 1,640 1,224 350
Stock-based compensation expense 2,671 1,796 1,685
Capitalized acquisition costs charged to expense 110 19 0
Advisory expense settled in OP Units 0 232 0
Gain on sale of investment property (7,675) 0 0
Changes in operating assets and liabilities:      
Tenant receivables (2,201) (492) (212)
Deferred assets (5,811) (3,288) (681)
Other assets (40) (144) 0
Accounts payable and accrued expenses 1,519 1,355 (41)
Security deposits and other 2,024 1,408 719
Accrued management fees due to related party 79 443 (9)
Net cash provided by (used in) operating activities 24,834 12,596 (2,166)
Investing activities      
Purchase of land, buildings, and other tangible and intangible assets and liabilities (180,837) (252,220) (150,459)
Net proceeds from sale of investment property 31,629 0 0
Escrow deposits for purchase of properties 174 (352) 104
Loans repayments (made to) from related party (85) 21 138
Payments for tenant improvements (2,535) 0 0
Pre-acquisition costs for purchase of properties, net 36 (102) (141)
Net cash used in investing activities (151,618) (252,653) (150,358)
Financing activities      
Net proceeds received from preferred stock offering 0 74,959 0
Net proceeds received from common equity offerings 37,307 33,795 137,288
Escrow deposits required by third party lenders (288) (74) (862)
Loans repaid to related party 0 (9) (395)
Repayment of convertible debenture, due to related party 0 0 (10,000)
Proceeds received from notes payable from acquisitions 0 0 41,321
Repayment of notes payable from acquisitions (22) 0 (25,634)
Proceeds received from note payable from related party 0 0 1,950
Repayment of note payable from related party 0 (421) (1,950)
Proceeds from revolving credit facility 186,100 244,200 27,700
Repayment of revolving credit facility borrowings (70,725) (107,000) 0
Payments of debt issuance costs (2,811) (2,915) (2,036)
Redemption of LTIP Units (263) 0 0
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (18,964) (15,231) (3,878)
Dividends paid to preferred stockholders (5,821) (745) 0
Net cash provided by financing activities 124,513 226,559 163,504
Net (decrease) increase in cash and cash equivalents and restricted cash (2,271) (13,498) 10,980
Cash and cash equivalents and restricted cash—beginning of period 7,114 20,612 9,632
Cash and cash equivalents and restricted cash—end of period 4,843 7,114 20,612
Supplemental cash flow information:      
Cash payments for interest 13,077 5,746 4,099
Noncash financing and investing activities:      
Accrued dividends payable 6,981 5,638 3,604
Conversion of convertible debenture due to majority stockholder to common stock 0 0 30,030
Reclassification of common stock offering costs to additional paid-in capital 573 443 1,681
Reclassification of preferred stock offering costs to preferred stock balance 0 221 0
OP Units issued primarily for property acquisitions 16,362 11,300 0
Tenant improvements completed and transferred to real estate investments 2,535 0 0
Interest Rate Swap [Member]      
Noncash financing and investing activities:      
Interest rate swap agreements fair value change recognized in other comprehensive loss $ 3,721 $ 0 $ 0