Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities    
Net income (loss) $ 5,057 $ (1,335)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 9,965 5,372
Amortization of acquired lease intangible assets 2,645 1,326
Amortization of above market leases, net 484 14
Amortization of deferred financing costs and other 1,327 840
Stock-based compensation expense 1,978 1,481
Advisory expense settled in OP Units 0 77
Capitalized pre-acquisition costs charged to expense 132 0
Changes in operating assets and liabilities:    
Tenant receivables (1,040) (404)
Deferred assets (4,597) (2,219)
Other assets (126) (22)
Accounts payable and accrued expenses 1,434 1,622
Security deposits and other 1,800 1,487
Accrued management fees due to related party 41 183
Net cash provided by operating activities 19,100 8,422
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (133,851) (213,535)
Escrow deposits for purchase of properties (774) (60)
(Loans to) repayments from related parties (49) 38
Payments for tenant improvements (2,014) 0
Pre-acquisition costs for purchase of properties 257 51
Net cash used in investing activities (136,431) (213,506)
Financing activities    
Net proceeds received from preferred stock offering 0 75,147
Net proceeds received from common equity offerings 3,209 33,795
Escrow deposits required by third party lenders (216) (24)
Borrowings from related parties 0 0
Repayment of note payable from related party 0 (421)
Proceeds from revolving credit facility 142,900 205,400
Repayment of revolving credit facility (10,400) (107,000)
Payments of deferred financing costs (2,750) (2,793)
Redemption of LTIP Units (263) 0
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (14,075) (10,815)
Dividends paid to preferred stockholders (4,366) 0
Net cash provided by financing activities 114,039 193,289
Net decrease in cash and cash equivalents and restricted cash (3,292) (11,795)
Cash and cash equivalents and restricted cash—beginning of period 7,114 20,612
Cash and cash equivalents and restricted cash—end of period 3,822 8,817
Supplemental cash flow information:    
Cash payments for interest 9,106 3,928
Noncash financing and investing activities:    
Accrued dividends payable 5,995 4,767
Reclassification of common stock offering costs to additional paid-in capital 302 443
Accrued pre-acquisition costs for purchase of properties and tenant improvements 774 0
OP Units issued for noncash transaction 4,742 1,000
Accrued preferred stock offering costs 0 188
Reclassification of preferred stock offering costs to preferred stock balance 0 221
Construction in Progress [Member]    
Noncash financing and investing activities:    
Construction-in-process completed and transferred to real estate investments 2,043 0
Interest Rate Swap [Member]    
Noncash financing and investing activities:    
Interest rate swap fair value change recognized in other comprehensive loss $ 109 $ 0