Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net income (loss) $ 1,901 $ (1,318)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 2,906 1,346
Amortization of acquired lease intangible assets 765 344
Amortization of above (below) market leases, net 113 (8)
Amortization of deferred financing costs 430 159
Stock-based compensation expense 182 420
Capitalized deal costs charged to expense 4 3
Changes in operating assets and liabilities:    
Tenant receivables (549) (135)
Deferred assets (1,178) (383)
Other assets 86 0
Accounts payable and accrued expenses 1,834 1,358
Security deposits and other 2,784 1,380
Accrued management fees due to related party 17 6
Net cash provided by operating activities 9,295 3,172
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (65,565) (108,067)
Escrow deposits for purchase of properties (798) (1,308)
Payments for construction in process (133) 0
Pre-acquisition costs for purchase of properties 246 126
Net cash used in investing activities (66,250) (109,249)
Financing activities    
Escrow deposits required by third party lenders (72) (8)
Borrowings repaid to related parties (18) 0
Proceeds from revolving credit facility, net 64,250 101,200
Payments of deferred financing costs (753) (1,992)
Redemption of LTIP Units (158) 0
Dividends paid to common stockholders, and OP and LTIP Unit holders (4,552) (3,604)
Dividends paid to preferred stockholders (1,455) 0
Net cash provided by financing activities 57,242 95,596
Net increase (decrease) in cash and cash equivalents 287 (10,481)
Cash and cash equivalents and restricted cash—beginning of period 7,114 [1] 20,612
Cash and cash equivalents and restricted cash—end of period [1] 7,401 10,131
Supplemental cash flow information:    
Cash payments for interest 2,245 830
Noncash financing and investing activities:    
Accrued dividends payable 5,710 3,652
Accrued pre-acquisition costs for purchase of properties and construction in process $ 271 $ 0
[1] Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $7,114 and $20,612, respectively.