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
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities    
Net income (loss) $ 3,285 $ (1,941)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 6,351 3,197
Amortization of acquired lease intangible assets 1,691 803
Amortization of above (below) market leases, net 294 (11)
Amortization of deferred financing costs 983 500
Stock-based compensation expense 1,237 1,140
Capitalized pre-acquisition costs charged to expense 46 5
Changes in operating assets and liabilities:    
Tenant receivables (635) (322)
Deferred assets (2,635) (1,162)
Other assets 97 0
Accounts payable and accrued expenses 1,254 1,395
Security deposits and other 2,924 1,725
Accrued management fees due to related party 31 8
Net cash provided by operating activities 14,923 5,337
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (124,874) (148,474)
Escrow deposits for purchase of properties (298) 249
(Loans to) repayments from related parties (80) 40
Payments for tenant improvements (437) 0
Pre-acquisition costs for purchase of properties 118 121
Net cash used in investing activities (125,571) (148,064)
Financing activities    
Net proceeds received from follow-on offering 0 29,553
Escrow deposits required by third party lenders (144) (17)
Borrowings from related parties 0 10
Repayment of note payable from related party 0 (421)
Proceeds from revolving credit facility 129,950 141,800
Repayment of revolving credit facility (6,500) (25,000)
Payments of deferred financing costs (1,123) (2,277)
Redemption of LTIP Units (263) 0
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (9,288) (7,208)
Dividends paid to preferred stockholders (2,911) 0
Net cash provided by financing activities 109,721 136,440
Net decrease in cash and cash equivalents and restricted cash (927) (6,287)
Cash and cash equivalents and restricted cash—beginning of period 7,114 20,612
Cash and cash equivalents and restricted cash—end of period [1] 6,187 14,325
Supplemental cash flow information:    
Cash payments for interest 5,592 2,480
Noncash financing and investing activities:    
Accrued dividends payable 5,826 3,701
Accrued pre-acquisition costs for purchase of properties and tenant improvements 1,647 74
Accrued deferred asset costs 572 0
Accrued deferred public offering costs 0 174
Reclassification of deferred follow-on offering costs to additional paid-in capital 0 394
OP Units issued for noncash transaction $ 4,742 $ 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 (the beginning of the periods presented) was $7,114 and $20,612, respectively.