Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 4,356 $ 853
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,921 9,133
Impairment charge 3,746 43
Gain on sale of real estate (5,906) 0
Amortization of deferred financing costs 483 471
Amortization of deferred rent asset and liability, net (207) (102)
Amortization of discount and premium on assumed debt (30) (60)
Asset retirement obligation expense 34 37
(Increase) decrease in other assets (719) 290
Increase in deferred rent receivable (795) (1,087)
Decrease in accounts payable, accrued expenses, and amount due Adviser and Administrator (976) (121)
Increase (decrease) in other liabilities 735 (303)
Leasing commissions paid (167) (372)
Net cash provided by operating activities 10,475 8,782
Cash flows from investing activities:    
Improvements of existing real estate (4,964) (1,685)
Proceeds from sale of real estate 12,398 0
Collection of mortgage note receivable 0 5,900
Receipts from lenders for funds held in escrow 3,108 2,143
Payments to lenders for funds held in escrow (583) (476)
Receipts from tenants for reserves 597 763
Payments to tenants from reserves (433) (738)
Increase in restricted cash (86) (85)
Net cash provided by investing activities 10,037 5,822
Cash flows from financing activities:    
Proceeds from issuance of equity 4,657 2,800
Offering costs paid (81) (52)
Retirement of senior common stock 0 (178)
Borrowings under mortgage notes payable 0 18,475
Payments for deferred financing costs (17) (380)
Payments for deferred financing costs (38,063) (23,534)
Borrowings from revolving credit facility 38,500 15,800
Repayments on revolving credit facility (14,000) (18,000)
Increase in security deposits (78) 59
Distributions paid for common, senior common and preferred stock (11,983) (9,736)
Net cash used by financing activities (21,065) (14,746)
Net decrease in cash and cash equivalents (553) (142)
Cash and cash equivalents, beginning of period 4,658 5,152
Cash and cash equivalents, end of period 4,105 5,010
NON-CASH INVESTING AND FINANCING INFORMATION    
Capital improvements included in accounts payable and accrued expenses $ 1,849 $ 2,829