Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income (loss) $ 3,596 $ (5,902) $ 1,527
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 35,288 28,864 22,827
Impairment charge 622 14,238  
Gain on debt extinguishment   (5,274)  
Gain on sale of real estate (1,538) (1,240)  
Amortization of deferred financing costs 1,955 1,656 1,780
Amortization of deferred rent asset and liability, net (515) (389) (333)
Amortization of discount and premium on assumed debt (314) (267) (171)
Asset retirement obligation expense 152 104 129
Increase in other assets (1,185) (265) (399)
Increase in deferred rent receivable (4,464) (3,230) (3,700)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (452) 204 (2,171)
(Decrease) increase in other liabilities (43) 857 1,437
Leasing commissions paid (1,615) (1,159) (1,041)
Net cash provided by operating activities 31,487 28,197 19,885
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (77,798) (124,315) (131,188)
Improvements of existing real estate (6,689) (6,347) (5,176)
Proceeds from sale of real estate 6,683 11,162  
Issuance of mortgage note receivable (300) (5,600)  
Receipts from lenders for funds held in escrow 6,947 2,911 5,545
Payments to lenders for funds held in escrow (3,385) (8,659) (6,606)
Receipts from tenants for reserves 3,429 3,101 6,085
Payments to tenants from reserves (2,811) (4,298) (3,949)
(Increase) decrease in restricted cash (658) 1,504 (2,117)
Deposits on future acquisitions (1,700) (3,050) (2,375)
Deposits applied against acquisition of real estate investments 1,800 3,150 2,725
Net cash used in investing activities (74,482) (130,441) (137,056)
Cash flows from financing activities:      
Proceeds from issuance of equity 50,165 73,931 88,121
Offering costs paid (1,066) (3,140) (4,963)
Borrowings under mortgage notes payable 68,499 52,085 79,995
Payments for deferred financing costs (1,880) (1,029) (2,051)
Principal repayments on mortgage notes payable (66,714) (8,144) (16,407)
Principal repayments on employee notes receivable 375   35
Proceeds from issuance of term loan facility 25,000    
Borrowings from line of credit 77,000 98,450 75,400
Repayments on line of credit (75,000) (79,550) (76,000)
Increase (decrease) in security deposits 40 57 (19)
Distributions paid for common, senior common and preferred stock (36,871) (30,363) (23,940)
Net cash provided by financing activities 39,548 102,297 120,171
Net (decrease) increase in cash and cash equivalents (3,447) 53 3,000
Cash and cash equivalents, beginning of period 8,599 8,546 5,546
Cash and cash equivalents, end of period 5,152 8,599 8,546
NON-CASH INVESTING AND FINANCING INFORMATION      
Cash paid during year for interest 29,259 27,557 26,679
Fixed rate principal debt assumed in connection with acquisition   10,146  
Senior common dividend issued in the dividend reinvestment program 52 211 126
Capital improvements included in accounts payable and accrued expenses 4,488 5,510 [1] $ 350
Fixed asset additions paid for by tenant 766 2,031  
Property conveyed in deed in lieu for full satisfaction of mortgage note payable   17,373  
Security deposit applied to rental income   147  
Increase in asset retirement obligation assumed in acquisition $ 56 $ 405  
[1] This figure includes $520 in a tenant improvement allowance capitalized during the year ended December 31. 2014, which was fully surrendered by the tenant during the year ended December 31, 2015.