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, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,101 $ 108
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,257 2,597
Amortization of debt issuance costs 179 150
Amortization of deferred rent assets and liabilities, net (69) (80)
Income from investments in unconsolidated entities (34) 0
Bad debt expense 12 6
Loss on dispositions of real estate assets, net 99 32
Changes in operating assets and liabilities:    
Other assets, net (1,857) (136)
Accounts payable and accrued expenses and Due to related parties, net (1,243) (2,277)
Other liabilities, net (949) 2,032
Net cash provided by operating activities 3,496 2,432
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (7,436) (2,304)
Capital expenditures on existing real estate assets (2,682) (3,063)
Change in deposits on real estate acquisitions and investments, net (50) (350)
Net cash used in investing activities (10,168) (5,717)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 35,589 18,482
Offering costs (2,523) (1,729)
Redemption of Series B Preferred Stock (185) (13)
Borrowings from mortgage notes and bonds payable 0 1,440
Repayments of mortgage notes and bonds payable (4,388) (3,450)
Payments of financing fees (263) (4)
Dividends paid on Series B cumulative redeemable preferred stock (2,125) (601)
Distributions paid on common stock (2,850) (2,409)
Distributions paid to non-controlling interests in Operating Partnership (39) (53)
Net cash provided by financing activities 23,216 11,663
NET INCREASE IN CASH AND CASH EQUIVALENTS 16,544 8,378
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 13,688 14,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD 30,232 23,108
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Operating lease right-of-use assets included in Other assets, net 168 208
Operating lease liabilities included in Other liabilities, net 127 167
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 2,699 1,428
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 28 58
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 77 11
Lender holdback on loan issuance 498 $ 0
Unrealized loss related to interest rate hedging instrument $ (1,647)