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 $ 173 $ 240
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,472 977
Amortization of deferred financing costs 116 34
Amortization of deferred rent assets and liabilities, net (50) (42)
Allowance for doubtful accounts 0 (13)
Changes in operating assets and liabilities:    
Other assets (150) 40
Accounts payable, accrued expenses and due to related parties (187) (530)
Other liabilities 1,372 3,527
Net cash provided by operating activities 2,746 4,233
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (53,532) (19,067)
Capital expenditures on existing real estate (468) (1,866)
Change in deposits on real estate acquisitions and investments, net (215) (217)
Net cash used in investing activities (54,215) (21,150)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 20,722 0
Offering costs (1,054) (215)
Borrowings from mortgage notes and bonds payable 32,400 15,531
Repayments on mortgage notes and bonds payable (2,231) (187)
Net borrowings from line of credit 3,500 2,700
Payment of financing fees (274) (23)
Distributions paid on common stock (1,372) (1,199)
Distributions paid to non-controlling interests in Operating Partnership (187) (30)
Net cash provided by financing activities 51,504 16,577
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 35 (340)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,438 2,533
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,473 2,193
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions 0 6,452
Real estate additions included in Accounts payable, accrued expenses and due to related parties 199 3,189
Real estate additions included in Other liabilities 0 6
Common stock offering and OP Unit issuance costs included in Accounts payable, accrued expenses and due to related parties 171 36
Financing fees included in Accounts payable, accrued expenses and due to related parties $ 22 $ 27