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, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (34) $ 473 $ 569
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 7,237 5,187 3,113
Amortization of deferred financing costs 524 241 107
Amortization of deferred rent assets and liabilities, net (278) (178) (201)
Bad debt expense 150 72 10
Loss (gain) on disposals of real estate assets, net 21 0 (14)
Property and casualty recovery 0 0 (97)
Insurance proceeds received utilized for repairs to real estate assets 0 0 10
Changes in operating assets and liabilities:      
Crop inventory and Other assets, net (1,904) (322) (124)
Accounts payable and accrued expenses and Due to related parties, net 1,923 720 524
Other liabilities, net (1,124) 2,210 843
Net cash provided by operating activities 6,515 8,403 4,740
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of new real estate (127,835) (84,593) (74,449)
Capital expenditures on existing real estate (5,211) (9,797) (3,231)
Proceeds from sale of real estate, net 3,834 156 0
Decrease in restricted cash 0 0 133
Maturity of short-term investment 682 0 0
Change in deposits on real estate acquisitions and investments, net (1,115) (1,267) (1,000)
Insurance proceeds received capitalized as real estate asset additions 0 0 87
Net cash used in investing activities (129,645) (95,501) (78,460)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of equity 41,907 360 23,133
Offering costs (1,977) (272) (1,482)
Payments for redemption of OP Units (2,569) 0 0
Borrowings from mortgage notes payable 108,685 54,403 60,841
Repayments on mortgage note payable (7,906) (4,827) (626)
Borrowings from lines of credit 58,400 59,750 18,100
Repayments on lines of credit (64,950) (43,300) (22,000)
Proceeds from issuance of mandatorily redeemable preferred stock 0 28,750 0
Payment of financing fees (881) (1,818) (273)
Distributions paid on common stock (6,369) (4,955) (4,059)
Distributions paid to non-controlling interests in Operating Partnership (710) (388) 0
Payment of contingent consideration 0 (700) 0
Net cash provided by financing activities 123,630 87,003 73,634
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 500 (95) (86)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,438 2,533 2,619
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,938 2,438 2,533
Cash paid during the year for interest [1] 9,582 5,981 3,263
NON-CASH INVESTING AND FINANCING INFORMATION:      
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions 0 14,353 0
Real estate additions included in Other assets, net 15 0 0
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 2,641 162 1,157
Loss on disposal of real estate asset included in Accounts payable and accrued expenses and Due to related parties, net 39 0 0
Real estate additions included in Other liabilities, net 849 1,392 1,572
Common and preferred stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 149 9 226
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net $ 15 $ 8 $ 25
[1] Includes distributions made on our Series A Term Preferred Stock.