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, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 2,766 $ (34)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 9,375 7,237
Amortization of debt issuance costs 582 524
Amortization of deferred rent assets and liabilities, net (398) (278)
Bad debt expense 153 150
(Gain) loss on dispositions of real estate assets, net (5,532) 21
Property and casualty loss 194 0
Loss on write-down of inventory 1,094 0
Changes in operating assets and liabilities:    
Crop inventory and Other assets, net (3,151) (1,904)
Accounts payable and accrued expenses and Due to related parties, net 1,942 1,923
Other liabilities, net 3,383 (1,124)
Net cash provided by operating activities 10,408 6,515
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (71,436) (127,835)
Capital expenditures on existing real estate assets (22,605) (5,211)
Proceeds from dispositions of real estate assets 132 3,834
Maturity of short-term investment 0 682
Change in deposits on real estate acquisitions and investments, net 100 (1,115)
Net cash used in investing activities (93,809) (129,645)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 74,417 41,907
Offering costs (4,186) (1,977)
Payments for redemptions of OP Units (523) (2,569)
Borrowings from notes and bonds payable 68,594 108,685
Repayments of notes and bonds payable (23,455) (7,906)
Borrowings from lines of credit 29,900 58,400
Repayments of lines of credit (39,800) (64,950)
Payment of financing fees (675) (881)
Dividends paid on Series B cumulative redeemable preferred stock (379) 0
Distributions paid on common stock (8,274) (6,369)
Distributions paid to non-controlling interests in Operating Partnership (426) (710)
Net cash provided by financing activities 95,193 123,630
NET INCREASE IN CASH AND CASH EQUIVALENTS 11,792 500
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,938 2,438
CASH AND CASH EQUIVALENTS AT END OF PERIOD 14,730 2,938
Supplemental cash flow information:    
Interest paid [1]   9,582
Supplemental non-cash investing and financing information:    
Real estate additions included in Other assets, net 0 15
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 2,090 2,641
Gain (loss) on dispositions of real estate assets, net included in Accounts payable and accrued expenses and Due to related parties, net 0 39
Real estate additions included in Other liabilities, net 0 849
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 158 149
Financing costs included in Accounts payable and accrued expenses and Due to related parties, net 30 15
Escrow proceeds from asset sale used for acquisition of new real estate assets $ 20,500 $ 0
[1] Includes distribution made on our Series A Term Preferred stock