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
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 282 $ (2,170)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 5,533 4,430
Amortization of debt issuance costs 299 289
Amortization of deferred rent assets and liabilities, net (157) (180)
Bad debt expense 6 31
Loss on dispositions of real estate assets, net 19 0
Property and casualty loss 7 129
Loss on write-down of crop inventory 0 1,060
Changes in operating assets and liabilities:    
Crop inventory and other assets, net 21 (237)
Accounts payable and accrued expenses and Due to related parties, net (1,344) 317
Other liabilities, net (410) 813
Net cash provided by operating activities 4,256 4,482
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (48,004) (5,036)
Capital expenditures on existing real estate assets (5,549) (11,356)
Proceeds from dispositions of real estate assets 0 132
Change in deposits on real estate acquisitions and investments, net (1,050) (300)
Net cash used in investing activities (54,603) (16,560)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 61,394 25,113
Offering costs (4,521) (935)
Payments for redemptions of OP Units 0 (521)
Redemption of Series B Preferred Stock (166) 0
Borrowings from mortgage notes and bonds payable 18,072 2,733
Repayments of mortgage notes and bonds payable (4,247) (3,777)
Borrowings from lines of credit 14,900 9,100
Repayments of lines of credit (14,900) (15,600)
Payments of financing fees (115) (225)
Dividends paid on Series B cumulative redeemable preferred stock (1,165) 0
Distributions paid on common stock (4,878) (3,919)
Distributions paid to non-controlling interests in Operating Partnership (52) (246)
Net cash provided by financing activities 64,322 11,723
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 13,975 (355)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,730 2,938
CASH AND CASH EQUIVALENTS AT END OF PERIOD 28,705 2,583
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Operating lease right-of-use assets included in Other assets, net 198  
Operating lease liabilities included in Other liabilities, net 169  
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 2,465 4,120
Gain on dispositions of real estate assets, net included in Accounts payable and accrued expenses and Due to related parties, net 0 8
Real estate additions included in Other liabilities, net 0 136
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net 99 194
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 20 2
Lender holdback on loan issuance $ 0 $ 0