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
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 804 $ 3,849
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 8,952 6,805
Amortization of debt issuance costs 461 434
Amortization of deferred rent assets and liabilities, net (244) (272)
Bad debt expense 24 108
Loss (gain) on dispositions of real estate assets, net 154 (6,247)
Property and casualty (recovery) loss, net (10) 129
Loss on write-down of crop inventory 0 1,093
Changes in operating assets and liabilities:    
Crop inventory and other assets, net 281 (1,274)
Accounts payable and accrued expenses and Due to related parties, net (1,586) (677)
Other liabilities, net 5,066 4,096
Net cash provided by operating activities 13,902 8,044
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (200,676) (31,467)
Capital expenditures on existing real estate assets (8,974) (17,157)
Proceeds from dispositions of real estate assets 0 132
Change in deposits on real estate acquisitions and investments, net (300) (100)
Net cash used in investing activities (209,950) (48,592)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 86,070 34,397
Offering costs (6,551) (1,894)
Payments for redemptions of OP Units 0 (523)
Redemption of Series B Preferred Stock (213) 0
Borrowings from mortgage notes and bonds payable 120,399 48,218
Repayments of mortgage notes and bonds payable (7,686) (22,800)
Borrowings from lines of credit 22,900 14,100
Repayments of lines of credit (18,900) (24,000)
Payments of financing fees (738) (525)
Dividends paid on Series B cumulative redeemable preferred stock (2,222) (43)
Distributions paid on common stock (7,658) (6,054)
Distributions paid to non-controlling interests in Operating Partnership (91) (337)
Net cash provided by financing activities 185,310 40,539
NET DECREASE IN CASH AND CASH EQUIVALENTS (10,738) (9)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,730 2,938
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,992 2,929
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions 3,290  
Operating lease right-of-use assets included in Other assets, net 188  
Operating lease liabilities included in Other liabilities, net 171  
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 1,397 2,656
Loss on dispositions of real estate assets, net included in Accounts payable and accrued expenses and Due to related parties, net 119 87
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 35 100
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 14 0
Escrow proceeds from asset sale used for acquisition of new real estate assets   20,500
Lender holdback on loan issuance 498 $ 0
Unrealized loss related to interest rate hedging instrument $ (347)