Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,762,000 $ 2,766,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,790,000 9,375,000
Amortization of debt issuance costs 630,000 582,000
Amortization of deferred rent assets and liabilities, net (336,000) (398,000)
Bad debt expense 13,000 153,000
Loss (gain) on dispositions of real estate assets, net 328,000 (5,532,000)
Property and casualty (recovery) loss (10,000) 194,000
Loss on write-down of inventory 0 1,094,000
Changes in operating assets and liabilities:    
Crop inventory and Other assets, net (896,000) (3,151,000)
Accounts payable and accrued expenses and Due to related parties, net 1,869,000 1,942,000
Other liabilities, net 5,220,000 3,383,000
Net cash provided by operating activities 21,370,000 10,408,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate assets (250,007,000) (71,436,000)
Capital expenditures on existing real estate assets (12,290,000) (22,605,000)
Contributions to unconsolidated real estate entities (587,000) 0
Proceeds from dispositions of real estate assets 0 132,000
Maturity of short-term investment 0 0
Insurance proceeds received capitalized as real estate additions 84,000  
Change in deposits on real estate acquisitions and investments, net 150,000 100,000
Net cash used in investing activities (262,650,000) (93,809,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred and common equity 118,357,000 74,417,000
Offering costs (9,186,000) (4,186,000)
Payments for redemptions of OP Units 0 (523,000)
Payments for redemptions of Series B Preferred Stock (340,000) 0
Borrowings from notes and bonds payable 155,659,000 68,594,000
Repayments of notes and bonds payable (8,836,000) (23,455,000)
Borrowings from lines of credit 45,600,000 29,900,000
Repayments of lines of credit (45,600,000) (39,800,000)
Payment of financing fees (1,181,000) (675,000)
Dividends paid on Series B cumulative redeemable preferred stock (3,646,000) (379,000)
Distributions paid on common stock (10,460,000) (8,274,000)
Distributions paid to non-controlling interests in Operating Partnership (129,000) (426,000)
Net cash provided by financing activities 240,238,000 95,193,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,042,000) 11,792,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,730,000 2,938,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 13,688,000 14,730,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid [1] 15,974,000 12,335,000
NON-CASH OPERATING, INVESTING, AND FINANCING INFORMATION:    
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions 3,290,000  
Operating lease right-of-use assets included in Other assets, net 178,000  
Operating lease liabilities included in Other liabilities, net 172,000  
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net 1,979,000 2,090,000
Loss on dispositions of real estate assets, net included in Accounts payable and accrued expenses and Due to related parties, net 122,000 0
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net   158,000
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net 63,000 30,000
Lender holdback on loan issuance 498,000 0
Unrealized loss related to interest rate hedging instrument $ (390,000) $ 0
[1] Includes distribution made on our Series A Term Preferred stock