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, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 428 $ 356
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,071 2,312
Amortization of deferred financing costs 236 70
Amortization of deferred rent assets and liabilities, net (115) (85)
Allowance for doubtful accounts 0 51
Changes in operating assets and liabilities:    
Other assets 48 10
Accounts payable, accrued expenses and due to related parties 1,318 522
Other liabilities (307) 3,729
Net cash provided by operating activities 4,679 6,965
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (82,950) (34,376)
Capital expenditures on existing real estate (1,624) (7,883)
Change in deposits on real estate acquisitions and investments, net (565) (367)
Net cash used in investing activities (85,139) (42,626)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 20,722 0
Offering costs (1,225) (252)
Borrowings from mortgage notes and bonds payable 49,001 24,813
Repayments on mortgage notes and bonds payable (2,568) (420)
Borrowings from lines of credit 38,000 17,300
Repayments on lines of credit 19,500 2,900
Payment of financing fees (348) (78)
Distributions paid on common stock (2,918) (2,436)
Distributions paid to non-controlling interests in Operating Partnership (376) (122)
Payment of contingent consideration 0 (700)
Net cash provided by financing activities 80,788 35,205
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 328 (456)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,438 2,533
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,766 2,077
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions 0 6,452
Real estate additions included in Other assets 15 0
Real estate additions included in Accounts payable, accrued expenses and due to related parties 647 1,485
Real estate additions included in Other liabilities 33 624
Common stock offering and OP Unit issuance costs included in Accounts payable, accrued expenses and due to related parties 140 14
Financing fees included in Accounts payable, accrued expenses and due to related parties $ 45 $ 8