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
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (16,906) $ (12,778) $ (12,238)
Adjustments to reconcile consolidated net loss to net cash provided by (used in) operating activities      
Depreciation 12,660 10,590 7,883
Amortization 14,434 15,641 12,754
Loan cost amortization 2,363 3,087 2,126
Above (below) market lease amortization, net (695) 453 29
Share-based compensation 940 870 1,454
Gain on disposal of properties (2,463) (1,021) 0
Gain on disposal of properties-discontinued operations (903) (1,502) (688)
Provision for credit losses 434 2,821 425
Impairment of notes receivable 1,739 5,261 0
Impairment of goodwill 5,486 0 0
Impairment of land-discontinued operations 3,938 0 0
Changes in assets and liabilities, net of acquisitions      
Rent and other tenant receivables, net (145) (990) (1,065)
Unbilled rent (820) (1,101) (384)
Related party receivables 77 (909) (974)
Deferred costs and other assets, net (236) (74) (695)
Accounts payable, accrued expenses and other liabilities 2,104 3,406 2,486
Net operating cash flows (used in) provided by discontinued operations (5) 64 (13)
Net cash provided by operating activities 22,002 23,818 11,100
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment property acquisitions, net of restricted cash acquired (23,153) 0 (49,159)
Capital expenditures (5,567) (7,308) (1,885)
Issuance of notes receivable 0 0 (9,404)
Cash received from disposal of properties 3,530 2,416 0
Cash received from disposal of properties-discontinued operations 2,747 1,871 1,385
Net investing cash flows used in discontinued operations (7) (58) (73)
Net cash used in investing activities (22,450) (3,079) (59,136)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments for deferred financing costs (1,870) (1,065) (5,174)
Dividends and distributions paid (14,591) (20,742) (17,692)
Proceeds from sales of Preferred Stock, net of expenses 21,158 78 75,763
Loan proceeds 30,534 18,886 21,600
Loan principal payments (28,856) (18,227) (29,163)
Net financing cash flows used in discontinued operations (214) (1,898) (854)
Net cash provided by (used in) financing activities 6,161 (22,968) 44,480
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 5,713 (2,229) (3,556)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH , beginning of year 12,286 14,515 18,071
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year 17,999 12,286 14,515
Other Cash Transactions:      
Cash paid for taxes 42 230 0
Cash paid for interest 17,574 13,936 11,015
Non-cash Transactions:      
Debt incurred for acquisitions 58,867 0 134,398
Noncontrolling interests resulting from the issuance of common units 0 0 4,273
Conversion of Series B Preferred Stock to Common Stock 2 0 2
Conversion of common units to Common Stock 1,518 1,371 0
Conversion of senior convertible debt into Common Stock 0 31 1,600
Issuance of Common Stock for acquisition 1,130 0 0
Accretion of Preferred Stock discounts 678 809 417
Note receivable in consideration of land $ 0 $ 0 $ 1,000