Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (7,468,000) $ (4,022,000)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:    
Depreciation 8,991,000 9,553,000
Amortization 7,178,000 11,390,000
Loan cost amortization 1,336,000 1,682,000
Above (below) market lease amortization, net (585,000) (421,000)
Straight-line expense 140,000 16,000
Share-based compensation 244,000 727,000
Gain on disposal of properties (1,427,000) (2,312,000)
Gain on disposal of properties-discontinued operations 0 (903,000)
Credit losses on operating lease receivables 315,000 412,000
Impairment of notes receivable 5,000,000 0
Impairment of assets held for sale 1,547,000 0
Changes in assets and liabilities, net of acquisitions    
Rent and other tenant receivables, net (520,000) 919,000
Unbilled rent (60,000) (1,037,000)
Related party receivables 0 1,000
Deferred costs and other assets, net (335,000) 71,000
Accounts payable, accrued expenses and other liabilities (1,738,000) 2,466,000
Net operating cash flows used in discontinued operations (2,000) (2,000)
Net cash provided by operating activities 12,616,000 18,540,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment property acquisitions, net of restricted cash acquired (24,000) (23,153,000)
Capital expenditures (1,405,000) (3,846,000)
Cash received from disposal of properties 3,584,000 3,231,000
Cash received from disposal of properties-discontinued operations 19,000 2,747,000
Net cash provided by (used in) investing activities 2,174,000 (21,021,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments for deferred financing costs (537,000) (1,192,000)
Dividends and distributions paid 0 (11,554,000)
Proceeds from sales of Preferred Stock, net of expenses 0 21,158,000
Loan proceeds 24,165,000 28,487,000
Loan principal payments (33,890,000) (26,282,000)
Net financing cash flows used in discontinued operations 0 (76,000)
Net cash (used in) provided by financing activities (10,262,000) 10,541,000
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 4,528,000 8,060,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 17,999,000 12,286,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 22,527,000 20,346,000
Non-Cash Transactions:    
Debt incurred for acquisitions 0 58,867,000
Conversion of common units to common stock 0 1,298,000
Conversion of Series B Preferred Stock to Common Stock 0 2,000
Issuance of Common Stock for acquisition 0 1,130,000
Accretion of preferred stock discounts 510,000 509,000
Other Cash Transactions:    
Cash paid for taxes 6,000 39,000
Cash paid for interest 13,218,000 13,084,000
Cash, cash equivalents, and restricted cash $ 17,999,000 $ 12,286,000