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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income (Loss) $ 1,884 $ 360
Adjustments to reconcile net income to net cash used in operating activities:    
Stock based compensation 19 19
Depreciation and amortization 6,982 7,030
Deferred loan and lease commission costs amortization 609 885
Bad debt provision, net 44 775
Changes in operating assets and liabilities:    
Accrued rent and accounts receivable (1,700) (3,163)
Deferred leasing commissions (1,013) (951)
Prepaid expenses and other assets 343 (1,654)
Accounts payable and accrued expenses (10,481) (10,643)
Due to/from related parties (1,279) 1,221
Tenants' security deposits 70 43
Net cash used in operating activities (4,522) (6,078)
Cash flows from investing activities:    
Acquisition deposits 0 529
Repayment of note receivable from affiliate 750 0
Investment in affiliate - related party 0 (10,546)
Lender required reserves 0 10,273
Additions to real estate (2,932) (2,753)
Net cash used in investing activities (2,182) (2,497)
Cash flows from financing activities:    
Distributions to common stockholders (3,223) (3,141)
Distributions to non-controlling interest (2,138) (2,147)
Borrowing from affiliate 3,800 0
Repayments under term loan notes (411) (7,492)
Borrowings under insurance premium finance note 0 1,421
Payments of deferred loan costs 0 (71)
Net cash used in financing activities (1,972) (11,430)
Net change in cash and cash equivalents and restricted cash (8,676) (20,005)
Cash and cash equivalents and restricted cash, beginning of period 27,111 51,477
Cash and cash equivalents and restricted cash, end of period 18,435 31,472
Supplemental cash flow information:    
Cash paid for interest 2,960 3,322
Supplemental disclosures of non-cash investing and financing activities:    
Value of director's stock compensation shares issued 0 76
Value of common shares issued to acquire non-controlling interest 0 8,896
Acquisition of non-controlling interest $ 0 $ (8,858)