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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (3,895) $ 1,235
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 3,543 2,646
Net realized loss (gain) upon sale of marketable securities 2,150 (265)
Net unrealized change in fair value of marketable securities 1,358 (2,355)
Share based compensation 51 94
Amortization of intangible lease assets and liabilities 2,600 1,961
Amortization of deferred financing costs 195 160
Straight line rent (616) (421)
Amortization of discount on note to affiliate 80 74
Changes in assets and liabilities:    
Receivables (190) (162)
Deferred leasing costs (892) (111)
Prepaid and other assets (226) (154)
Accounts payable and accrued expenses 794 407
Other liabilities 344 (197)
Due to affiliates (662) (419)
Net cash provided by operating activities 4,634 2,493
Cash flows from investing activities:    
Improvements to real estate assets (1,114) (1,181)
Investment in marketable securities (15,795) (10,325)
Proceeds from sale of marketable securities 15,520 10,037
Net cash used in investing activities (1,389) (1,469)
Cash flows from financing activities:    
Proceeds from line of credit 9,500 2,200
Repayment of line of credit (13,500) (39,819)
Proceeds from mortgage loans payable 0 17,600
Repayment of mortgage loans payable (130) (126)
Proceeds from issuance of common stock 23,536 26,192
Payment of financing costs 0 (185)
Payment of offering costs (1,721) (1,434)
Distributions to investors (2,709) (2,064)
Redemption of common stock (16,222) (2,949)
Net cash used in financing activities (1,246) (585)
Net increase in cash and cash equivalents 1,999 439
Cash and cash equivalents, beginning of period 4,234 2,002
Cash and cash equivalents, end of period 6,233 2,441
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Distributions declared and unpaid 431 375
Common stock issued through the distribution reinvestment plan 2,694 1,794
Purchases of marketable securities not yet paid 0 118
Proceeds from sale of marketable securities not yet received 0 117
Proceeds from issuance of common stock not yet received 0 24
Redemptions of common stock not yet paid 292 38
Extinguishment on note to affiliate 3,567 0
Discount on note to affiliate 236 0
Accrued dealer manager and distribution fees 5,026 1,199
Capital expenditures not yet paid 532 62
Deferred leasing cost not yet paid 0 36
Supplemental Cash Flow Disclosures:    
Interest paid $ 3,334 $ 2,226