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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 25,876 $ 1,950 $ 976
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in (income) loss from unconsolidated real estate entities (1,451) (93) 29
Provision for doubtful accounts 1,287 1,448 675
Depreciation and amortization 51,407 41,837 28,608
Depreciation and amortization included in discontinued operations 0 0 7
Amortization of (below) above market lease intangibles, net (78) 202 420
Amortization of loan origination fees (150) 0 0
Accretion of discount on notes receivable 0 (178) (263)
Deferred interest income on notes receivable (84) 0 0
Gain from early repayment of notes receivable 0 (581) 0
Loss on extinguishment of debt 0 182 0
(Gain) loss on sale of real estate (17,377) 0 150
Gain on sale of real estate included in discontinued operations 0 0 (2,125)
Amortization of loan costs 1,014 812 684
Accretion of premium on notes payable (238) (191) (209)
Equity based compensation expense 3,835 1,752 1,042
Straight-line rent (4,507) (3,425) (1,400)
Change in working capital components:      
Rents and other receivables (988) (2,676) (1,558)
Deferred leasing costs (5,596) (3,421) (2,362)
Other assets 71 (1,286) (1,069)
Accounts payable, accrued expenses and other liabilities 1,667 1,806 1,227
Tenant security deposits 2,155 1,608 961
Prepaid rents (411) 762 (1,289)
Net cash provided by operating activities 56,432 40,508 24,504
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of investments in real estate (367,621) (230,599) (383,662)
Capital expenditures (31,928) (22,181) (13,959)
Acquisition related deposits 0 2,110 (600)
Contributions to unconsolidated real estate entities 0 0 (105)
Distributions from unconsolidated real estate entities 5,530 0 1,745
Issuance of notes receivable (5,700) 0 0
Change in restricted cash 0 0 325
Principal repayments of notes receivable 0 13,896 265
Proceeds from sale of real estate 38,505 0 15,410
Net cash used in investing activities (361,214) (236,774) (380,581)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance of preferred stock, net 86,651 0 0
Issuance of common stock, net 183,386 175,833 221,773
Proceeds from notes payable 263,000 272,000 301,500
Repayment of notes payable (179,223) (226,710) (147,241)
Deferred loan costs (1,925) (796) (1,876)
Debt extinguishment costs 0 (2) 0
Dividends paid to preferred stockholders (1,983) 0 0
Dividends paid to common stockholders (32,852) (26,042) (16,700)
Distributions paid to common unitholders (1,201) (1,095) (1,672)
Repurchase of common shares to satisfy employee tax withholding requirements (747) (191) (98)
Repurchase of operating partnership units 0 (136) 0
Net cash provided by financing activities 315,106 192,861 355,686
Increase (decrease) in cash and cash equivalents 10,324 (3,405) (391)
Cash and cash equivalents, beginning of period 5,201 8,606 8,997
Cash and cash equivalents, end of period 15,525 5,201 8,606
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest (net of capitalized interest of $1,653, $754 and $42 for 2016, 2015 and 2014, respectively) 13,943 6,147 5,793
Assumption of loan in connection with acquisition of real estate including loan premium 0 17,097 10,565
Capital expenditure accruals 1,284 610 463
Dividends payable $ 9,282 $ 7,806 $ 5,244