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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:      
Net loss $ (9,086,000) $ (26,599,000) $ (3,298,000)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities      
Equity in income of unconsolidated entity (2,800,000) (339,000) (54,000)
Distribution of earnings from unconsolidated joint venture 0 56,000 54,000
Casualty-related income, net 0 0 (1,614,000)
Depreciation and amortization 20,236,000 20,405,000 14,429,000
Impairment charges on real estate 0 14,745,000 0
(Gain) loss on real estate equity securities (2,704,000) 1,924,000 0
Gain on real estate sale (4,178,000) 0 0
Noncash interest income on real estate-related investment 0 0 (58,000)
Loss on extinguishment of debt 105,000 0 0
Deferred rents (567,000) (1,428,000) (774,000)
Bad debt expense 0 344,000 152,000
Amortization of above- and below-market leases, net (2,654,000) (3,417,000) (2,028,000)
Amortization of deferred financing costs 1,763,000 1,207,000 910,000
Foreign currency translation gain (64,000) 0 0
Unrealized loss (gain) on derivative instruments 5,000 (124,000) 175,000
Changes in operating assets and liabilities:      
Rents and other receivables 1,076,000 (1,480,000) (804,000)
Prepaid expenses and other assets (1,394,000) (1,738,000) 2,123,000
Accounts payable and accrued liabilities (192,000) 136,000 (783,000)
Due to affiliates 563,000 (7,000) 27,000
Other liabilities (204,000) 930,000 372,000
Net cash (used in) provided by operating activities (95,000) 4,615,000 8,829,000
Cash Flows from Investing Activities:      
Acquisitions of real estate 0 0 (193,146,000)
Proceeds from sale of real estate, net 17,697,000 0 0
Improvements to real estate (14,145,000) (8,914,000) (9,744,000)
Investment in real estate securities 0 (9,150,000) 0
Payments for construction costs (445,000) (5,699,000) (5,575,000)
Payoff of real estate loan receivable 0 3,500,000 0
Contributions to unconsolidated joint venture (2,900,000) 0 0
Distribution of earnings from unconsolidated joint venture 5,104,000 0 0
Proceeds from insurance claims 0 237,000 5,080,000
Purchase of interest rate cap agreement (58,000) (16,000) (14,000)
Proceeds from derivative instrument 145,000 0 0
Net cash provided by (used in) investing activities 5,398,000 (20,042,000) (203,399,000)
Cash Flows from Financing Activities:      
Proceeds from notes payable 180,164,000 2,278,000 120,025,000
Principal payments on notes payable (179,383,000) (5,499,000) 0
Payments of deferred financing costs (3,197,000) (254,000) (1,782,000)
Principal payments on finance lease obligations (196,000) (175,000) (166,000)
Proceeds from issuance of common stock 0 17,184,000 70,090,000
Payments to redeem common stock (3,048,000) (2,441,000) (1,359,000)
Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees 0 (1,645,000) (4,607,000)
Payments of other offering costs (10,000) (1,217,000) 0
Distributions paid (1,403,000) (1,861,000) (1,453,000)
Noncontrolling interest contributions 239,000 1,362,000 1,774,000
Distributions to noncontrolling interest (1,851,000) (500,000) (25,000)
Net cash (used in) provided by financing activities (8,685,000) 7,232,000 182,497,000
Net decrease in cash, cash equivalents and restricted cash (3,382,000) (8,195,000) (12,073,000)
Cash, cash equivalents and restricted cash, beginning of period 26,858,000 35,053,000 47,126,000
Cash, cash equivalents and restricted cash, end of period 23,476,000 26,858,000 35,053,000
Supplemental Disclosure of Noncash Investing and Financing Activities:      
Interest paid, net of capitalized interest of $0, $3,920 and $4,075 for the years ended December 31, 2019, 2018 and 2017, respectively 17,574,000 12,427,000 6,390,000
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan 2,218,000 3,028,000 2,375,000
Redemptions payable 2,218,000 3,028,000 0
Accrued improvements to real estate 1,158,000 1,381,000 805,000
Other offering costs due to affiliates 0 0 1,042,000
Distributions payable 242,000 484,000 366,000
Acquisition fees due to affiliates 29,000 178,000 77,000
Construction cost payable 0 400,000 426,000
Stock dividends issued $ 0 $ 5,289,000 $ 4,648,000