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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 5,502 $ 2,038
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,293 5,599
Amortization of deferred financing costs 556 547
Write-off of deferred financing costs 326 0
Amortization of stock-based compensation 431 366
Noncash interest income (254) (223)
Change in operating assets and liabilities:    
Accounts receivable 115 (42)
Accounts receivable due from related party 0 322
Prepaid expenses and other assets 12 50
Accounts payable and accrued liabilities 1,013 2,398
Net cash provided by operating activities 14,994 11,055
Cash flows from investing activities:    
Acquisitions of real estate (68,000) (17,499)
Improvements to real estate (27) (74)
Purchases of equipment, furniture and fixtures (17) (63)
Escrow deposits for acquisition of real estate (15,730) (500)
Net cash used in investing activities (83,774) (18,136)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 106,026 0
Proceeds from the issuance of senior unsecured term loan 100,000 0
Borrowings under unsecured credit facility 52,000 0
Payments on unsecured credit facility (92,000) 0
Payments on the mortgage notes payable (95,022) (685)
Payments of deferred financing costs (1,324) (14)
Dividends paid on common stock (7,704) (3,946)
Distribution to Parent 0 0
Net cash provided by (used in) financing activities 61,976 (4,645)
Net decrease in cash and cash equivalents (6,804) (11,726)
Cash and cash equivalents beginning of period 11,467 25,320
Cash and cash equivalents end of period 4,663 13,594
Supplemental disclosures of cash flow information:    
Interest paid 2,103 1,537
Supplemental schedule of noncash operating, investing and financing activities:    
Increase in dividends payable 2,141 1,104
Increase in offering costs payable 291 0
Application of escrow deposit to acquisition of real estate $ 1,250 $ 500