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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income $ 9,506 $ 24,152 $ 11,316
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 19,517 17,617 17,921
Stock-based compensation 3,405 3,387 2,555
Straight-line rent receivable (936) (5,919) 3,447
Straight-line rent liability 149 157 165
Provision for bad debt     216
Construction mortgage interest income (1,186) (22)  
Write-off of pre-acquisitions costs 513 149 252
Write-off of pre-offering costs     89
Changes in operating assets and liabilities      
Other assets (7,210) 10,264 (12,939)
Accounts payable and accrued liabilities 796 (9,147) 9,062
Deferred revenues (1,088) 503 (1,632)
Net cash provided by operating activities 23,466 41,141 30,452
Investing activities      
Acquisitions of real estate (23,458) (55,179) (72)
Capital expenditures for real estate (3,931) (1,105)  
Funding of mortgage notes and note receivable, net (39,715) (21,113) (1,662)
Repayments of mortgage notes and notes receivable 1,349 450 1,712
Capitalized pre-acquisition costs, net (210) (107) (306)
Capital expenditures for corporate property (24) (15) (12)
Net cash used in investing activities (65,989) (77,069) (340)
Financing activities      
Net borrowings (repayments) on secured credit facility 62,600 (52,800) (103,400)
Dividends paid to common stockholders (20,097) (26,657) (10,459)
Distributions to noncontrolling interest (2,934) (3,239) (2,307)
Deferred loan costs (901) (2,910) (1,402)
Taxes remitted upon vesting of restricted stock (397) (224)  
Capitalized pre-offering costs (18) (280)  
Proceeds from borrowings on term loan   125,000  
Cancellation of restricted stock   (50)  
Proceeds from sale of common shares, net of offering costs   (43) 224,320
Redemption of preferred shares     (125,125)
Dividends paid to preferred stockholders     (14,588)
Net cash provided by (used in) financing activities 38,253 38,797 (32,961)
Increase (decrease) in cash, cash equivalents and restricted cash (4,270) 2,869 (2,849)
Cash, cash equivalents and restricted cash at beginning of period 12,640 9,771 12,620
Cash, cash equivalents and restricted cash at end of period 8,370 12,640 9,771
Supplemental Cash Flow Information      
Interest paid 11,181 6,325 8,417
Norris Academy acquisition of real estate 6,383    
Norris Academy mortgage note conversion (6,383)    
Accrued capital expenditures for real estate 613    
Texas gross margins taxes paid, net of reimbursement 96 (23) 69
Accrued pre-acquisition costs $ 34 64 $ 21
Accrued pre-offering costs   $ 18