XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net income $ 913 $ 116
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,998 2,906
Stock-based compensation 318 120
Straight-line rent receivable (265) (95)
Provision for bad debts, net of recoveries 67 0
Reduction in contingent purchase price (5) (188)
Changes in operating assets and liabilities:    
Other assets 32 (564)
Accounts payable and accrued liabilities (578) 455
Other liabilities 75 (164)
Net cash provided by operating activities 4,555 2,586
INVESTING ACTIVITIES    
Acquisitions of real estate (29,311) (25,326)
Funding of mortgage notes receivable 0 (12,406)
Proceeds from the repayment of notes receivable 140 0
Capital expenditures on existing real estate properties (64) (389)
Net cash used in investing activities (29,235) (38,121)
FINANCING ACTIVITIES    
Net repayments on revolving credit facility (29,000) 38,000
Term loan borrowings 60,000 0
Dividends paid (5,078) (2,912)
Debt issuance costs (766) 0
Net cash provided by financing activities 25,156 35,088
Increase (decrease) in cash and cash equivalents 476 (447)
Cash and cash equivalents, beginning of period 1,568 2,018
Cash and cash equivalents, end of period 2,044 1,571
Supplemental Cash Flow Information:    
Interest paid 780 294
Invoices accrued for construction, tenant improvement and other capitalized costs 46 0
Decrease in fair value of cash flow hedges $ (158) $ 0