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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net income $ 1,450 $ 1,872
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,421 5,133
Stock-based compensation 853 616
Straight-line rent receivable (336) (415)
Deferred income tax expense (benefit) 17 (132)
Changes in operating assets and liabilities:    
Other assets (194) (696)
Accounts payable and accrued liabilities 155 (309)
Other liabilities (36) (121)
Net cash provided by operating activities 7,330 5,948
INVESTING ACTIVITIES    
Acquisitions of real estate (32,743) (12,721)
Acquisitions of notes receivable 0 (2,201)
Proceeds from the repayment of notes receivable 31 17
Capital expenditures on existing real estate properties (622) (1,444)
Net cash used in investing activities (33,334) (16,349)
FINANCING ACTIVITIES    
Net repayments on revolving credit facility (43,000) (22,000)
Term loan borrowings 75,000 40,000
Mortgage note repayments (27) 0
Dividends paid (7,628) (7,226)
Net proceeds from issuance of common stock 4,724 0
Equity issuance costs (100) 0
Debt issuance costs (1,323) (218)
Net cash provided by financing activities 27,646 10,556
Increase in cash and cash equivalents and restricted cash 1,642 155
Cash and cash equivalents and restricted cash, beginning of period 2,392 2,130
Cash and cash equivalents and restricted cash, end of period 4,034 2,285
Supplemental Cash Flow Information:    
Interest paid 1,783 1,105
Invoices accrued for construction, tenant improvement and other capitalized costs 81 712
Reclassification between accounts and notes receivable 40 0
Reclassification of registration statement costs incurred in prior year to equity issuance costs 100 0
(Decrease) increase in fair value of cash flow hedges $ (1,213) $ 906