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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (7,933,000) $ (12,361,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 12,530,000 16,078,000
Other amortization 692,000 630,000
Deferred rent (1,142,000) 379,000
Stock based compensation 43,000 39,000
Income from unconsolidated entity 255,000 126,000
Distributions of earnings from unconsolidated entity 0 16,000
Bad debt expense 0 655,000
Change in fair value of derivative financial instruments 4,605,000 1,978,000
Changes in operating assets and liabilities:    
Accounts and other receivables 854,000 (1,335,000)
Other assets (635,000) (408,000)
Accounts payable and accrued liabilities 1,552,000 1,107,000
Accounts payable due to affiliates 35,000 41,000
Security deposits, prepaid rent, operating lease and other liabilities (553,000) (470,000)
Net cash provided by operating activities 9,793,000 6,223,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate investments (65,531,000) (18,653,000)
Investment in unconsolidated entity 0 (600,000)
Distributions in excess of earnings from unconsolidated entity 0 346,000
Capital expenditures (2,766,000) (1,615,000)
Real estate deposits 0 (400,000)
Pre-acquisition expenses 0 (94,000)
Net cash used in investing activities (68,297,000) (21,016,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on mortgage loans payable (7,869,000) (129,000)
Borrowings under the line of credit and term loans 80,900,000 50,000,000
Payments on the line of credit and term loans (4,600,000) (75,000,000)
Deferred financing costs (34,000) (24,000)
Proceeds from issuance of common stock 0 90,477,000
Contribution from noncontrolling interest 1,250,000 0
Contributions from redeemable noncontrolling interest 1,118,000 151,000
Distributions to redeemable noncontrolling interests (25,000) 0
Repurchase of common stock 0 (1,270,000)
Payment of offering costs (1,656,000) (14,038,000)
Security deposits (1,000) 10,000
Distributions paid (5,561,000) (4,706,000)
Net cash provided by financing activities 63,522,000 45,471,000
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 5,018,000 30,678,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 15,846,000 14,590,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 20,864,000 45,268,000
Cash and cash equivalents at beginning of period 15,290,000 14,388,000
Restricted cash at beginning of period 556,000 202,000
Cash and cash equivalents at end of period 20,516,000 45,046,000
Restricted cash at end of period 348,000 222,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 4,586,000 2,814,000
Income taxes 5,000 0
Investing Activities:    
Accrued capital expenditures 1,902,000 4,190,000
Accrued pre-acquisition expenses 0 193,000
Tenant improvement overage 0 177,000
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments:    
Other assets 196,000 0
Accounts payable and accrued liabilities 201,000 187,000
Security deposits and prepaid rent 11,000 254,000
Financing Activities:    
Issuance of common stock under the DRIP 6,437,000 5,869,000
Distributions declared but not paid 4,107,000 4,001,000
Accrued Contingent Advisor Payment 0 145,000
Accrued stockholder servicing fee $ 10,955,000 $ 17,691,000