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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (14,240,000) $ (20,168,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 37,919,000 35,561,000
Other amortization 2,084,000 1,869,000
Deferred rent (3,440,000) (1,886,000)
Stock based compensation 171,000 164,000
Income from unconsolidated entity (952,000) (185,000)
Distributions of earnings from unconsolidated entity 0 75,000
Change in fair value of derivative financial instruments 2,302,000 5,401,000
Impairment of real estate investments 3,064,000 0
Changes in operating assets and liabilities:    
Accounts and other receivables 1,347,000 3,854,000
Other assets (1,654,000) 256,000
Accounts payable and accrued liabilities 3,436,000 6,023,000
Accounts payable due to affiliates 27,000 142,000
Security deposits, prepaid rent, operating lease and other liabilities (121,000) (674,000)
Net cash provided by operating activities 29,943,000 30,432,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate investments (68,032,000) (153,923,000)
Capital expenditures (6,729,000) (4,388,000)
Investment in unconsolidated entity 0 (600,000)
Distributions in excess of earnings from unconsolidated entity 0 1,013,000
Real estate deposits 0 2,547,000
Pre-acquisition expenses 0 (179,000)
Net cash used in investing activities (74,761,000) (155,530,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on mortgage loans payable (8,166,000) (459,000)
Borrowings under the line of credit and term loans 140,800,000 165,600,000
Payments on the line of credit and term loans (58,100,000) (83,100,000)
Deferred financing costs (43,000) (65,000)
Proceeds from issuance of common stock 0 90,438,000
Payment of offering costs (4,876,000) (17,457,000)
Distributions paid (13,932,000) (15,446,000)
Repurchase of common stock (5,349,000) (6,192,000)
Contribution from noncontrolling interest 1,250,000 0
Distributions to noncontrolling interest (54,000) 0
Contributions from redeemable noncontrolling interest 1,118,000 151,000
Distributions to redeemable noncontrolling interests (81,000) 0
Security deposits (199,000) (94,000)
Net cash provided by financing activities 52,368,000 133,376,000
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 7,550,000 8,278,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 15,846,000 14,590,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 23,396,000 22,868,000
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 22,690,000 22,448,000
Restricted cash at end of period 706,000 420,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 13,777,000 9,369,000
Income taxes 88,000 21,000
Investing Activities:    
Accrued capital expenditures 2,182,000 4,205,000
Tenant improvement overage 636,000 195,000
Accrued pre-acquisition expenses 0 184,000
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments:    
Right-of-use asset 0 2,196,000
Other assets 196,000 86,000
Mortgage loan payable, net 0 9,735,000
Accounts payable and accrued liabilities 201,000 783,000
Operating lease liability 0 4,489,000
Security deposits and prepaid rent 11,000 1,343,000
Financing Activities:    
Issuance of common stock under the DRIP 15,681,000 19,056,000
Distributions declared but not paid 2,664,000 3,933,000
Accrued stockholder servicing fee $ 7,667,000 $ 14,241,000