XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 4,607 $ 2,629
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and lease intangible amortization 14,079 8,087
Amortization of lease incentive 77 67
Amortization of above/below market leases 130 144
Amortization of deferred financing costs 1,165 758
Provision for impairment of real estate 2,756 579
Gain on dispositions of investments, net (3,645) (1,762)
Straight-line rent receivable (3,518) (1,960)
Equity-based compensation expense 347 399
Allowance for doubtful accounts 130  
Changes in other assets and liabilities:    
Prepaid expenses and other assets 1,020 (63)
Accrued liabilities and other payables (3,573) 831
Net cash provided by operating activities 13,575 9,709
Cash flows from investing activities:    
Proceeds from sales of investments, net 21,500 16,336
Principal collections on direct financing lease receivables 35 44
Investments in loans receivable (3,632)  
Deposits for prospective real estate investments 285 (125)
Investment in real estate (266,251) (216,441)
Investment in construction in progress (8,754) (1,689)
Capital expenditures (328) (48)
Net cash used in investing activities (257,145) (201,923)
Cash flows from financing activities:    
Proceeds from issuance of notes payable to related parties 154,000 313,000
Payments of principal on notes payable to related party (384,000) (103,000)
Repayments of secured borrowings (3,959) (1,928)
Deferred financing costs (3,284) 251
Capital contributions by members in Predecessor 50,000 83,700
Distributions paid to members by Predecessor   (101,222)
Proceeds from initial public offering, net 427,700  
Initial public offering costs (1,286)  
Net cash provided by financing activities 364,171 190,801
Net increase (decrease) in cash and cash equivalents and restricted cash 120,601 (1,413)
Cash and cash equivalents and restricted cash, beginning of period 19,430 11,922
Cash and cash equivalents and restricted cash, end of period 140,031 10,509
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 131,387 3,793
Restricted cash 8,644 6,716
Cash and cash equivalents and restricted cash, end of period 140,031 10,509
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 16,258 7,860
Non-cash investing and financing activities:    
Reclassification from construction in progress upon project completion 1,567  
Non-cash equity contributions   17,308
Real estate investments acquired through direct equity investment   $ (17,308)
Contribution of Predecessor equity in exchange for OP Units 236,130  
Payable and accrued initial public offering costs 3,467  
Underwriters discount on capital raised through initial public offering 27,300  
Payable and accrued deferred financing costs 261  
Operating Partnership Unit    
Cash flows from financing activities:    
Proceeds from concurrent private placement 16,001  
Common Stock    
Cash flows from financing activities:    
Proceeds from concurrent private placement $ 108,999