XML 23 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOW FROM OPERATING ACTIVITIES    
Net income (loss) $ 1,290,000 $ (2,855,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,619,000 64,000
Other amortization (including deferred financing costs, above/below-market leases, leasehold interests, above-market leasehold interests and debt premium) 251,000 27,000
Deferred rent (1,124,000) (33,000)
Stock based compensation 100,000 66,000
Share discounts 3,000 49,000
Bad debt expense 94,000 0
Changes in operating assets and liabilities:    
Accounts and other receivables (362,000) (80,000)
Other assets (305,000) (105,000)
Accounts payable and accrued liabilities 1,394,000 449,000
Accounts payable due to affiliates 169,000 33,000
Security deposits, prepaid rent and other liabilities (280,000) (6,000)
Net cash provided by (used in) operating activities 8,849,000 (2,391,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of real estate investments (215,738,000) (55,619,000)
Capital expenditures (845,000) (18,000)
Restricted cash (16,000) 0
Real estate deposits (4,821,000) (1,000,000)
Pre-acquisition expenses (698,000) 0
Net cash used in investing activities (222,118,000) (56,637,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on mortgage loan payable (189,000) (19,000)
Borrowings under the Line of Credit 192,600,000 12,000,000
Payments on the Line of Credit (200,500,000) 0
Proceeds from issuance of common stock 241,647,000 52,484,000
Deferred financing costs (175,000) (1,027,000)
Repurchase of common stock (178,000) 0
Payments of offering costs (13,673,000) (1,889,000)
Security deposits (97,000) 0
Distributions paid (4,006,000) (148,000)
Net cash provided by financing activities 215,429,000 61,401,000
NET CHANGE IN CASH AND CASH EQUIVALENTS 2,160,000 2,373,000
CASH AND CASH EQUIVALENTS - Beginning of period 2,237,000 202,000
CASH AND CASH EQUIVALENTS - End of period 4,397,000 2,575,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 1,356,000 1,000
Income taxes 7,000 0
Investing Activities:    
Accrued capital expenditures 931,000 0
Accrued pre-acquisition expenses 601,000 0
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments:    
Other assets 213,000 144,000
Mortgage loans payable 8,000,000 3,968,000
Accounts payable and accrued liabilities 803,000 75,000
Security deposits and prepaid rent 545,000 106,000
Financing Activities:    
Issuance of common stock under the DRIP 5,492,000 222,000
Distributions declared but not paid 1,739,000 228,000
Accrued Contingent Advisor Payment 7,759,000 3,802,000
Accrued stockholder servicing fee 11,496,000 1,847,000
Reclassification of noncontrolling interest to mezzanine equity 0 2,000
Accrued deferred financing costs 22,000 72,000
Receivable from transfer agent $ 807,000 $ 926,000