| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net Income | ||||||
14,850 | 14,040 | 9,158 | 5,999 | 1,689 | -671 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation, depletion, and amortization | ||||||
8,320 | 8,544 | 7,792 | 1,554 | 893 | 329 | |
Amortization of discounts/premiums on debt | ||||||
321 | 353 | 227 | 236 | 155 | - | |
Amortization of discounts/premiums on debt | ||||||
- | - | - | - | - | 138 | |
Amortization of net origination fees related to notes receivable | ||||||
-1 | -5 | -16 | -3 | -12 | - | |
Amortization of below market leases | ||||||
- | - | - | -72 | -187 | - | |
Amortization of below market leases | ||||||
- | - | - | - | - | 0 | |
Stock based compensation, net of forfeitures | ||||||
1,428 | 1,649 | 1,392 | 1,224 | 942 | 681 | |
Loss (gain) on disposition of assets | ||||||
7,841 | 2,882 | -200 | - | -2 | -7 | |
Bad debt expense | ||||||
542 | 876 | 300 | 150 | - | - | |
Changes in operating assets and liabilities: | ||||||
Increase in accounts receivable | ||||||
-1,260 | 422 | 1,105 | 3,628 | 77 | 459 | |
Increase in interest receivable | ||||||
806 | 484 | 331 | 79 | -8 | - | |
Increase in other assets | ||||||
103 | 1,029 | 892 | 306 | 41 | 82 | |
(Decrease) in inventory | ||||||
1,264 | 216 | -257 | 34 | 249 | - | |
(Decrease) Increase in accrued interest | ||||||
-1,242 | 1,103 | 1,655 | 856 | 443 | 160 | |
Decrease in accrued expenses | ||||||
2,417 | 2,139 | -15,307 | 2,598 | 208 | 102 | |
(Decrease) Increase in deferred revenue | ||||||
-114 | -3,881 | -2,164 | -3,829 | 3,446 | 1,365 | |
(Decrease) Increase in accrued property taxes | ||||||
227 | 218 | -237 | 375 | 475 | 213 | |
Net cash provided by (used in) operating activities | ||||||
17,994 | 20,003 | 929 | 5,041 | 7,695 | - | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Net cash (used in) provided by operating activities | ||||||
- | - | - | - | - | 1,783 | |
Real estate acquisitions | ||||||
1,403 | 33,154 | 206,166 | 131,776 | 109,309 | 126,250 | |
Real estate and other improvements | ||||||
6,583 | 12,785 | 21,576 | 5,670 | 7,574 | 46 | |
Principal receipts on notes receivable | ||||||
6,679 | 4,852 | - | 50 | - | - | |
Issuance of notes receivable | ||||||
1,781 | 6,662 | 6,570 | - | 2,830 | - | |
Origination fees on notes receivable | ||||||
- | - | - | - | 50 | - | |
Casualty loss insurance recovery | ||||||
- | -8 | 205 | - | - | - | |
Proceeds from sale of property | ||||||
34,140 | 31,893 | - | - | - | - | |
Payment of direct costs related to note receivable | ||||||
- | - | - | - | 27 | - | |
Net cash provided by (used in) investing activities | ||||||
31,052 | -15,864 | -234,107 | -137,396 | -119,690 | - | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net cash used in investing activities | ||||||
- | - | - | - | - | -126,296 | |
Borrowings from mortgage notes payable | ||||||
- | 21,000 | 212,190 | 207,387 | 82,475 | 81,100 | |
Repayments on mortgage notes payable | ||||||
11,385 | 11,508 | 81,219 | 84,750 | 9,128 | 12,311 | |
Participating preferred stock repurchased | ||||||
896 | 465 | - | - | - | - | |
Proceeds from initial public offering | ||||||
- | - | - | - | - | 49,476 | |
Proceeds from underwritten public offering | ||||||
- | -157 | - | 33,276 | 35,112 | 44,145 | |
Proceeds from ATM offering | ||||||
- | - | - | 11,110 | - | - | |
Common stock repurchased | ||||||
22,003 | 20,598 | 10,000 | - | 21 | - | |
Payment of offering costs | ||||||
- | - | 573 | 423 | 781 | 2,255 | |
Common stock repurchased | ||||||
22,003 | 20,598 | 10,000 | - | 21 | - | |
Payment of debt issuance costs | ||||||
- | 204 | 1,293 | 1,116 | 239 | 370 | |
Proceeds from issuance of Series B participating preferred shares | ||||||
- | - | 144,523 | - | - | - | |
Redemption of common stock | ||||||
- | - | - | - | - | 1 | |
Dividends on common stock | ||||||
6,177 | 14,433 | 14,688 | 6,600 | 4,428 | 1,642 | |
Dividends on Series A preferred units | ||||||
3,510 | 3,510 | 2,915 | - | - | - | |
Dividends on Series B participating preferred stock | ||||||
8,975 | 9,053 | 3,346 | - | - | - | |
Refund of outstanding debt | ||||||
- | - | - | - | 300 | - | |
Contributions from member | ||||||
- | - | - | - | - | 1,178 | |
Distributions to member | ||||||
- | - | - | - | - | 17 | |
Distributions to non-controlling interest in operating partnership | ||||||
430 | 1,856 | 3,131 | 2,877 | 1,517 | 1,072 | |
Net cash used in financing activities | ||||||
-53,376 | -40,784 | 239,548 | 156,007 | 101,773 | - | |
NET DECREASE IN CASH | ||||||
-4,330 | -36,645 | 6,370 | - | - | - | |
Net cash provided by financing activities | ||||||
- | - | - | - | - | 158,231 | |
NET INCREASE IN CASH | ||||||
- | - | - | 23,652 | -10,222 | 33,718 | |
Cash paid during period for interest | ||||||
20,593 | 17,037 | 11,827 | 8,865 | 4,020 | - | |
Cash paid during period for taxes | ||||||
- | - | - | - | 10 | - | |
Cash paid during period for interest | ||||||
- | - | - | - | - | 1,071 | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||||||
Transfer of deferred offering costs to equity, offset by deferred costs included in accrued expenses related to offering | ||||||
- | - | - | - | - | 699 | |
Deferred offering costs amortized through equity in the period | ||||||
218 | - | 420 | 565 | - | - | |
Distribution of accounts receivable to Pittman Hough Farms | ||||||
- | - | - | - | - | 451 | |
Seller carry notes | ||||||
- | - | - | - | - | 2,024 | |
Additions to real estate improvements included in accrued expenses | ||||||
- | 350 | 1,375 | 956 | 429 | - | |
Property tax liability assumed in acquisitions | ||||||
- | - | - | - | 48 | - | |
Issuance of equity and contributions from redeemable non-controlling interests and non-controlling interest in operating partnership in conjunction with acquisitions | ||||||
- | - | 181,509 | 146,592 | 34,388 | - | |
Right of use asset/lease liability | ||||||
197 | - | - | - | - | - | |
Below market lease acquisitions | ||||||
- | - | - | 29 | 230 | - | |
Other assets acquired in business combination | ||||||
- | - | 1,759 | - | 110 | - | |
Accounts receivable acquired in acquisitions | ||||||
- | - | 896 | - | 107 | 48 | |
Property tax liability assumed in acquisitions | ||||||
- | -15 | 596 | 86 | - | - | |
Property tax liability assumed in acquisitions | ||||||
- | - | - | - | - | 28 | |
Deferred financing costs included in accrued expenses | ||||||
- | - | 16 | 54 | 3 | - | |
Offering costs included in accrued expenses | ||||||
- | - | 13 | 90 | - | - | |
Settlement of outstanding notes receivable | ||||||
- | 802 | - | - | - | - | |
Settlement of outstanding notes receivable with property acquisitions | ||||||
1,895 | - | - | - | - | - | |
Common stock | ||||||
Dividends payable, common stock | ||||||
1,498 | 1,530 | 4,243 | - | - | - | |
Dividend payable | ||||||
- | - | - | 2,212 | - | - | |
Common Unit Holders | ||||||
Distributions payable, common units | ||||||
95 | 229 | 604 | 726 | - | - | |
Preferred Unit | ||||||
Preferred distributions accrued | ||||||
3,510 | 3,510 | 3,510 | - | - | - | |
Preferred Share | ||||||
Preferred distributions accrued | ||||||
2,240 | - | - | - | - | - | |
Preferred Units | ||||||
Preferred distributions accrued | ||||||
- | - | - | 2,915 | - | - | |