Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - Resource Real Estate Opportunity REIT II, Inc. | ck0001559484-ex322_8.htm |
| EX-32.1 - EX-32.1 - Resource Real Estate Opportunity REIT II, Inc. | ck0001559484-ex321_9.htm |
| EX-31.2 - EX-31.2 - Resource Real Estate Opportunity REIT II, Inc. | ck0001559484-ex312_7.htm |
| EX-31.1 - EX-31.1 - Resource Real Estate Opportunity REIT II, Inc. | ck0001559484-ex311_6.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________
Commission file number 000-55430
Resource Real Estate Opportunity REIT II, Inc.
(Exact name of registrant as specified in its charter)
|
Maryland |
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80-0854717 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
incorporation or organization) |
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Identification No.) |
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1845 Walnut Street, 17th Floor, Philadelphia, PA, 19103 |
|
(Address of principal executive offices) (Zip code) |
|
|
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(215) 231-7050 |
|
(Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: None
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
N/A |
N/A |
N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☐ |
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Accelerated filer |
☐ |
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Non-accelerated filer |
☑ |
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Smaller reporting company |
☑ |
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|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
As of November 6, 2020, there were 60,206,977 outstanding shares of common stock of Resource Real Estate Opportunity REIT II, Inc.
RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
INDEX TO QUARTERLY REPORT
ON FORM 10-Q
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PAGE |
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PART I |
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ITEM 1. |
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Consolidated Balance Sheets – September 30, 2020 (unaudited) and December 31, 2019 |
4 |
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5 |
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6 |
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7 |
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Notes to Consolidated Financial Statements – September 30, 2020 (unaudited) |
8 |
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ITEM 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
29 |
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ITEM 3. |
46 |
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ITEM 4. |
46 |
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PART II |
OTHER INFORMATION |
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ITEM 2. |
51 |
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ITEM 6. |
52 |
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53 |
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Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expects,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will” and “would” or the negative of these terms or other comparable terminology. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events. Factors that could cause actual results to differ materially from these expectations include, but are not limited to, the risk that the proposed mergers (as discussed herein) will not be consummated within the expected time period or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreements; the inability of Resource Real Estate Opportunity REIT, Inc. (“REIT I”) or Resource Apartment REIT III, Inc. (“REIT III”) to obtain stockholder approval of the respective mergers or the failure to satisfy the other conditions to completion of the mergers; risks related to disruption of management’s attention from the ongoing business operations due to the proposed mergers. In addition, the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company, particularly its ability to collect rent, the personal financial condition of its tenants and their ability to pay rent, and the real estate market and the global economy and financial markets remains a risk to the Company. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, you should interpret many of the risks identified in our Annual Report on Form 10-K for the year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts COVID-19. Actual results may differ materially from those contemplated by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances after the date of this report, except as may be required under applicable law.
3
RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
||
|
|
|
(unaudited) |
|
|
|
|
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ASSETS |
|
|
|
|
|
|
|
|
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Investments: |
|
|
|
|
|
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|
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Rental properties, net |
|
$ |
709,204 |
|
|
$ |
735,530 |
|
|
|
|
|
|
|
|
|
|
|
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Cash |
|
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30,723 |
|
|
|
39,647 |
|
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Restricted cash |
|
|
8,464 |
|
|
|
6,534 |
|
|
Subtotal - cash and restricted cash |
|
|
39,187 |
|
|
|
46,181 |
|
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Tenant receivables, net |
|
|
240 |
|
|
|
107 |
|
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Due from related parties |
|
|
1 |
|
|
|
297 |
|
|
Prepaid expenses and other assets |
|
|
3,181 |
|
|
|
2,109 |
|
|
Operating lease right-of-use assets |
|
|
18 |
|
|
|
38 |
|
|
Total assets |
|
$ |
751,831 |
|
|
$ |
784,262 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
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Liabilities: |
|
|
|
|
|
|
|
|
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Mortgage notes payable, net |
|
$ |
542,525 |
|
|
$ |
547,875 |
|
|
Accounts payable and accrued expenses |
|
|
4,687 |
|
|
|
6,435 |
|
|
Accrued real estate taxes |
|
|
7,986 |
|
|
|
5,029 |
|
|
Due to related parties |
|
|
1,434 |
|
|
|
432 |
|
|
Tenant prepayments |
|
|
587 |
|
|
|
634 |
|
|
Security deposits |
|
|
1,668 |
|
|
|
1,513 |
|
|
Distributions payable |
|
|
- |
|
|
|
5,993 |
|
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Operating lease liabilities |
|
|
18 |
|
|
|
38 |
|
|
Total liabilities |
|
|
558,905 |
|
|
|
567,949 |
|
|
|
|
|
|
|
|
|
|
|
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Stockholders’ equity: |
|
|
|
|
|
|
|
|
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Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding) |
|
|
— |
|
|
|
— |
|
|
Convertible stock (par value $.01; 50,000 shares authorized, 50,000 issued and outstanding) |
|
|
1 |
|
|
|
1 |
|
|
Common stock (par value $.01; 1,000,000,000 shares authorized; and 60,206,977 and 60,094,623 shares outstanding, respectively) |
|
|
601 |
|
|
|
600 |
|
|
Additional paid-in capital |
|
|
529,281 |
|
|
|
528,464 |
|
|
Accumulated other comprehensive loss |
|
|
(225 |
) |
|
|
(189 |
) |
|
Accumulated deficit |
|
|
(336,732 |
) |
|
|
(312,563 |
) |
|
Total stockholders’ equity |
|
|
192,926 |
|
|
|
216,313 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
751,831 |
|
|
$ |
784,262 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(unaudited)
|
|
|
Three Months Ended September 30, |
|
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Nine Months Ended September 30, |
|
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2020 |
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2019 |
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2020 |
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2019 |
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Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Rental income |
|
$ |
21,411 |
|
|
$ |
21,312 |
|
|
$ |
64,171 |
|
|
$ |
64,391 |
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Expenses: |
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
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Rental operating - expenses |
|
|
3,769 |
|
|
|
3,800 |
|
|
|
11,398 |
|
|
|
10,169 |
|
|
Rental operating - payroll |
|
|
1,969 |
|
|
|
1,915 |
|
|
|
5,515 |
|
|
|
5,831 |
|
|
Rental operating - real estate taxes |
|
|
2,887 |
|
|
|
2,925 |
|
|
|
8,738 |
|
|
|
8,804 |
|
|
Subtotal - Rental operating expenses |
|
|
8,625 |
|
|
|
8,640 |
|
|
|
25,651 |
|
|
|
24,804 |
|
|
Management fees |
|
|
3,255 |
|
|
|
3,324 |
|
|
|
9,624 |
|
|
|
9,964 |
|
|
Transaction costs |
|
|
2,759 |
|
|
|
- |
|
|
|
2,759 |
|
|
|
- |
|
|
General and administrative |
|
|
2,058 |
|
|
|
1,897 |
|
|
|
6,169 |
|
|
|
5,759 |
|
|
Loss on disposal of assets |
|
|
54 |
|
|
|
30 |
|
|
|
146 |
|
|
|
149 |
|
|
Depreciation and amortization expense |
|
|
10,040 |
|
|
|
9,912 |
|
|
|
30,150 |
|
|
|
29,580 |
|
|
Total expenses |
|
|
26,791 |
|
|
|
23,803 |
|
|
|
74,499 |
|
|
|
70,256 |
|
|
Loss before net gain on disposition |
|
|
(5,380 |
) |
|
|
(2,491 |
) |
|
|
(10,328 |
) |
|
|
(5,865 |
) |
|
Net gain on disposition of property |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,619 |
|
|
Income (loss) before other income (expense) |
|
|
(5,380 |
) |
|
|
(2,491 |
) |
|
|
(10,328 |
) |
|
|
14,754 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1 |
|
|
|
60 |
|
|
|
14 |
|
|
|
188 |
|
|
Interest expense |
|
|
(3,990 |
) |
|
|
(6,257 |
) |
|
|
(13,844 |
) |
|
|
(20,042 |
) |
|
Net loss |
|
|
(9,369 |
) |
|
|
(8,688 |
) |
|
|
(24,158 |
) |
|
|
(5,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Designated derivatives, fair value adjustment |
|
|
(111 |
) |
|
|
48 |
|
|
|
(36 |
) |
|
|
130 |
|
|
Comprehensive loss |
|
$ |
(9,480 |
) |
|
$ |
(8,640 |
) |
|
$ |
(24,194 |
) |
|
$ |
(4,970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
60,207 |
|
|
|
60,237 |
|
|
|
60,243 |
|
|
|
61,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per common share |
|
$ |
(0.16 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.08 |
) |
The accompanying notes are an integral part of these consolidated financial statements.
5
RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(in thousands)
(unaudited)
|
|
|
Common Stock |
|
|
Convertible Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
|
|
|
|||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Total |
|
||||||||
|
Balance, at January 1, 2020 |
|
|
60,095 |
|
|
$ |
600 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
528,464 |
|
|
$ |
(189 |
) |
|
$ |
(312,563 |
) |
|
$ |
216,313 |
|
|
Common stock issued through distribution reinvestment plan |
|
|
371 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
3,127 |
|
|
|
— |
|
|
|
— |
|
|
|
3,131 |
|
|
True-up of prior year cash distributions declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
(11 |
) |
|
Common stock redemptions |
|
|
(140 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,223 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,225 |
) |
|
Designated derivatives, fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
73 |
|
|
|
— |
|
|
|
73 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,926 |
) |
|
|
(7,926 |
) |
|
Balance, at March 31, 2020 |
|
|
60,326 |
|
|
$ |
602 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
530,368 |
|
|
$ |
(116 |
) |
|
$ |
(320,500 |
) |
|
$ |
210,355 |
|
|
Common stock redemptions |
|
|
(120 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,087 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,088 |
) |
|
Designated derivatives, fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,863 |
) |
|
|
(6,863 |
) |
|
Balance, at June 30, 2020 |
|
|
60,206 |
|
|
$ |
601 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
529,281 |
|
|
$ |
(114 |
) |
|
$ |
(327,363 |
) |
|
$ |
202,406 |
|
|
Distributions declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock redemptions |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Designated derivatives, fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(111 |
) |
|
|
— |
|
|
|
(111 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,369 |
) |
|
|
(9,369 |
) |
|
Balance, at September 30, 2020 |
|
|
60,207 |
|
|
$ |
601 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
529,281 |
|
|
$ |
(225 |
) |
|
$ |
(336,732 |
) |
|
$ |
192,926 |
|
|
|
|
Common Stock |
|
|
Convertible Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
|
|
|
|||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Total |
|
||||||||
|
Balance, at January 1, 2019 |
|
|
61,379 |
|
|
$ |
612 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
539,493 |
|
|
$ |
(379 |
) |
|
$ |
(276,261 |
) |
|
$ |
263,466 |
|
|
Common stock issued through distribution reinvestment plan |
|
|
570 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
4,858 |
|
|
|
— |
|
|
|
— |
|
|
|
4,864 |
|
|
Distributions declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,132 |
) |
|
|
(6,132 |
) |
|
Common stock redemptions |
|
|
(664 |
) |
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,946 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,953 |
) |
|
Designated derivatives, fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
32 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,697 |
|
|
|
11,697 |
|
|
Balance, at March 31, 2019 |
|
|
61,285 |
|
|
$ |
611 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
538,405 |
|
|
$ |
(347 |
) |
|
$ |
(270,696 |
) |
|
$ |
267,974 |
|
|
Common stock issued through distribution reinvestment plan |
|
|
397 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
3,304 |
|
|
|
— |
|
|
|
— |
|
|
|
3,308 |
|
|
Distributions declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,045 |
) |
|
|
(6,045 |
) |
|
Common stock redemptions |
|
|
(1,671 |
) |
|
|
(16 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,930 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,946 |
) |
|
Designated derivatives, fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,109 |
) |
|
|
(8,109 |
) |
|
Balance, at June 30, 2019 |
|
|
60,011 |
|
|
$ |
599 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
527,779 |
|
|
$ |
(297 |
) |
|
$ |
(284,850 |
) |
|
$ |
243,232 |
|
|
Common stock issued through distribution reinvestment plan |
|
|
392 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
3,265 |
|
|
|
— |
|
|
|
— |
|
|
|
3,269 |
|
|
Distributions declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,179 |
) |
|
|
(6,179 |
) |
|
Common stock redemptions |
|
|
(467 |
) |
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,898 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,903 |
) |
|
Designated derivatives, fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
— |
|
|
|
48 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,688 |
) |
|
|
(8,688 |
) |
|
Balance, at September 30, 2019 |
|
|
59,936 |
|
|
$ |
598 |
|
|
|
50 |
|
|
$ |
1 |
|
|
$ |
527,146 |
|
|
$ |
(249 |
) |
|
$ |
(299,717 |
) |
|
$ |
227,779 |
|
The accompanying notes are an integral part of this consolidated financial statement.
6
RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
|
For the Nine Months Ended September 30, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(24,158 |
) |
|
$ |
(5,100 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Loss on disposal of assets |
|
|
146 |
|
|
|
149 |
|
|
Net gain on disposition of property |
|
|
- |
|
|
|
(20,619 |
) |
|
Casualty loss |
|
|
- |
|
|
|
478 |
|
|
Depreciation and amortization |
|
|
30,150 |
|
|
|
29,580 |
|
|
Amortization of deferred financing costs |
|
|
791 |
|
|
|
837 |
|
|
Amortization of mortgage premiums |
|
|
(84 |
) |
|
|
(85 |
) |
|
Realized loss on ineffectiveness of interest rate caps |
|
|
(34 |
) |
|
|
- |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Tenant receivables, net |
|
|
(133 |
) |
|
|
(54 |
) |
|
Due from related parties |
|
|
296 |
|
|
|
56 |
|
|
Prepaid expenses and other assets |
|
|
(1,053 |
) |
|
|
(158 |
) |
|
Due to related parties |
|
|
1,001 |
|
|
|
(229 |
) |
|
Accounts payable and accrued expenses |
|
|
(246 |
) |
|
|
2,584 |
|
|
Accrued real estate taxes |
|
|
1,453 |
|
|
|
- |
|
|
Tenant prepayments |
|
|
(47 |
) |
|
|
(78 |
) |
|
Security deposits |
|
|
156 |
|
|
|
74 |
|
|
Net cash provided by operating activities |
|
|
8,238 |
|
|
|
7,435 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Proceeds from disposal of property, net of closing costs |
|
|
— |
|
|
|
32,882 |
|
|
Capital expenditures |
|
|
(3,974 |
) |
|
|
(5,536 |
) |
|
Net cash provided by (used in) investing activities |
|
|
(3,974 |
) |
|
|
27,346 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Redemptions of common stock |
|
|
(2,312 |
) |
|
|
(23,802 |
) |
|
Payment of deferred financing costs |
|
|
— |
|
|
|
(445 |
) |
|
Proceeds from borrowings on mortgage notes payable |
|
|
— |
|
|
|
8,946 |
|
|
Repayments on mortgage notes payable |
|
|
(6,057 |
) |
|
|
(4,040 |
) |
|
Purchase of interest rate caps |
|
|
(16 |
) |
|
|
(11 |
) |
|
Distributions paid on common stock |
|
|
(2,873 |
) |
|
|
(9,620 |
) |
|
Net cash used in financing activities |
|
|
(11,258 |
) |
|
|
(28,972 |
) |
|
Net increase (decrease) in cash and restricted cash |
|
|
(6,994 |
) |
||||