|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
11 Months Ended |
|
Dec. 31, 2013
|
| Cash flows from operating activities: |
|
| Net loss |
$ (20,797,000) |
| Adjustment to reconcile net loss to net cash used in operating activities: |
|
| Depreciation |
12,077,000 |
| Amortization of intangible lease assets |
2,870,000 |
| Amortization of deferred financing costs |
291,000 |
| Accretion of below-market lease liabilities |
(22,000) |
| Share-based compensation |
137,000 |
| Gain on sale of investment securities |
(125,000) |
| Changes in assets and liabilities: |
|
| Prepaid expenses and other assets |
(14,457,000) |
| Accounts payable and accrued expenses |
5,193,000 |
| Deferred rent |
1,216,000 |
| Net cash used in operating activities |
(13,617,000) |
| Cash flows from investing activities: |
|
| Investment in real estate and other assets |
(1,127,075,000) |
| Deposits for real estate acquisitions |
(33,035,000) |
| Proceeds from investment securities |
51,160,000 |
| Payments for purchase of investment securities |
(116,582,000) |
| Net cash used in investing activities |
(1,225,532,000) |
| Cash flows from financing activities: |
|
| Payments of deferred financing costs |
(8,180,000) |
| Proceeds from issuances of common stock |
1,537,164,000 |
| Payments of offering costs and fees related to stock issuances |
(173,721,000) |
| Common stock repurchases |
(88,000) |
| Distributions paid |
(14,850,000) |
| Net cash provided by financing activities |
1,340,325,000 |
| Net change in cash and cash equivalents |
101,176,000 |
| Cash and cash equivalents, beginning of period |
0 |
| Cash and cash equivalents, end of period |
101,176,000 |
| Cash paid for interest |
178,000 |
| Cash paid for taxes |
1,000 |
| Proceeds from mortgage note payable used to acquire investments in real estate |
8,830,000 |
| Premium on mortgage note payable |
334,000 |
| Common stock issued through distribution reinvestment plan |
20,429,000 |
| Real estate investments financed through accounts payable |
$ 9,902,000 |